HomeMy WebLinkAboutC.054.93009_1852Section 2. under the authority of the North Carolina Solid
Waste Management Loan Program and pursuant to the provisions of
Section 210 of the Order, the Board hereby authorizes a Special
Obligation Lond (Solid Waste System Project) , Series 1998 (the
"Series 1998 Bond") of the County for the purpose of providing
funds, together with any other available funds, for paying the
cost of constructing the Additional Improvements and paying
expenses incurred in connection with the issuance of the Series
1998 Bond. The Additional Improvements are more particularly
described in Exhibit A hereto, subject to change as the County
may determine to be appropriate from time to time.
Section 3. The Series 1998 Bond shall be substantially in
the form set forth in Exhibit C hereto, shall be dated as of May
IS, 1998, shall consist of a single bond registered in the name
of BB&T/Craigie Governmental Finance, shall be numbered R-1,
shall be in the aggregate principal amount of $1,000,000, shall
bear interest from its date at the rate of 4.27% per annum,
payable quarterly in arrears on the dates and in the amounts and
shall mature on the dates and in the amounts set forth in the
amortization schedule attached hereto as Exhibit B.
Interest on the Series 1998 Bond shall be calculated on the
basis of a 360 -day year consisting of 12 months of 30 days each
and shall be payable to the Owner by check mailed to its address
as set forth in the registration books maintained by the Bond
Registrar.
Section 4. (a) Extraordinary Redemption. The Series 1998
Bond is subject to redemption in whole or in part at any time
from Net Proceeds (as defined in the Order) which the Trustee
shall transfer to a special account as provided in Section 708(c)
or Section 708(d) of the order, plus, in the case of a redemption
pursuant to said Section 708(c), other available moneys as
permitted by Section 708(a) of the Order, at least forty-five
(45) days prior to the redemption date, at a redemption price
equal to 100* of the principal amount of the Series 1998 Bond to
be redeemed together with the accrued interest to the date fixed
for redemption.
(b) optional Redemption. The Series 1998 Bond is subject
to redemption, at the option of the County, in whole or in part
on any date, at a redemption price equal to 101% of the principal
amount of the Series 1998 Bond being redeemed, plus accrued
interest to the redemption date.
(c) Notice of Redemption. At least fifteen (15) days
before the redemption date of the Series 1998 Bond or any portion
thereof, the Bond Registrar shall cause a notice of any such
redemption signed by the Bond Registrar to be mailed, first
class, postage prepaid, to the Owner of the Series 1998 Bond or
portion thereof to be redeemed. On the date fixed for
redemption, notice having been mailed in the manner provided in
the Order, the Series 1998 Bond or portion thereof called for
redemption shall be due and payable at the redemption price
provided therefor, plus accrued interest to such date. if there
has been delivered to the Trustee or the Bond Registrar and the
Trustee or the Bond Registrar is then holding, in trust, money or
Defeasance obligations, or a combination of both, sufficient to
pay the redemption price of the Series 1998 Bond or portion
thereof to be redeemed plus accrued interest to the date of
redemption, interest on the Series 1996 Bond or portion thereof
called for redemption shall cease to accrue, such Series 1998
Bond or portion thereof shall cease to be entitled to any benefit
or security under the order or to be deemed outstanding; and the
Owner of such Series 1998 Bond or portion thereof shall have no
rights in respect thereof except to receive payment of the
redemption price thereof, plus accrued interest to the date of
redemption.
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