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HomeMy WebLinkAboutP-0360 - The One Million Dollar Bond Issue for Reservoir Site Acquisition is Classified A Loan to Future Water Supply Users 07-25-1988POLICY FOR INSERTION INTO THE POLICY MANUAL • MEETING DATE: July 25, 1988 NUMBER: P:0360 • EFFECTIVE DATE: July 25, 1988 POLICY: REVISIONS• THE ONE MILLION DOLLAR BOND ISSUE FOR RESERVOIR SITE ACQUISITION IS CLASSIFIED A_ LOAN TO FUTURE WATER SUPPLY USERS. Herewith establish that the $1 million portion of the November, 1988 bond issue be considered a loan to the future users of the new water supply. The loan is expected to be paid back through a surcharge on water bills, land leases or other potential methods. Any land bought with county bond funds will not be released for use in a water supply development before arrangements for the repayment of the loan are approved. This will ensure that county residents who may not receive the benefit of water from the new water supply would not have to bear the ultimate costs of the new facility. ~~ • MINUTES ORANGE COUNTY BOARD OF COMMISSIONERS SPECIAL MEETING JULY 25, 1988 The Orange County Board of Commissioners held a special meeting on July 25, 1988 at 4:00 p.m. in the Commissioner's Meeting Room, 109 Court Street, Hillsborough, North Carolina for the purpose of introducing the formal Bond Order and the sworn statement of debt as part of the Bond Referendum process. BOARD MEMBERS PRESENT: Vice-Chair Moses Carey, Jr., and Commissioners Stephen Halkiotis, John Hartwell and Don Willhoit. BOARD MEMBER ABSENT: Chair Shirley E. Marshall. ATTORNEY PRESENT: Geoffrey Gledhill STAFF PRESENT: Assistant County Manager Albert Kittrell, Clerk to the Board Beverly A. Blythe, Deputy Finance Officer Ken Chavious and Finance Director Ellen Liston. STAGE II WATER SHORTAGE ALERT FOR AREAS SERVED BY OWASA Commissioner Carey, having been provided with information that the water level of University Lake is more than 24 inches below full issued a public proclamation declaring to all persons that a STAGE II WATER SHORTAGE ALERT is now in effect with voluntary water conservation restrictions. PROCEEDINGS (A signed copy of the proceedings is an attachment to these minutes on • pages 2'?d}'" 2'1$ ) . Commissioner Moses Carey, Jr. introduced and read the following three orders authorizing bonds: ORDER AUTHORIZING $22,000,000 SCHOOL BONDS WHEREAS,-The Chapel Hill-Carrboro City Board of Education and The Orange County Board of Education have certified to the Board of Commissioners for the County of Orange, North Carolina, resolutions passed by said boards of education showing that adequate school facilities are not now available in their respective administrative units to comply with the requirements of Section 2 of Article IX of the Constitution of North Carolina for the maintenance of schools nine months in every year and that it is necessary, in order to maintain such nine months' school term as required by said Section 2 of Article IX of the Constitution, to provide additional school facilities in said units by erecting additional school buildings and other school plant facilities, remodeling, enlarging and reconstruction existing school buildings and other school plant facilities, acquiring any necessary land, furnishings and equipment therefor and developing such land, the estimated aggregate cost of which is at least $22,000,000. WHEREAS, said resolutions request said Board of .Commissioners to take all necessary steps, by the issuance of bonds or otherwise, in order that funds for such school facilities may be provided; and ...