HomeMy WebLinkAboutC.054.93011_1144Commissioner, and Director of Finance and Administrative Services Susan Blumenstein
read its title and summarized its contents.
RESOLUTION PROVIDING FOR THE ISSUANCE OF
S8,930,000 GENERAL OBLIGATION PUBLIC IMPROVEMENT
BONDS, SERIES 2006
BE IT RESOLVED by the Board of Commissioners for the County of Iredell:
Section 1. The Board of Commissioners has determined and does hereby find and declare.
(a) That orders authorizing not exceeding $44,630.000 School Bonds and $6,000,000
Community College Bonds were adopted by the Board of Commissioners for the County of /redell on
August 2. 2005, each of which orders was approved by the vote of a majority of the qualified voters of
said County at a referendum duly called and held on October 11, 2001
(b) That (i) $36,400,000 principal amount of said School Bonds has heretofore been
issued, which Bonds are designated "General Obligation School Bonds, Series 1006," are dated
February 1, 2006, and are stated to mature (subject to the right of prior redemption as therein set forth)
annually, February 1. $1,300,000 2007 to 2016, inclusive, $1,900,000 2017, $2,500,000 2018 to 1015,
inclusive, and $1,500.000 2026, (ii) no notes have been issued in anticipation of the receipt of the
proceeds of the sale of the balance ($8,230,000) of said School Bonds, and (iii) it is necessary to issue the
balance of said School Bonds at this time.
(c) That (i) none of said Community College Bonds has heretofore been issued, (ii) no
notes have been issued in anticipation of the receipt of the proceeds of the sale of said Community
College Bonds, and (iii) it is necessary to issue $700,000 ofsaid Community College Bonds at this time.
(d) That it is desirable to consolidate, for purposes of sale, the bonds described in
subsections (b) and (c) above, said bonds to be designated "General Obligation Public Improvement
Bonds, Series 2006 ".
(e) That the maximum period of usefulness of the improvements to be undertaken with the
proceeds of said bonds to be issued is estimated as a period of not less than 30 years from June 1, 2006,
the date of said bonds to be issued as hereinafter provided, and that such period expires on June 1, 2036
Section 2. Pursuant to said order, there shall be issued bonds of the County of Iredell, North
Carolina (the "Issuer') in the aggregate principal amount of $8,930,000, designated "General
Obligation Public Improvement Bonds, Series 2006" and dated June 1, 2006 (the "Bonds'). The Bonds
shall be stated to mature (subject to the right of prior redemption as hereinafter set forth) annually, June
1, $450,000 2007 to 1025, inclusive, and $380,000 2026, and shall bear interest at a rate or rates to be
determined by the Local Government Commission of North Carolina (the "LGC') at the time the Bonds
are sold, which interest to the respective maturities thereof shall be payable semiannually on June I and
December I of each year, commencing December 1, 1006, until payment ofsueh principal sum.
Each Bond shall bear interest from the interest payment date next preceding the date on which it
is authenticated unless it is (a) authenticated upon an interest payment date in which event it shall bear
interest from such interest payment date or (b) authenticated prior to the first interest payment date in
which event it shall bear interest from its date; provided, however, that if at the time of authentication
interest is in default, such Bond shall bear interest from the date to which interest has been paid.
The principal of and the interest on the Bonds shall be payable in any coin or currency of the
United States of America which is legal tender for the payment of public and private debts on the
respective dates of payment thereof.
The Bonds will be issued by means of a book -entry system with no physical distribution of Bond
certificates to be made except as hereinafter provided. One fully -registered Bond certificate for each
stated maturity of the Bonds, registered in the name of Cede & Co., the nominee of The Depository Trust
Company, New York. New York ("DTC'), or such other name as may be requested by an authorized
representative of DTC, will be issued and required to be deposited with DTC and immobilized in its
custody. The book -entry system will evidence beneficial ownership of the Bonds in the principal amount
q($5,000 or any multiple thereof, with transfers of beneficial ownership effected on the records of DTC
and its participants pursuant to rules and procedures established by DTC and its participants. The
principal of each Bond shall be payable to Cede & Co. or any other person appearing on the registration
books of the Issuer hereinafter provided for as the registered owner of such Bond or his registered
assigns or legal representative at the office of the Bond Registrar mentioned hereinafter or such other
place as the Issuer may determine upon the presentation and surrender thereof as the same shall become
due and payable. Payment of the interest on each Bond shall be made by the Bond Registrar on each
interest payment date to the registered oxmer of such Bond (or the previous Bond or Bonds evidencing
the same debt as that evidenced by such Bond) at the close of business on the record date for such
interest, which shall be the 15th day (whether or not a business day) of the calendar month next
preceding such interest payment date, by check mailed to such person at his address as it appears on
such registration books. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC, and transfer of principal and interest payments to beneficial owners of the Bonds
by participants of DTC will be the responsibility of such participants and other nominees of such
beneficial owners. The Issuer will not be responsible or liable for such transfers of payments or for
maintaining, supervising or reviewing records maintained by DTC, its participants or persons acting
through such participants.
In the event that (a) DTC determines not to continue to act as .securities depositoryfor the Bonds
or (b) the Director of Finance and Administrative Services of the Issuer determines that continuation of
the book -entry system of evidence and transfer of ownership of the Bonds would adversely affect the
interests of the beneficial owners of the Bonds, the Issuer will discontinue the book -entry system with
DTC. If the Issuer identifies another qualified securities depository to replace DTC, the Issuer will make
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