HomeMy WebLinkAboutC.054.93009_1857During the time that BB&T/Craigie Governmental Finance 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 BB&T/Craigie Governmental Finance, as the
case may be, 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 bond 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 1998" (the "Series 1998 Bond"), issued
for the purpose of providing funds, together with any other
available funds, for (i) paying the cost of constructing certain
additional improvements described in the Series Resolution (as
hereinafter defined) (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 1998 Bond.
The Series 1998 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 May 5, 1998 (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 1998 Bond, the County's Special
obligation Bonds (Solid Waste System Project), Series 1992 and
Series 1993 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
called "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
corporate 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.
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