~' t ~~ WHEREAS, said Board of Commissioners has carefully examined the facts and has determined and does hereby find as a fact that the statements made in said • resolutions are true and that it has become the duty of said Board of Commissioners, acting as an administrative agent of the State in providing a State system of public schools, to order the issuance of bonds of the County of Orange so that the school facilities mentioned in said resolutions and in paragraph 1 of this order may be provided in order to maintain the nine months' school term in the County of Orange as required by Section 2 of Article IX of the Constitution; now, therefore, BE IT ORDERED by the Board of Commissioners for the County of Orange: • 1. That, pursuant to The Local Government Bond Act, as amended, and in order to maintain the nine months' school term in the County of Orange as required by Section 2 of Article IX of the Constitution, the County of Orange, North Carolina, is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue School Bonds in an aggregate principal amount not exceeding $22,000,000 for the purpose of providing funds, with any other available funds, for erecting additional school buildings and other school plant facilities, remodeling, enlarging and reconstructing existing school buildings and other school plant facilities, acquiring any necessary land, furnishings and equipment therefore and developing such land, in order to provide additional school facilities in said County. 2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds. 3. That a sworn statement of the debt of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public inspection. 4. That this order shall take effect when approved by the voters of said County at a referendum as provided in said Act. ORDER AUTHORIZING $7,000,000 PUBLIC BUILDING BONDS BE IT ORDERED by the Board of Commissioners for the County of Orange: 1. That, pursuant to The Local Government Bond Act, as amended, the County of Orange, North Carolina, is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue Public Building bonds in an aggregate principal amount not exceeding $7,000,000 for the purpose of providing funds, with any other available funds, for enlarging, expanding and improving public buildings and facilities of said County, including the construction of additional buildings and additions to existing buildings to provide additional space for administrative and governmental functions and services, the construction of related access and parking facilities and the acquisition of necessary land, rights of way and equipment.. 2. That taxes shall be levied in an amount sufficient to pay the principal of • and the interest on said bonds. .~+ 3. That a sworn statement of the debt of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public -- inspection. 4. That this order shall take effect when approved by the voters of said "'' County at a referendum as provided in said Act. ORDER AUTHORIZING $1,000,000 WATER BONDS BE IT ORDERED by the Board of Commissioners for the County of Orange: 1. That, pursuant to The Local Government Bond Act, as amended, the County of Orange, North Carolina, is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue Water Bonds in an aggregate principal amount not exceeding $1,000,000 for the purpose of providing funds, with any other available funds, for the acquisition of land and rights of way for a reservoir to provide an additional source of water for residents of said County and one or more other public entities and to provide related recreational opportunities. 2. That taxed shall be levied in an amount sufficient to pay the principal of and the interest on said bonds. 3. That a sworn statement of the debt of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public inspection. 