HomeMy WebLinkAboutMinutes - 19880201William J. Waddell, Jr. Alternate Member
HUMAN SERVICES ADVISORY COMMISSION
Ms. Sharon Greene - Mental Health Board representative
NURSING HOME. COMMUNITY ADVISORY COMMITTEE
Marian B. Donaldson
ORANGE COUNTY PLANNING BOARD
Barry Jacobs
I. ADJOURNMENT
With no further business to come before the Board, Chair Shirley
E. Marshall adjourned the meeting. The next regular meeting will be held
on Monday, February 1 at 7:30 p.m. in the courtroom of the Old County
Courthouse, Hillsborough, North Carolina.
Shirley E. Marshall, Chair
Beverly A. Blythe, Clerk
MINUTES
ORANGE CDUNTY BOARD OF COMMISSIONERS
REGULAR MEETING
FEBRUARY 1, 1988
The orange County Board of Commissioners met in regular session on
February 1, 1988 at 7:30 p.m. in the courtroom of the Old Courthouse,
Hillsborough, North Carolina.
BOARD MEMBERS PRESENT: Chair Shirley E. Marshall and Commissioners
Moses Carey, Jr., Stephen Halkiotis, John Hartwell and Don Willhoit.
ATTORNEY PRESENT: Geoffrey Gledhill.
STAFF PRESENT: Interim County Manager Albert Kittrell, Assistant
County Manager William T. Laws, Clerk to the Board Beverly A. Blythe,
Deputy Finance Officer Ken Chavious, Planning Director Marvin Collins,
Purchasing Director Pam Jones, and Health Director Dan Reimer.-
A. BOARD AND MANAGERS COMMENTS
Item G3 - Capital Improvements Program Update will be considered under
item E2 - reports.
A special meeting will be held on February 10, 19$8 at 4:00 in the
Department on Aging Conference Room to discuss airport issues.
An item was added far the discussion of animal licensing.
Commissioner Halkiotis requested that the Tax Assessor explain at the
next meeting of the Board the procedures used in assessing the value of
beef and dairy cattle.
Commissioner Carey asked about the organization of the committee to
study the Orange-Chatham boundary line and was told that Mr. Link will do
the follow up on this item.
B. AUDIENCE COMMENTS
1. MATTERS ON THE PRINTED AGENDA
Those who would like to speak on a specific item will be
recognized at the time that item appears on the agenda.
2. MATTERS NOT ON THE PRINTED AGENDA
None.
~~
C. MINUTES
Motion was made by Commissioner Halkiotis, seconded by Commissioner
Carey to approve the June 15, June 16, June 17, June 22, June 24, June 25,
June 30, and July 20 minutes as corrected.
VOTE: UNANIMOUS.
Motion was made by Commissioner Hartwell, seconded by Commissioner`
Halkiotis to approve the August 4 minutes as circulated
VOTE: UNANIMOUS.
Motion was made by Commissioner Hartwell, seconded by Commissioner
Halkiotis to approve the December 5, 1987 minutes. as corrected.
VOTE: UNANIMOUS.
Motion was made by Commissioner Carey, seconded by Commissioner
Halkiotis to approve the January 4, 1988 minutes as circulated.
VOTE: UNANIMOUS.
Motion was made by Commissioner Hartwell, seconded by Commissioner
Carey to approve the January 19, 1988 minutes as corrected..
VOTE: UNANIMOUS.
PUBLYC CHARGE
Chair Marshall read the public charge.
D. RESOLUTIONS OR PROCLAMATIONS
1. CAPACITY USE DESIGNATION
Commissioner Willhoit emphasized that the purpose of asking for
the Capacity Use Study was to provide data on which a management plan
could be developed. He suggested that a request be made to the
Environmental Management Commission (EMC) to delay for 90 to 120 days the
decision on declaration of capacity use and give the County that time ta:;>_;_
come up with a management plan.
Commissioner Carey stated he would like to keep the emphasis on
the plan but there is a question on whether or not it can be enforced.
Discussion ensued on the management plan and how it could be
enforced. There was a question on how much latitude the EMC would give to
the County to work out a plan and test it for enforcement.
