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HomeMy WebLinkAboutMinutes - 19780127MINUTES ORANGE COiTNTY BOARI] OF GOl`"I'"-ISSIODTERA JANUARY 24, 1978 The Orange County Board of Commissioners met in special session on Tuesday, January 24, 1978, at 6:00 p.m., in the Galbreath Library of DT. C. the Gray Galbreath Junior High School in Chapel Hill, Present~or~anCTdalkern andhDOnald1T'aillhoit~issioners Norman Gustaveson, Jan Pinney, Staff personnel present were S. M. Gattis, County Manager and rTeal Evans, County Finance Director. CountPuAttorney regardingntheasale ofnS6a000,ODOsSchoolnBondsared by the Y The County Pianager informed the Board the necessary becad~ourneddto not arrived from Bond Counsel, and suggested the meeting ] another time. secanc'.ed by Commissioner Upon motion of Commissioner Pinney, tp meet Gustaveson, it was moved and adopted to adjoumn't~nst~eeCommissioners' again on Friday, January 27, 1977, at 1:00 p• Room of the Courthouse in Hillsborough. ~ The meeting was adjourned. ~T i^ i'~ .` J rf~ Richard T+Thittec?, Chairman Agatha Johnson, Clerk ORANGE COUNTY BOARA OF CONII''!ISSTONERS JANUARY 27, 1978 The Orange County Board of Commissmonein the Commissioners~eRoomnof on Friday, January 27, 1978, at 1:00 p--•, the Courthouse in Hillsborough. Present were Chairman Richard T.'7kiitted, Commissioners Jan Pinney, Norman t~ialker and Donald S4illhoit. Member absent was Commissioner DTOrman Gustaveson. Other present were S. M. Gattis, County T"_anagex, Neal Evans, County Finance Director, Geoffrey Gledhill, County Attorney, and Agatha Johnson, Clerk to the 3oard. The purpose of the meeting was to consider a Resolution regarding the sale of $6,000,000 in School Bonris. The County Attorney presented a resolution entitled "Resolution Pro- viding f_or the Issuance of $6,000,000 School Bonds" tc the Board~nager and stated that this document did give thWhachha~etoftmaterialuvalue, to the the Finance Officer to make changes, Official Statement. Unon motion of Commissioner Pinney, secon[~ed by Commissioner ~^Tillhoit, it was moved and unanimously adopted to approve the resolution entitled "Resolution Providing for the Issuance of $6,000,000 School Bonds." Far copy of Resolution see next page. There being no other business to come before the Board, the meeting was adjourned. Richard T9hitted, Chairman Agatha Johnson, Clerk `~ V ~/ The Board o£ Commissioners for the County of Orange, North Carolina', met in .adjourned regular session 3.n the Caunty Commissioners' Room of the Orange Caunty Courthouse in Hillsborough, North Carolina, the regular place of meet' ing, at 1:00 P.M., on January 27, 1978. Present: Chairman Richard E. Whitted, presiding, and Commissioners Jan Pinney, Norman Walker, and Donald Willhoit Absent: Commissioner Norman Custaveson * * * * t ~ Commissioner Richard Whitted introduced the follow- ing resolution which was read: RESaLUTION PRDVIDING FOR THE ISSUANCE OF $6,000,000 SCHOOL BDNDS BE IT RESOLVED by the Soard of CommissionersM~for the County of Orange: Section 1. The Board of Commissioners has determined and does hereby find and declare: (a) That an order authorizing $6,000,000 School 3onds was adapted by the Board of Commissioners for the County of Orange on August 18, 1976, which arder was approved by the vote of a majority of the qualified eaters of said County who voted thereon at a referendum duly called and held on Navember 2, 1976. ~~'vr (b) That none of said bonds has been issued, that no notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds, and that it is neces- sary to issue at this time all of said bands. (c) That the Maximum period of usefulness of the addi- tional school facilities in said County to be provided pursuant to said order is estimated as a period of forty years from December 1, 1977, the date of said bands as provided in Section., 2 of this resolution, and that such period expires on December 1, 2017. Section 2. For the purpose provided in said order, there shall be issued the negotiable coupon bonds of the County of Orange in the aggregate principal amount of $6,040,000, desig- nated "School Bonds", dated December 1, 1977, consisting of 1,2D0 bonds of the denomination of $5,000 each,~numbered 1 to 1,200, inclusive. .Said bands shall mature annually. June 1, in numerical order, lowest numbers first, $150,000 198D to 1985, inclusive, $200,000 1986 to 1989, inclusive, $250,000 1990 and $450,000 1991 to 1999, inclusive, without option of prior payment,_and bear interest from their date at a rate or rates to be determined by the Local Government Commission of North Carolina at the time the bonds are sold, which interest to the maturity thereof shall be payable semi-annually on the 1st days of June and December of each year, and bath the principal of and the interest on said bonds shall be payable at Wachovia 2. ~' ~ _ P `7 Bank and Trust Company, N.A., in