4. That this order shall take effect when approved by the voters of said County at a referendum as provided in said Act. The Board of Commissioners thereupon a motion by Commissioner Hartwell, and a second by Commissioner Willhoit with a unanimous vote designated the Finance Director as the officer whose duty it shall be to make and file with the Clerk to the Board of Commissioners the sworn statement of debt of the County which is required by The Local Government Bond Act, as amended, to be filed after the bonds orders have been introduced and before the public hearing thereon. Thereupon the Finance Director Commissioners, in the presence of t', of debt as so required. Thereupon the order entitled: was passed on first reading. Thereupon the order entitled: BONDS" was passed on first reading. Thereupon the order entitled: passed on first reading. filed with the Clerk to the Board of ze Board of Commissioners, the sworn statement "ORDER AUTHORIZING $22,000,000 SCHOOL BONDS" "ORDER AUTHORIZING $7,000,000 PUBLIC BUILDING "ORDER AUTHORIZING $1,000,000 WATER BONDS" was • Motion was made by Commissioner Willhoit, seconded by Commissioner Halkiotis to approve the three orders on first reading with a unanimous vote. . On motion made by Commissioner Willhoit, seconded by Commissioner Halkiotis and unanimously carried, the Board of Commissioners fixed August 16, 1988 at 7:30. P.M., at the Old Courthouse, in Hillsborough, North Carolina, as the hour, day and place for the public hearing upon the foregoing orders and directed the Clerk to the Board of Commissioners to publish each of said orders, together with the apgended statement as required by The Local Government Bond Act, as amended, once in the Chapel Hill Newspaper and once in The Durham Mornins Herald not later than the sixth day before said date. This ended the formal proceedings. DISCUSSION ON THE LAND ACQUISITION FOR THE RESERVOIR Commissioner Willhoit suggested that the Board in recognizing that a reservoir is needed for growth management, protection of the environment and for economic development clarify what this money would be used for and how it would be repaid to the general fund. He stressed that the money should not be construed as a gift but a loan to be repaid to the County's General Fund at the time a reservoir is built and water is used from that reservoir. It was the consensus of the Board to state that it is not the intent of the County to subsidize the water supply with monies from the general fund. With no further items to be considered by the Board, Commissioner Carey adjourned the Special Meeting. Beverly A. Blythe, Clerk Shirley E. Marshall, Chair • ~ ~' -. ~ ' ""': T s _._ b ~l~'a ~~ Commissioner ~ vt Tiintroduced the follow ing thrsa~orders authorizing bonds which were read =_~ j - ORDER AUTHORIZING 522,000,000 - - ~ SCHOOL BONDS '. `.r`~,,ti;; `;'. iJFUrREAS, The Chapel Aill-Carrboro City Hoard of ~=".Education and The Orange County Board of Education have eerti£ied wr;~,~to the Board o£ Commissioners for the County o£ Orange, North ,Carolina, resolutions passed by said boards o£ education showing --~-__ - that adequate~sehool facilities are not now available in thei• :-~s.rrespective administrative units to comply with the requirements "_' '" o£ Section 2 of Article IX of the Constitution o£ North Carolina ` for the maintenance of schools nine months in every year and that it is necessary, in order to maintain such nine months school .term as recuired by said Section 2 of Article IX of the Constitution, to provide additional school facilities in said units by erecting additional school buildings .and other sc3iool plant facilities, remodeling, enlarging and reconstructing existing school buildings and other school plant facilities, acquiring any necessary land,. furnishings and equipment therefor and developing such land; the estimated aggregate cost of which '_. is, at least 522,D00,000. .. ` - Wh~REAS, said resolutions request said Board of Com- s missaoners to take all necessary steps, by the issuance of bonds ~~z5or otherwise, in order that funds for such school facilities may -': be provided; and _ ~.. WiLrPrAS, said BoarB of Commissioners has carefully examined the facts and has deterained and does hereby 'ind as a y~fact that the statements made in said resolutions a:e true and that it has become the duty of said Board cf Commissioners, acting as an administrative agent of the State in providing a ~.,a :, .... -2 - ` ~ NIOWww r•'OOG.Ow[w~Owld tww0[C[Mt[w.M[W.Owrt. M... ~OMw ' - .i .. Y .. - - i , a v - _.." State rystem of public schools, to order the issuance of bonds of ~~.the County of orange so that the school taeilities mentioned in -,• '- _ - -.,- ~~said resolutions and in paragraph 1 of this order may bs provided `-_ :~s~-_ _.