Motion was made by Chair Marshall, seconded by Commissioner Carey
to adopt the resolution as printed below to be presented at the February
3rd public hearing:
RESOLUTION
WHEREAS, the Orange County Board of Commissioners requested a study be
made for the Eno River by N.C. Department of Natural Resources and
Community Development, and
WHEREAS, an Executive Summary Report of the Eno River Area Capacity
Use investigation has been received, and
WHEREAS, the .Orange County Board of Commissioners do hereby support
the Capacity Use Designation of the Eno River, and
NOW THEREFORE, be it resolved that from this Capacity Use Designation
management plan for the Eno will be prepared for Orange County in
cooperation with the Division of Environmental Management far
consideration by the Environmental Management Commission.
Adopted this the first day of February, 1988.
VOTE: AYES, 4; NOES, 1 (Commissioner Willhoit)
E. REPORTS
1. CITIZEN COMPLAINT OF RATS IN THE AREA OF REX STREET IN
HILLSBOROUGH
Pam Jones explained to the Board the complaint that Mr. Dan
Wagner had lodged and the steps that had been taken by the County staff.
The complaint was that debris and miscellaneous junk had accumulated in
the Rex Street neighborhood which provided a favorable habitat for the
_ wharf rats found in that neighborhood.
Pam Jones stated that~the County cannot help any further than it
has with the ordinances that are now in effect. The complaint has been
presented to the Board of Health and Health Director Dan Reimer reported
that it is difficult to claim a health hazard without recorded cases of
illness. He, along with the Environmental Health staff, will explore
ordinances that will help in cases like this and he will work with the
County Attorney in this effort.
Mr. Wagner described the situation and asked that the Board pass
an ordinance or do something to rid the neighborhood of these rats.
County Attorney Geoffrey Gledhill noted that there is the same
author~.ty granted to the Health Director that there is granted to the
county generally with respect to a public health nuisance. If it is not a
public health nuisance under the authority granted the Health Director, it
is not going to be a public health nuisance under the authority granted
the Board of County Commissioners. There is a limitation in that it is
difficult to get a court of law to declare a public health nuisance.
There is statutory authority to enact ordinances for governing removal,
method or manner of disposal of trash but the authority is limited to
rural areas of the County located outside of corporate, .limits and the area
in question is semi-urban. Commissioner Marshall questioned whether
statute might be from earlier years and suggested the Attorney investigate
whether "outside of corporate limits" rather than "in rural areas" might
be controlling.
After further discussion, Chair Marshall stated that all avenues would
be explored and a report will be given as soon as possible.
2. CAPITAL IMPROVEMENT PROGRAM UPDATE (originally G3 on the agenda)
-.....-... Commissioner Carey stated that the process for refining the CIP
and those components that will be considered for a bond issue will be
presented to the Board the middle of May. It is hoped that members of a
citizens task force can be appointed at the next meeting to work with a
consultant on these projects. The Board agreed to the timetable and to
advertise for citizens to serve on the task force.
F. zTEMS FOR DECISION - CONSENT AGENDA
BUDGET AMENDMENTS
Motion was made by Commissioner Hartwell, seconded by Commissioner
Halkiotis to amend the 1987-88 Budget Ordinance by the amendments as
stated below:
GENERAL FUND
Appropriations - Bicentennial Committee $ 7,000
Source - State Discretionary Funds 7,000
Appropriation - County Manager $ 5,000
Source - Governor's Waste Management Board $ 5,000
Appropriation -Aging $ 28,900
Source,- Transfer from County Capital Reserve 28,900
Appropriation - Social Services Subsidy
General Assistance $ 10,000
Source - Social Services - Income Maint - AFDC-EA 10,000
COUNTY CAPITAL RESERVE FUND
Appropriation.- Transfer to General Fund $ 28,900
Source -- Appropriated Fund Balance 28,900
VOTE: UNANIMOUS.
G. ITEMS FOR DECISION - REGULAR AGENDA
1. TOPOGRAPHIC MAPPING OF POTENTIAL RESERVOIR SITE5
The presentation was made by Assistant County Manager Bill Laws
and Jim McCarthy of Hazen and Sawyer. They reviewed the cost estimates
that had been received for the preparation of topographic information.
