HomeMy WebLinkAboutC.054.93011_1714(i) any action the County takes, or fails to take, or (ii) any representation made by the County being a
misrepresentation.
During the time that First -Citizens Bank & Trust Company is the registered owner of this bond,
payment of the installments of principal and interest when due and payable on this bond shall be made at
such place as First -Citizens Bank & Trust Company shall designate, without presentation or surrender
hereof, and, during any such time as an assignee thereof is the registered owner of this bond, payment of
the installments of principal when due and payable on this bond shall be made at the office of the Bond
Registrar, upon the presentation and surrender hereof. Upon receipt of said payments of principal, written
acknowledgment of the receipt thereof shall be given promptly to the Bond Registrar, and the County
shall be fully discharged of its obligation on this bond to the extent of the payment so made. Upon final
payment, this band shall be surrendered to the Bond Registrar for cancellation.
This bond is a duly authorized special obligation bond of the County, designated "Special
Obligation Bond (Solid Waste System Project), Series 200r (the "Series 2007 Bond"), issued for the
purpose of providing funds, together with any other available funds, for (i) paying the cost of acquiring
and constructing certain additional improvements described in the Series Resolution (as hereinafter
defied) (the "Additional Improvements") to the Solid Waste System (as defined in the Order), and (ii)
paying expenses incurred in connection with the issuance of the Series 2007 Bond.
The Series 2007 Bond is issued under and pursuant to the Constitution and laws of the State of
North Carolina, including the North Carolina Solid Waste Management Loan Program, being Chapter
159I of the General Statutes of North Carolina (the "Enabling Act"), a bond order duly adopted by the
Board of Commissioners for the County (the "Board") on April 15, 1992 (such bond order, together with
all orders supplemental thereto as therein permitted, being herein called the "Order") and a series
resolution duly adopted by the Board on October 2, 2007 (the "Series Resolution"). The Order provides
for the issuance, from time to time, under the conditions, limitations and restrictions therein set forth, of
additional bonds to provide funds for paying all or any part of the cost of acquiring, constructing and
equipping any Additional Improvements, to provide funds for completing payment of the cost of
acquiring, constructing and equipping any Additional Improvements, to refund any bonds issued under
the Order or, to the extent permitted by law, other indebtedness (the Series 2007 Bond, the County's
Special Obligation Refunding Bonds (Solid Waste System Project), Series 1999 and any such additional
bonds being herein collectively called the "Bonds") and to pay any indebtedness incurred or assumed by
the County for any purpose for which Bonds may be issued. The Order also provides for the incurrence or
assumption by the County of additional indebtedness payable from Obligated Revenues, hereinafter
mentioned, on a parity with all Bonds (such indebtedness and the Bonds being herein collectively calf
"Parity Indebtedness") under the conditions, limitations and restrictions therein set forth. Reference is
hereby made to the Order for provisions, among others, with respect to the custody and application of the
proceeds of the Bonds, the collection and disposition of Obligated Revenues (as defined in the Order), the
nature and extent of the security for the Bonds and any other Parity Indebtedness thereby created, the
terms and conditions on which the Bonds of each series are or may be issued or other Parity Indebtedness
may be incurred or assumed, the rights, duties and obligations of the County, the Bond Registrar and the
Trustee and the rights of the registered owners of the Bonds. A certified copy of the Order is on file at the
principal coporate trust office of First -Citizens Bank & Trust Company, in the City of Raleigh, North
Carolina (the "Trustee"). By the acceptance of this bond, the registered owner hereof assents to all of the
provisions of the Order.
The Order provides for the creation of a special fiord designated the "Iredell County, North
Carolina Solid Waste System Bond Fund" (the "Bond Fund"), which special fund is made available for
and charged with the payment of the principal of and the interest on all Bonds and any other Parity
Indebtedness, and also provides for the deposit to the credit of said special fiord of the Solid Waste
System Revenues, as defined in the Order, after provision has been made for the payment of Current
Expenses, as defined in the Order, to the extent and in the manner provided in the Order. The Order
further provides for transfers to the credit of the Bond Fund of Obligated Revenues other than Solid
Waste System Revenues and from other special funds created by the Order and made available thereunder
to make up any deficiencies in said Fund with respect to all Bonds, all to the extent and in the manner
provided in the Order.
The Order provides for the charging by the County of rates, fees and charges for the use of and
for the services finished by the Solid Waste System in order to produce at all times sufficient Solid
Waste System Revenues, together with any moneys transferred by the County for the payment of Current
Expenses, the Obligated Revenues other than the Solid Waste System Revenues and certain other fiords,
to pay the Current Expenses and to pay the principal of and interest on all Parity Indebtedness as the same
shall become due.
The Solid Waste System Revenues, after provision has been made for the payment of Current
Expenses, and the Obligated Revenues other than Solid Waste System Revenues (collectively the
"Obligated Revenues") arc pledged by the Order to the payment of the principal of and the interest and
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