~ ~ order to maintain the nine months' school term in the County of orange as required by Section 2 of Article ZX of the consti- _ ~f -i. tution; now, therefore, - - SE 2T ORDERED by the Board of Commissioners for the County of orange: -_ -~ -.. 1. That, pursuant to Tha Local Government Bond Act,, as `_R:~-amended, and in order to maintain the nine months' school term in the. County of Orange as required by Section 2 of Article SX of '" the Constitution, the County of orange, North Carolina, is hereby ~"~ nu`..horizad to contract a debt, in addition to any and all other debt which said County day now or hereafter have power or author- ity to contract, and in evidence `.hereof to issue School Bonds in an aggregate principal amount not exceeding 522,000,000 for the -.. purpose of providing funds, with any other available funds, for erecting additional school buildings and other school plant .facilities, remodeling, enlarging and reconstructing existing school buildings and other school plant facilities, acquiring any _ necessa_~ land, fu_^rishings and equipment therefor and developing such land, in order to provide additional school facilities in said County. - 2. That taxes shall be levied in an amount sufficient ~to,pay the principal of and the interest on said bonds. 3. That a sworn statement of the deb: of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public inspection. S. That t.:is cider shall take e2feC. when approved by `.he voters of said County at a referendum as provided in said Act. _-,- ~wow+. ~ wooo.orc wewm+.wec tt..+c~. wrw.o.K.... r. ~oo.~ -=r- 3 - - s .. .. ~, .. ~ ''~....~.~,.'~~'`''~'~ ORDER AUTHORIZING 57 , 000, 000•_ "°~ _ . `_ ' ~ ~"""_`="'"` PUBLIC BUILDING BONDS - - s~,.; ..~., ~ SE IT ORDERED by the Board of Commissioners for the _ (County of Orange . _ _ _ -- _. . e _ ca Gove e ~R..~ ,~,;, -_,_ -~ - 1. _ That, pursuant to Th Lo 1 rnm nt Bond Act, as _ ... Y~~ amended, the County of Orange, North Carolina, is hereby author- - ized to,contract a debt, in addition to any and all o'..hez debt'... - ~~,which said County may now or hereafter have power or authority to .. ., •contract, and in evidence thereot to issue Public Building Bonds ~ia an aggzegate principal amount not exceeding 57,000,000 for the pu_~^pose of providing funds, with any other available funds, for -~ _ -' enlarging, expanding and improving public buildings and facilities of said County, including the construction of additional buildings and additions to existing buildings and the reconstruction and renovation of existing buildings to provide additional space for administrative and governmental functions and services, the construction of related access and parY.inc taeilities and the acquisition of necessary land, rights of way and em:ipment. • • 2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds. , - ~~ 3:'•'• That a swop statement of the debt of said County _ has been filed with the Clerk to the Board of Commissioners for .._..'' said County and is open to public inspection. .. __, .. _ . Y'"' ~~ `'` ~ C:= That this order shall take effect when approved by" the voters of sLiB County at a referendum rs provided in said Act. ... ORDr'R AUTHOPIZING $1,000,000 .