This information is necessary before Phase II of the County Water Supply
Study can begin. McCarthy explained the difference between the contours`-'~~
and assured the Board that the five foot contours would provide the
necessary information desired. Verbal confirmat~.on has been received from`. ~'
state officials indicating that Senate Bill 2 funds may be used for this
project.
Motion was made by Commissioner Hartwell, seconded by Commissioner
Willhoit to authorize the staff to request formal proposals for
topographic mapping with the understanding that awarding of the contract
will be contingent upon receiving Senate Bill 2 funds.
VOTE: UNANIMOUS.
2. NOISE ORDINANCE AMENDMENT
Pam Jones reviewed the amendments to the existing Noise Ordinance
in Orange County. They are as follows:
Sound levels by Receiving Land - 60 dB(A)
Sunday thru Thursday 8 am - 11 pm
Friday and Saturday Sam -- 12 midnight
50 dB(A)
Sunday-Thursday llpm - 8 am
Friday and Saturday Sam - 12 midnight
It is also recommended that the County Manager be authorized to
seek expert advice and an investigation of the subject be conducted and
that permits to exceed the maximum noise level be eliminated on an interim
basis until such time a basis for allowing or denying permits is
determined.
Chair Marshall stated that the amendments do not address the
specific vibration problem but that by lowering the decibels and not
allowing any special permits will help the present situation.
Several citizens and the owners of the roller rink spoke against
the proposed amendments and in support of the roller rink and several
neighbors explained the problems that exist because of the loud music.
Motion was made by Commissioner Hartwell, seconded by Commissioner
Halkiotis to amend the Noise Ordinance as recommended.
VOTE: UNANIMOUS.
3. CAPITAL IMPROVEMENT PROGRAM UPDATE
This item was moved to item E2.
4. ASSIGNMENT OF
IN ROUGEMONT
Marvin Collins
Motion was made
Halkiotis to approve
for receipt of public
for rural Routes 2 and
VOTE: UNANIMOUS.
HOUSE AND BUILDING NUMBERS FOR RURAL ROUTES 2 AND 3
made the presentation.
by Commissioner Hartwell, seconded by Commissioner
setting a public hearing date of February 22, 1988
comment on the proposed assignment of house numbers
3 in Rougemont.
5. SUBDIVISION OF LOT 9 LAKE WOODS - PRELIMINARY
Planning Director Marvin Collins made the presentation. The
property is located in Chapel Hi11 Township on Jones Ferry Road. Two lots
are proposed out of 4.6 acres. The property is located in the University
Lake Watershed and zoned Rural Buffer. The Administration recommends
approval of the preliminary plat subject to two conditions.
Motion was made by Commissioner Hartwell, seconded by Commissioner
Halkiotis to approve the preliminary plat subject to two conditions:
(1) Label the property to
recreation/open space
(2) Approval of a deed
recreation/open space
VOTE:. UNANIMOUS.
be dedicated to Orange County for publi~
purposes as "Property of Orange County".
deda.cating the property for public
purposes to Orange County.
6. SUBDIVISION REGULATIONS AMENDMENTS - TRAFFIC IMPACT ANALYSIS
..
Motion was made by Commissioner Hartwell, seconded by Commissioner
Carey to approve the proposed subdivision regulations text amendments as
recommended by the Planning Soard and the Administration and as stated
Y,al nwe
1. Renumber Sections IV-B-3 d
to permit incorporation of
Regulations.
2. Add Section IV-B-3-e which
a traffic impact study,
procedures.
3. Add definitions to Section
traffic impact analysis.
VOTE: UNANIMOUS.
and a to d-1 and d-2, respectively,
the provisions into the Subdivision
sets forth the contents required in
and submission and implementation
II which define the terms used in a
7. ZONING ORDINANCE AMENDMENTS - TRAFFIC IMPACT ANALYSIS
Motion was made by Commissioner Hartwell, seconded by Commissioner
Carey to approve the proposed Zoning Ordinance text amendments as
recommended by the Planning Board and the Administration and as stated
below:
].. Renumber Articles 8.8 a) and 20.3.2 f) to permit incorporation
of the provisions into the Zoning Ordinance.