the City of Winston- Salem, North Carolina, ar, at the option of the holder or registered owner, at Bankers Trust Company, in the Borough _- of Manhattan, City and State of New Xork, in any coin or cur- rency of the United States of America which, at the respective dates o£ payment thereof, is legal tender for the payment of public and private debts. Section 3. Said bonds shall be executed with the facsi- mile signatures of the Chairman and the Clerk of the Soard of. Commissioners far said County, and a facsimile of the official seal of said Board of Commissioners shall be imprinted on said bonds, and the interest coupons to be attached to said bonds shall be executed with the facsimile signature of said Clerk. Said bonds and coupons and endorsement to be printed upon the reverse of said bands shall be in substantially the following forms: - - No. ........ $5,Q00 United States of America State of North Carolina COUNTY OF ORANGE The County of Orange, in the State of North Carolina, is justly indebted and for value received hereby promises to pay to the bearer or, if this bond be registered, to the registered owner hereof, on thg 1st day of June, 19l, the principal sum of 3. Lr. u .~ FIVE THOUSAND DOLLARS and to pay interest thereon from the date hereof at the ' rate af ................................... per centum (......$) per annum until payment of such principal sum, such interest to the maturity hereof being payable semi- annually on the 1st days of June and December in each year upon the presentation and surrender of the coupons repre- senting such interest as the same respectively become due. Both the principal of and the interest on this bond are payable at Wachpvia Bank and Trust Company, N.A., in the City of Winston-Salem, North Carolina, or, at the option of the holder or registered owner, at Bankers Trust Company, in the Borough of Manhattan, City and State of New York, in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. For the prompt hereof, both principal and interest as the same shall become due, the full faith and credit of said County of Orange are hereby irrevocably pledged. This bond is one of an issue of bonds issued by said County for the purpose of providing funds, with any other available funds, far providing additiona], school facili- ties in said County, and this bond is issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statues of North Carolina, an order which was approved by the vote of a majority of the qualified voters of 4. ~. U said County who voted thereon at a referendum duly called and held, and a resolution duly passed by the Board of Commissioners for said County. It is hereby certified and recited that all acts, conditions and things required to happen, exist and be performed precedent to and in the issuance of this bond by the Constitution and laws of North Carolina have happened, exist and have been performed in regular and due form and time as so required; that provision has been made for the levy and collection of a direct annual tax upon all taxable property within said County sufficient to pay the principal of and the interest on this bond as the same shall become due; and that the total indebtedness of said County, including this bond, does not exceed any cvnstitutianal ar statutory limitation thereon..._., This bond may be registered as to principal only in accordance with the provisions endorsed hereon.. IN WITNESS WHEREOf', the County of Orange, by order of its Board of Commissioners, has caused this bond to be executed with the facsimile signatures of the Chairman and the Clerk of said Board of Commissioners, and a fac- simile of the official seal of said Board of Commissioners to be imprinted hereon, and has caused the interest coupons l 5. C ~ .~ attached, hereto to be executed with the facsimile signa- ture of the Clerk of said Berard of Commissioners, all as of the 1st day of December, 1977. [Facsimile si nature] Chairman of Boar of Commissioners [Facsimile signature] Clerk of Board of Commissioners [Endorsement upon bonds] CERTIFICATE OF LOCAL GOVERNMENT COMMISSION The issuance of the within bond has been approved under the provisions o~ The Local Government Bond Act of North' Carolina. John D. Foust Secretary, Local Government Commission By _(Manual_signature] PROVISIONS FOR REGISTRATION This bond may be registered as to principal only in the Bond Register of the County of Orange by the Clerk of the Board of Commissioners far said County as Bond Regis- trar, at her office in gillsborough, North Carolina, or by such other Bond Registrar or at such other place as may be legally designated by the governing body of said County, upon presentation hereof to the Bond Registrar who shall make notation of such registration in the registration 6. ~~..