~ - - FF_T:R BONDS BE IT ORDF.'WD by the Board of Commissioners for the County of Orange: --•• 1. That, pursuant to The Local Government Bond Act, -4- _. MOMr ~ wOOD.0u1[ wIOn~D •~~D[ CLNR11, M~w.WR. M. ~. ,00~~ Y f !- ~y,p~o yt .,..v.~ i r ~~ _ ~~wf~ '~ z fir," ,._ ,.Jr., ,...,._..r,.,..~._,s:,. ,: - '' - - i; - - -_. i. _ _., ~, . ~: '~ i .. ;, __ d, the Count of oran e, North C d li i h g y aro e na, s ereby as amen . `....te 4 ~ _ ~ f^ _, .. . _ _ _ ~ ._, _ __ _ r .~„~lc x F~ ~- : authorized to contract a debt, in addition to any and all other-~' . ~` °" ,. ~~'`~ .~::_ ,~ te ~ "' debt which said County may nov or hcrastter have power or au•.hor- ," ~ ~ ,.;r - ~,.. ity to contract, and in evidence thareot to issue water Bonds in a ate rinei al amount not exeeedin 51 000 000 for the an a44r 9 P P 4 y _. purpose of providing funds, with any other available funds, for the acquisition of land and rights of way for a reservoir to n~ ,';r r~~•' - provide an additional source of water for residents of said ' ~~'~ 'q `, 'Y M Ys .3 ill ~ 1 l County and one or more other public entities and to provide G ., ,~= wc,~. °~~; -~ related recreational opportunities - ~ - ~<'*"~~'~~"~~~"`~ _ a yy !'{ ~' 2. That taxes shall be levied in nn amount sufficient ~. `~, , ~,k' to pay the principal o! and the interest on said bonds. - 3. That a sworn statement of the debt of said County has been filed with the Clerk to the Soard of Commissioners for said County and is open to public inspection. F .~ . v .~ ,"~r ~ ri • <. That this order shall take effect when approved by the utters o: said County at a referendum as provided in said 'r AC. The Soard of Commissioners thereupon designated the Finance Director as the officer whose fluty it shall be to make and file with the ClerY, to the Board of Commissioners the swcrn statement of debt of t2:e Count which is required b The Local Y Y ~. '•~~""~ ~`~""~ ~~"' `'•• ~ _ ~.. r; ~. - - _ . - Government Bond Act, as amended, to be filed t-ter the bond ~ --~^? ,, .:,,.j.. ;,;: ~ J orders have been introduced and before the pt:blic hearing there- F I on -.... ~ ,.~ r~ Thereupon the Finance Director filed with the Clerk to .'"' -~ "•~ the Board o= Coa.:.issioners, in the presence of the Board of ~~ Commissioners, the sworn statement c. deb: as so zeai:ired. Thereupon the order entitled: "Or"C,^1'R AUTHORIZING 522.000,000 SCHOOL BONDS" was passed on first reaZin4. - . Thereupon the cyder entitled:. "ORD.R AL'THOPSZING 57,000,000 PUBLIC BUI:,.DING BONDS" was passed on first resting. _ ,,. .Fw .. ..o.w. weon. a+c wrow~e+w.ec awtcw. wcw~onc.w v ~oo.c .n........ - ~.a.d.r....uw..rr..~ .w .. s. iegt ~tiarw... .. _ ~ .. Thereupon the order entitled "ORDER AVTFiORZZZNG • "-;-.~ 51,000,000 WATER BONDS` vas passed on first reading _~ -- ~` ='~ - ~-~';~`~ "On motion duly made, seconded and unanimously cazried,' .~-i'b..ar-A L~ _. - the Board o! Commissionerc fixed August 16, 1988 at 7;3d ~.M„ at the Old Courthouse, in Hillsborough, North Carolina, as the ~~ hour, day and place faz the public hearing upon the foregoing ~:~+~ orders and directed the Clerk to the Board of Commissioners to publish each of said orders, together with the appended statement - .~ as recuirnd by The Local Government Bond Act, as amended, once in '- ';m the Chapel Hill Newsoaner and once in The Durham Morning Aerald ot.la e. than the sixth day before said date.' :. .. -- . . --- .. Beverly A. Blythe, Clerk to the Soard of ago: -~; . _. t for the County of Orange, Ncr`.,h Carolina, DO H_TRESY C``s;!'-- -chat the foregoing is a true copy of so much of the proceedings of said Board at a special meeting held on July 25, 1988 as relates in any way .o the intzodudion and passage on first reading of the three orders authorizing bonds of said County referred to therein and the calling of a public hearing L•pan such orders and that said proceedings are recorded in Minute Book No. of the minutes of said Board, beginning on pace and ending on page _ I DO H=REBY FURTI'=...R C.rRTIPY that notice of said meeting of ,z"said Board, sicmed by the Chairman and stating that a special T_ meeting of said Board would be held at 7:3~ ~_M. on Avaust 16, 1988, at the Old Courthouse, in Hillsborough, No:rh Carolina, for -the purpose of consicering ~~he introduction and passage on first reading of t~.ree ciders authorizing 522,000,000 Sc.