2. Add Articles 6.17, 8.8 e)- and a new 20.3.2 f) which state that
a traffic impact study is required for site plans, special use
permits and zoning changes, respectively.
3. Add Article 13 which sets forth the contents required in a
traffic impact study, and submission and implementation
procedures.
4. Add definitions to Article 22, which define the terms used in
a traffic impact analysis.
VOTE: UNANIMOUS.
8. ZONING ORDINANCE AMENDMENT - HOME OCCUPATION PROVISIONS
Motion was made by Commissioner Willhoit, seconded by Commissioner
Carey to approve the proposed amendments to the Zoning Ordinance as stated
below and to refer back to the Ordinance Review Committee those comments
made at the November 23, 1987 public hearing and comments contained in a
letter from an attorney representing several citizens.
1. In all residential zoning districts except RB, AR and R-1, add
a provision limiting traffic generation by a home occupation
and requiring off-street parking other than in a required yard
area.
2. In RB, AR and R-1 zoning districts for lots 200,000 sq.ft. or
less in area, add the following:
a. Limitations on the size of a detached accessory structure
in which a home occupation is conducted to 1,000 sq.ft.
b. A requirement that the accessory structure as well as off-
street parking be screened by means o~ an evergreen hedge
or a combination of a stockade fence and deciduous plant
materials.
c. Limitations on the effects of odor and electrical inter-
ference on adjoining properties.
d. A requirement that outside storage of materials must be
screened and the storage area limited to 500 sq.ft.
~~ e. Limitations on traffic and off-street parking as described
#1 above.
3. In RB, AR and R-], zoning districts for lots in excess of
200,000 sq.ft. in area, add the following:
a. A requirement. concerning screening as described in 2-b
above.
b. Limitations on the effects of odor or electrical
interference on adjoining properties.
VOTE: UNANIMOUS.
9. PRIVATE ROAD STANDARDS - INTERPRETATION POLICY
(The resolution is attached to these minutes in the minute book on
pages - a .
Marvin Collins made the presentation. A draft policy resolution
was presented to the Board for their consideration. The purpose of the
resolution is to provide guidance to the Planning Board and Staff in terms
of interpreting and administering those standards. The resolution
received approval from the Planning Board on January 18 and they asked
that the Board of Commissioners adopt a similar resolution. The County
Attorney has reviewed the resolution and suggested some changes which have
been incorporated in the resolution.
Motion was made by Commissioner Willhoit, seconded by Commissioner
Hartwell to approve the policy resolution as revised by the County
Attorney and to conduct a public hearing on February 22, 1988 for the
purpose of incorporating the provisions of the policy resolution into the
Subdivision Regulations as an amendment to Section IV-B-3-d.
VOTE: UNANIMOUS.
10. MASTER RECREATION AND PARKS PLAN
Marvin Collins stated that significant changes have been made in
the plan to warrant another public hearing. The Planning Board and the
Administration recommends that the Master Recreation and Parks Plan be
placed on the public hearing. agenda for February 22, 1988.
Motion was made by Commissioner Willhoit, seconded by Commissioner
Carey to place the Master Recreation and Parks Plan on the public hearing
agenda for February 22, 1988.
VOTE: UNANIMOUS.
11. ADVERTISEMENT - FEBRUARY 22 1988
Marvin Collins presented the list
in the legal notice for the February 22,
Motion was made by Commissioner
Halkiotis to approve the legal notice as
amended.
VOTE: UNANIMOUS.
PUBLIC HEARING
of items that will be included
1988 quarterly public hearing.
Carey, seconded by Commissioner
presented in the agenda and as
12. JOINT PLANNING AREA PUBLIC HEARING
Motion was made by Chair Marshall, seconded by Commissioner
Hartwell to approve April 13, 1988 for a Joint Planning Area public
hearing to be held at 7:30 in the Chapel Hill High School Auditorium.
VOTE: UNANIMOUS.
.. -,~
13. RESOLUTION AUTHORIZING THE ISSUANCE OF SANITARY SEWER BONDS
(A copy of this resolution is in the minute book on pages ~~.)