~~ '. blank below, and the transfer of this bond may thereafter be registered only upon a duly executed assignment of the registered owner or his attorney or legal representative, in such farm as shall be satisfactory to the Band Regis- trar, such registration of transfer to be made on such Bond Register and endorsed hereon by the Bond Registrar. Such registration of transfer may be to bearer and there- by transferability by delivery shall be restored, but this bond shall agaln be subject to successive registrations and registrations of transfer as before. The principal of this bond, if registered, unless registered to bearer, shall be payable only to or upon the order of the regis- tered owner or his legal representative. Notwithstanding the registration of this bond as to principal only, the coupons shall remain payable to bearer and shall continue to be transferable by delivery. Aate of Registration .................. .................. Name of Registered Owner Signature of Bond Registrar [Farm of coupons] No. ....... $.........-- On ............... 1, 19.., the County of 'Orange, North Carolina, will pay to bearer at Wachavia Bank and Trust Company, N.A., in the City of Winston_Salem, North 7. Carolina, or, at the option of the bearer, at Bankers Trust Company, in the Borough of Manhattan, City and State of New York, upon the presentation and surrender ...... Dollars hereof. the sum of ..................... in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, as provided in and for the semi-annual interest then due upon its School Bond, dated December 1, 1977, numbered ..... . [Facsimile si nature] Clerk of Board of Commissioners Section 4. Said bonds shall be registrable as to principal only in accordance with the provisions for regis- tration hereinabove in this resolution provided to be en- dorsed upon said bonds, and the Clerk of the Board of Com- ' missioners for said County is hereby appointed Bond Regis- trar for the reg istratign and registration of transfer of said bonds, subject to the right of the governing body of the County of Orange hereafter to appoint another Bond Re- gistrar. No charge shall be made to any bondholder for the privilege of registration and registration of transfer herein granted. Section 5. The actions of the County Manager and the Finance Director and Assistant County Manager of said County in applying to the Local Government Commission of North Carolina to advertise and sell said bonds are here- . ... 8 . , -~ ~1 U by ratified and confirmed. The Local Government Commis- sion of North Carolina is hereby requested to ask for sealed bids for said bonds by publishing notices and printing and distributing an official statement relating to the sale of said bonds. Such official statement substantially in the form of the draft of such official statement, dated January Z7, 1978, presented at this meeting is hereby approved and the Chairman of the Hoard of Commissioners for said County, said County Manager r and said Finance Director and Assistant County Manager are each hereby authorized to approve changes in such official statement which are not material and to execute such official statement far and on behalf of said County. Section 6. There shall be printed on the reverse of each of said bonds to be issued under date of ~` December 1, 1977 the legal opinion of Brown, Wood, Ivey, Mitchell & Petty, bond counsel to the County of Orange, with respect to the validity of said bonds, and there shall be printed immediately fallowing such legal opinion a certificate executed with the facsimile signature of the Chairman of the Board of Commissioners for said County, said certificate to be in substantially the following form: I REREBY CERTIFY that the foregoing is a true and correct copy of the legal opinion on the bonds therein described which was manually signed by Brown, Wood, 9. ~: V .~ Ivey, rIitchell & Petty, New York, N.Y., and was dated as of the date of delivery of and payment for said bonds. [Facsimile signature] Chairman of Board of Commissioners for the County of Orange, North Carolina Section 7. This resolution shall take effect upon its passage. , Thereupon, upon motion of Commissioner Pinne r seconded by Commissioner Willhoit the foregoing resolutlon entitled: "RESOLUTION P80VIDING FOR THE ~. ISSUANCE OF $6,000,000 SC)3OOL BONDS" was passed by the following vote: Ayes: Commissioners Pinney, Walker, Whined, and Willhoit. Noes: None. * * * * ~ ~ Y, Agatha Johnson, Clerk of the Board of Com~-issioners for the County of Orange. North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of the actually recorded. minutes of said Board of Commissioners taken at a meeting held on January 23, 1978, said record having been made zn Minute Book Na. 10 , and is a true copy of so much of said proceedings as relates in any way to the issuance of bonds of said County. WITNESS my hand and the official seal of said Board, this 27th day of January, N197~$. L~'~~ C~,erk f the Boa of Commissioners 10.