~iool Bonds _ ._ , _-~ 57,000,000 Public Building Bonds and $1,000,000 Water Bonds of ---.said County and ~rhe calling of a pub'_ic hearing upon such orders was, at least <8 hours before said meeting, delivered to each Commissioner o: left at his or hez usual dwelling place, pasted -6- .,o.+.•..rooo. orc ..wee »we ec..T[w.wcw.oww. w.., ,oo.. -:~ ..__... I -, - -, _ ~ tpe pzincipal bulletin board of said Board and mailed oz ~: o '€ _ „ ,~ p~ ~,s;;c ". -... ;.~ , -> >; -r.'---..:.~ "".:--. Ec - ---`Y ~. .. ~' +s . ~ ,, r.~ -~e...Y delivered to saeh newspapez, wire service, radio station,- ~- '- ~ ' '~ 'a....--.i~t.K- ~r'~r="v ~ ,. „w ..._; _. ^ - ~ :' -+f~.:-.s. ... "".,:.- .. _., ..=-.s~^ ~ -_.a. ro: ~-+:.~.ws i.__~-^s+~1l,:S: ...~ \ ~.. --`w Y;+~~f~' rf.~ 'T'~- ~~ tation and zcon that had ailed with me a written _.; i i .. ~" +: .r .. on s s .....~ telev --° a^ .. G.S. 143-318.12.' _ ' uest for notice pursuant to Y . req r ~~ ~s._,-. y7ITNE55 my hand and the corporate ceal of raid County, this-_ _ ~ July 1988. - .. - -~~' day of _ ~ F' ~a ;'<--,r s_.-~-~+~' ~-,: _. : . r _ _., =- - .. _ .- .. _ ~ ` - ~. , ~ = '' ,,,. C e x to a Board o Commissioners • ~ ~ i.. . _ t~ F, ~ 5 T w J :. t ~ 4~~Y ~E~ If` ~~ .r _ :_ _ - - r . -rX ~ ,. _ ... . - ,Y F_ •s ~ '. i m . . _...~ ri ..... ~.A. . .. .--. ~ w...- •.e-1.u~.w~.I.~-. sf.,f.i~F. "' - _. -. . ': r _ ` _ ~ r ~~, _~ v-v : '~ '~' COII1.'TY OF ORANGE, NORTH CAROLINA -:.- ^ s' ?- .:may.. .~-'.'.~°~ _. _ -- - - - ..r.E _ - ._ yam, -w - ~~,,_„-.,- SWORN STAT~NT OP DEET MADE PURSIIANT TO THE ""~- ~- _ "~;~, -'~ acs TACAL GOVERNMENT BOND ACT, AS AMENDED _ + •~ ~ --~+;>- .~ .ZSia .. _ _. ... A ,.. .- _. _ _ ._. _.. I, E11en G Liston, Finance Director for the County of. ._ ~•~-•. Orange, Nor-`.h Carolina, having been, designated by the Sonrd of _ __ - - Commissioners for said County to make and file with the Clerk to°.T~` .... -{`~j the Soard of Commissioners a statement of the debt of said County.., - :.. ~ _ __ `-'""~^ pursuant to The Local Government-Bond Act, as amended, DO HEREBY 1 ~ .. _ _ . _. _ .. ~- - C~tTIFY that the following is a true statement as shown by the __ - ~--, books in my office, not taking auto consideration any debt - - -.incurred or to be incurred in anticipation of the collection of ~.~ - 'taxes or other revenues or in anticipation of the sale of bonds other than funding and refunding bonds: ` _ -. (a) GROSS DEBT "' n(1) outstanding debt evidenced by bonds: Sanitary Sewer Bonds .............. School Sonds .... ............... School Building Bonds ............. ~r-. Water and Sewer bonds ............. Other bonds ....................... $..20C,DOD.. .<. SRD, 004. . ..47 `. D04 . . ...SD.,9Q4 . . $ ,5,, 225 X000 • a(2) Bonds authcrized by orders int_-odueed on July 25, 1988, but not yet adopted: School Bonds... ................ $22,000,000 - Public Building~Bonds ................. 7,000 D00 taster Bonds -•••-••••-•--••--••---•.. 1,000,000 $30,OD0,000 - =: n(3) IInissued bonds authorized by ._ "' '" ,'., -- - adopted orders ............:..... .... .... $ D- '- Sa(<)'Outstnnding debt, not evidenced - by bonds ............ ..... ......... 5...112:500• ._ ,.. _ _ ' (a)' GROSS DEBT, being the sum of a(1), _ -• - ~ :: -.. a{2), a(3) and a(4) .............................. $ 35,337,500. No.w+w.+ooo.Ow[ wwaa+w~pc Q„T[w. ,.[vrYaw. w. Y. .oo.[ ~S ,, ....,-• (b) DEDUCTIONS ,. _ --,. _-', ""`~ =~, }s{1) • . F~ndinq and refunding. bonds ' -- ~ ti -ti g ,;.