...Commissioner Hartwell introduced the resolution authorizing
the issuance of sanitary sewer bonds for the Efland Sewer project.
Motion was made by Commissioner Halkiotis, seconded by
Commissioner Carey to adapt the resolution. -
VOTE: UNANIMOUS.
21
14. THE HUMANE WORKPLACE - EMPLOYEE SUPPORTIVE PROGRAMS
After a brief discussion, it was decided to refer this request to
the Commission for Women for funding. _~
ADDED ITEM
I DOG LICENSING
The Commissioners expressed concern about the process that has
been followed by citizens obtaining licenses for their animals. Health
Director Dan Reimer explained why some citizens received farms to complete
for licensing their animals and some did not. He further explained the
process that is being followed at this time with reference to proving if
an animal is spayed or neutered. The Board restated the fact that a
declaration of the animal owner will be accepted as evidence =that an
animal over three years old has been sterilized.
H. APPOINTMENTS
The following appointments were made;
Oran a Count Plannin Board
Chris Best
Carol Bilbro
Amanda Cantrell
Human Services Adviso Commission
Chris Nutter
Ruth Royster
I. ADJOURNMENT
With no further items to consider, Chair Marshall adjourned the
meeting. The next meeting will be held an February 16,.1988 at 7:30 p.m.
in the Courtroom of the old Post office, Chapel Hill, North Carolina.
' Shirley E. Marshall, Cha~.r
Beverly A. Blythe, Clerk
RESOLUTION
OF THE
ORANGE COUNTY 60ARD OF COMiv11 SS I ONERS
REGARp I NG
THE INTERPRETATION AND APPLICATION
OF THE PRIVATE ROAD STANDARDS
CONTA I tJ1=D I N SECTION I V-B-3-d
OF THE ORANGE COUNTY SUBDIVISION REGULATIONS
lh'HEREAS, Orange County adopted Subdivision Regulations which
apply county-wide on February Z7, 1978, and the
effective date for application of the Regulations
was established as Pfarch 13, 197$; and
WHEREAS, Section IV-B-5-b of the Subdivision Regulations
requires that each lot in a subdivision abut a
publicly dedicated street except in subdivis.lans
approved with private roads; and
WHEREAS, Section IV-B-3-d of the Subdivision Regulations
states that private roads ,m,~v be allowed in a
subdivision where:
22
WWEREAS, an _interim policy for the interpretation and
application of the private road standards is needed
until specific ordinance amendments are prepared
and considered for approva I : ~,.~
NOW, THEREFORE, BE IT RESOLVED by the Orange County Board of ~ ,
Commissioners that:
1. The following design features will be
considered in determining whether to permit
private roads in subdivisions:
a. The location and design of the
subdivision is such that it clearly
preserves the rural character of the
County through:
(1) The provision of Io.t sizes and
building setback lines greater than
required by ordinance provisions;
(Z) The retention and/or provision of
landscaping and use of"clustering of
dwelling units to screen the view of
the subdivision from public roads
and/or maintain a wooded or forested
character;
(3) The maintenance of scenic views,
including vistas of open farmland .
and/or forested hills and mountains; ~""
and/or
(4) The clustering of dwelling units to
preserve wildlife, botanical,
historic, archeological and/or
.recreation sites;
b. The number,_ location and/or size of lots
to be located in the subdivision. are such
that, even if constructed to State
standards, the streets would not be
accepted by the State for maintenance due
to density or other State requirement;
c. Restrictive covenants are proposed which
prevent further subdivision of the
property and the same shall be made a
condition of approval, thus maintaining
project density;
d. Recreation and/or open space areas,
including lands containing significant
botanical, wildlife, historic and/or
archeological sites, are to be dedicated
and/or preserved through restrictive
covenants in amounts greater than
required by standards for recreation/open
space dedication; and/or
2~ A
1. - In the judgment of the.Rlanning Soard and with
the approval of the Commissioners, it is found
that the nature and location of the
subdivision, including such considerations as
topography, the surrounding area, the present
and future road plans, and access by public
safety vehicles are such that a private road
is justified; and
2. One or more of the foilowing conditions are
met:
a. The subdivision consists of less than ten
(10) lots.
b. The subdivision preserves a natural area
through deed restrictions and special
design features.
c. The subdivision does not embrace or abut.
any part of a thoroughfare or street
shown on the Orange County Thoroughfare
Plan, or a municipality~s thoroughfare
plan within the Caunty, or does not lie
within a designated Transition Area as
determined by the County.
d. The subdivision joins or extends an
existing subdivision where the streets of
the subdivision are private or unpaved,
and the new subdivision shall be platted
to connect with the streets of such
existing subdivision and be compatible
with and in harmony with the surrounding
~'~ ~ community.
e. The subdivision
constructed to State
be accepted by the S
due to density or
requirement that the
meet; and
roads, even i f
standards, would not
Late for maintenance
some other State
subdivision cannot
WHEREAS, Section IV_E-3-d also states that for a subdivision
to be approved with private roads, it should meet
as many of the above criteria as possible;
provided, however, the meeting of one or mare of
the specified conditions will not insure automatic
approval of private roads; and
WHEREAS, clarificatlan of the interpretation of the private
road standards is necessary to insure consistency
of application and expeditious handling of
subdivision applications; and
22 B
e. Larger than required stream buffers and
lot sizes, and/or other design features
are proposed as part of a subdivision to
be located in a Protected Watershed as
designated on the Orange County
Comprehensive Plan to reduce the amount
of impervious surface and cause
inflltration of storm water .runoff to
prevent the pollution of water supply
reservoirs.
2. Public roads will usually be required where it
is found that:
• a. The subdivision roads, if constructed to
State standards, would be accepted by the
State for maintenance due to density ar
other State requirement; or
b. The subdivision streets join or extend
existing streets which are public; ar
c. The subdivision roads are part of a
development which is located in arr area
designated as Urban ar Transition on the
Orange County Comprehensive Plan; or
d. A proposed street is designated as an -,-
_ arterial or collector street on an
approved thoroughfare plan for a
-~ municipality or in the Orange County
~, Comprehensive Plan.
3. It shall be the respons~ovaltto su Ithea
applicant for subdivision app PP Y
written statement justifying the reasons for
private roads in the proposed subdivision; and
~~-"~~ ~1. Comp I i once w ith_ one 'or mare of the above
- standards does not insure approval of either a
public or private road within a proposed
subdivision. - _
Adopted fihis 1st day of February, 1988.
... zz c
A regular-meeting of the Board of'- Commissioners for the .
County of Orange, Nor`h Carolina, was he7.d at the Old Caurt.'louse ~'"
in Hillsborough, North Carolina, the regular place of meeting, at
7:30 P.M. on February 1, 1988.
Present: Chairman Shirley ~. Marshall, presiding, and
Commissioners Moses Carev, Jr., Steahen Halkiotis, John Hartwell and
bon Willhait
Absent: None
Commissioner Hartwe 1 1 ~ introduced
the following resolution which was read:
RESOLUTION PROVIDING FOR THE _,..
ISSUANCE OF $2D0,000 SANITARY SEWER BONDS
BE IT RESOLVED by the Board of Commissioners for the
County of orange, North.Caralina:
Section 1. The Board of Commissioners has deterzained
and does hereby find, declare and represent:
-- (a) That an arder authorizing not exceeding $2D0,000
Sanitary Sewer Bonds of the County of orange was adapted by the
Board of Commissioners far said County on March 24, 1987, which
arder has taken effect.
(b) That none of said bands have been issued and that
there are outstanding $200,000 Sanitary Sewer Band Anticipation
Notes of said County, which Hates are dated December 16, 1987,
mature on March 16, 1988, bear interest at the rate of 6°s per
. annum .and were issued in anticipation of the receipt of the
proceeds of the sale of a like amount of said bands.
(c) That it is necessary at this time to issue all of
- ~ said bonds, all~of the proceeds thereof to be applied to the
payment of said outstanding notes at their maturity.
(d) That the maximum period of usefulness of the
facilities for said County to be provided with the proceeds of
said bonds is estimated as a period of forty (40) years from
22 D - - _ - ~ , -----
that such period expires an Decer.~ber 1, 2027.