~ ~,"„~ -~ -+~*• authorized by ordcrs introduced ~ - -. z._- ~.c _,x,- .but. not yet adopted ..... ... _ 5 -o- . _... b(2) _ funding and refunding -bonds - ~ •• authorized but not yet issued ... 0 5 - b (3) -' ` ... -Thc amount . of money held in s- :. .. ~•~ sinking funds oz otherwise for a tha payment of any part of the- - _ ' ~ ~ principal of gross debt other than - - debt incurred for water purposes or _ sanitary sewer purposes (to the - d - ~ e extent that the bonds are a _ .;.. -, - ~ duetible-under G.S. §159-55 (b))............ _ 5 _ - r - -~~b q) -? .,.; ,., .Bonded debt=included in gross debt -- _ z .,.:. - - ( .. K and incurred, or to be incurred, • ; : ~ ~ `;. , for water purposes ......................... . :..... $ .: -:. b(5) Bonded debt included in gross debt _ _ . - - , and. incu-z'ed, or to be incurred, ~• - .~... , - _ :-- -_ '"` sanit~ry sewer System purposes r f _ - - --- o . to the extent that said debt is made deductible by G.S. ,§155-55 (b) ............ S -0- b(6) Uncollected special'assessments; -, _ heretofore levied for local im- gyavemests,.for whaeh any paid. of - , , . , .. 1 -he g.oss aebt'(that.'is not ' otherwise deducted) was or is. to be incurred to the extent that such assessments will be applied,' - :when ccllected, to the payment of - _o- - any part cf the gross oebt ... ......... ......... 5 _b (7) The amount, as estimated by the - - p~naaee Direeto- _ of special _ . - assessments to be levied for - local improvements for Which any ; . part of the gross debt (that is not _ otherwise deducted) was or is to be --• , incu.~red, to the ei.•tent Lhat the - - _ _ . `~ =.special assessments, when co11eC ed, will be applied to the payment cf any : •• pa-t o` the gross debt ¢ 5 (b) DEDUCTIONS, being `..hey sum of b(1), ."'' _ .'-. b(2), b(3), b(q)., b(5), b(6) and _ 6 _a ~~~ s .. 6 - --= • ~~~ ~€~.a"~R+ -at r, s~^z-~-r (d) APPRAISED VALSTE ~~ ~ _ ~ "'`'` ,._,, c ,.,. K,..K*~ ,~ ~ ~'ll....-'-~.:i~i~'-~•~ .. -~~S`~'7T,'~+M...a_:. M•..r«:.'..'s .. r~-. •~ a. ±..nr CX V .+l3Mai ., ..F~..,C~~'r,=,.r i'`4~ (d).~ -APPRAISED VALUE of property subject y„ ~•+ . ~~- - * ~, to municipal taxation before the _ z~s _ . -: ~ ~~ S •~ ~ •~~^z ,~~: ~~ application of any assessment ratio, - ~ = ~ '; ""~' ~ -_ _. bring the Valus fixed in 1988 ......... ...r- =' S 3t318.028~12 •. -~:.._ - _ - t ' 4f: ,~~'~'' (e) Percentage which the NET DEBT (c) ~ - .'~, F .;a,~~-~•'',..Y.y;~,~yz+.~• ~ bears to the APPRAISED VALUE (d) ,~•y} '' The foregoing statement is true. _ _ •~ '~' ~~° ....a.~ ~ ~ . ..~n^ ~ QQQ~~~/// ...~~_ .. ~_ - _ ~ •_ ~"i". fi=r s, ~ a~ ?',s.. _ _ Finance lrectoz !or the ~a~•r` ~•r;,-0 ~}r ,, ~Gjr~ ,k~ '" r "~~ _ _ _ County of Orange, North Carolina ~-- ~ r"~.~..,a"'„ ,~,,,~~ k` r ~' '~':- y. ~ W STATE OF NORTH CAROLINA ) -• _ ~~~'"'`'~~'~M •s ' ' '`~ ` _ ... ~ s . J ti h --* s " COWITY OF ORANGE. _ . _...' ) . , . 4 :.a . -....Y .- - .: - .. _ _ i~w ,. . ~. .,~ - ... • - ~ ... .. -•-° Subscribed and sworn to before me this 25th day of July 1988. _ ~ `s A /J / ./+ ,,r ~. C - - - .. ~ .. ~,LCI[.s: .J t~fR Fy~\PNOSARY~J's, +• , N ~t' „ .,~r•F~t~". NO:.a:y Pubs1C s s p PUBi~~ ~ ~ ,- My commission expires _ 4 Cf COUt~~~ - _ I, Beverly A. Blythe, Clerk to `rhe Board o: Commissioners '; i t for the County o: Orange, North Carolina, DO }TrREBY CERTIFY ..hat - `~he foregoing is a true copy of a statement which vas filed,wlth •~ - me a. a meeting of `.he Board of Commissioners for-said County ,~ ~ ' held on July 25 ;' 1988, aftez the introduceion and before the _ .,..:. ~::~, ~~~~ - _ public hearing on tree orders authorizing bonds of said County,:' .... - s and that said statement is oaen to public i.~sperion in my - o«ice. , A~TM'I~~SS say hand and `,.he corporate seal o~ said County, t2:is - -"` asp day of July 1988. - - .. - ~~ ~ ,., Clerk t0 a 2'SOarC. of COIII¢15510nEr5 ~ .- ~ s`, _:.. - - - .. .nw..,..oam.on~«o+..o„noc u.nrw.rcw.e.w..,.. ,oo.. -' ~ - F~ ;,..