(e) That (i) said County is a~governmental unit with
general taxing powers, (ii) no bond which is part of the issue of
bonds described in Section 2 hereof is a private-activity bond,
as defined in the Internal Revenue Cade of 1986, as amended (the
"Code"), (iii) 95 percent or more of the net proceeds of said
bonds are to be used for local governmental activities of said
County, (i.v) the aggregate face amount of all tax-exempt
obligations (other than private--activity bonds) issued by said
County and all subordinate entities thereof during calendar year
1988 is not reasonably expected to exceed $5,D00,000 and (v) to
the best of said County's knowledge, there are no subordinate
entities of said County.
Section 2. Pursuant to said order there shall be
issued bends of t'ze County of Orange, North Carolina (the
"Issuer"), in the aggregate principal amount of $200,000,
designated "Sanitary Sewer Bonds" and dated Decemlaer 1, 1987
(unless said bands shall be awarded to the United States of
America, Farmers Home Administration (t.he "FmHA"), in which event
said bonds shall be dated as of the date of delivery thereof).
Said bonds (the "bands") shall be stated tQ mature
(subject to the right of prior redemption as hereinafter set
forth) annually, June 1, $2,000 1990 to 1995, inclusive, $2,500
1996 and 1997, $3,000 1998 to 2000, inclusive, $3,500 2001 and
2002, $4,000 2003 to 2005, inclusive, $4,500 2006, $5,000 2007
and 2008, $5,500 2009, $5,000 201D and 2011, $6,500 2012, $7,Q00
2013, $7,5D0 2014, $8,000 2015 to ~D26, inclusive,. and $6,000
2027, unless the bonds shall be awarded to the FmHA, in which
event the bonds shall be stated to mature as hereinafter set
for`~h. The bonds shall be issuable in fully registered farm in
_2_
zx ~
the denomination of $500 or any multiple thereof and shall be
numbered. ~- ±~ - - -
The bands shall bear interest at a rate ar rates to be
determined by the Local Gover-iment Commission of North Carolina
at the twme the bonds are sold, which interest to the respective
maturities thereof shall be payable semiannually on June 1 and
December 1 of each year; provided, however, that the interest an
any bond awarded to the FmHA to the respective maturities of the
installments of the principal thereof shall be payable vn June 1,
1988 and annually thereafter an the lst day of June each year.
Each bond shall bear interest Pram the interest payment date next
preceding the date on which it is authenticated unless it is (a)
authenticated upon an interest payment date in which event it
shall bear interest from such interest payment date or (b)
authenticated prior to the first interest payment date in which
event it shall bear interest from its date; provided, however,
that if at L~he time of authentication interest is in default,
such band shall bear ~.nterest from the date to which interest has
been paid.
The principal of and the interest and any redemption
premium an the bonds shall be payable in any coin or currency of
the United States of America which is legal. tender far the
payment of public and private debts on the respective dates of
payment thereof. The principal of and any redematian premium an
each bend, other than a band registered i.n the name of the FmHA,
shall be payable to the registered owner thereof or his
registered assigns ar legal representative at the corporate trust
office of the Bond Registrar mentioned hereinafter upon the
presentation and surrender thereof as the same shall became due
and payable.
- Payment of the interest on each bond shall be made by
the Sand Registrar on each interest payment date to the person
22 F
appearing an the registration books of the Issuer hereinafter
provided for as the registered owner of such bond (or the
previous bond or }wands evidencing the same debt as that evidenced
by such bond) at the close of business on the recazd date for
such interest, which shall be the 15th day (whether or not a
business day) of the calendar month next preceding such interest
payment date, by check mailed to such person at his address as it
appears on such registration books or, in the case of a bond
registered in the name of the FmHA, as hereinafter provided. If
the FmHA is the registered owner of the bonds, payment of the
installments of principal and interest with respect thereto shall
be made at the office of such fiscal agent as the FmHA shall.
designate without presentation ar sur~ender thereof.
Section 3. The bonds maturing prior to June 1, 1999
will not be subject to redemption prior to maturity: The bonds
maturing on June 1, 1999 and thereafter will be redeemable, at
the option of the Issuer, Pram any moneys that may be made.
available for such purpose, of}her l.n whole on any date not
earlier 14han June 1, 1998, or in par` on any interest payment
date not earlier than June 1, 1998, at the principal amount of
the bonds to be redeemed, togeL~.her with interest accrued thereon
to the date fixed for redemption, plus a redemption premium of
1/2 of 1~ of the principal amount of each bond to be redeemed far
each calendar year or parr thereof between the redemption date
and the maturity date of such bond, such premium not to exceed 20
of such ~rincipal amount.
If less than all of the bands of any one maturity shall
be called for redemption, the parta.cular bonds or portions of
bands of such maturity to be redeemed shall be selected by lot by
the Issuer in such manner as the Issuer in its discretion may
determine; provided, however, that the por`ion of any bond.to be
redeemed shall be in the principal amount of $Soo or same
multiple thereof and that, in selectwng bonds for rede:rpr.ion, tae
Bond Registrar shall treat each bond as representing that number
of bonds which is obtained by dividing the principal amount of
such band by $500. If less than all of the bonds stated to
mature on different dates shall be called for redemption, the
particular bonds or portions thereof to be redeemed shall be
called in the inverse order of their maturities.
Not more than sixty (60) nor less than thirty (30) days
before the redemption date of any bands to be redeemed, whether
such redemption be in whole or in par-, the Issuer shall cause a
notice of such redemption to be filed with the Band Registrar and
to be mailed, pos~.age prepaid, to the registered owner of each
band to be redeemed in whale or in part at his address appearing
upon the registration books of the Issuer. Each such native
shall set forth the date designated for redemption, the
redemption price to be paid, the maturities of the bonds to be
redeemed and, if less than all of y~he bonds of any one maturity
then outstanding shall be called for redemption, the distinctive
numoers and letters, if any, of such bonds to be redeemed and, in
the case of any band to be redeemed in part only, the portion of
the principal. amount thereof to be redeemed. If any bond is to be
redeemed in part only, L~he notice of redemption shall state also
that on or after the redemption date, upon surrender of such
band, a new bond or bonds in principal amount equal to the
unredeemed portion of such bond will be issued.
The preceding provisions of this Section shall not
apply to bonds awarded to the FHA. If the FmHA is the purchaser
of the bonds there will be issued a single registered bond as
hereinafter provided, which bond may be redeemed, at the option
of the Issuer, at any tame prior to the maturity of any
installment of the principal thereof, either in whole or in part
in the znverse order of the maturity dates of the installments of
22 G
-5-
22 H
principal, franc-any moneys that may be made available for such
purpose, at the aggregate principal amount of the installments of
principal to be redeemed, together with the interest accrued
thereon to the date fixed tar redemption, but without any
premium.
In case of a redemption of all or any part of a bond
awarded to the FmHA, a notice of redemptian shall be sent by
registered mail, mailed at least for~y (40) days prior to the
date fixed for redemption, addressed to the Finance Office,
Farmers Home Administration, United States Department of
Agriculture, 1530 Market Street, St. Louis, Missouri, 63103, yr
to such other address as the FmHA may designate by registered or
certi{].ed mail forwarded to the ?ssuer at least fifty (50) days
prior to any interest payment date.
Qn the date fixed for redemption, native having been
given in the manner and under the condita.ons hereinabove - '
provided, the bands or portions thereof called for redemption
shall be due and payable at the redemption price provided
therefor, plus accrued interest to such date. T_f moneys
sufficient to pay ~~.he rede:nntion price of the bands or portions
thereof to be redeemed, plus accrued interest therean to the date
fixed for redemption, are held by the Bond Registrar, or at such
place as the :'mHA may designate in the case of a band registered
in the name of the FzaHA, in trust far the registered owners of
bonds or portions thereof to be redeemed, interest on-'the bonds
~::, _
or portions thereof called for redemption shall cease to accrue, ~~
such bonds or portions thereof shall cr+ase to be entitled to any ~~
benefits or security under this resolution ar to be deemed -
outstanding, and }~.he registered owners of such bands ar ~aartions
thereof shall, have na rights in respect thereof except to receive
payment of ~~he redemption price thereof, plus accrued interest to
the date of redemption.
If a portion of a bond, other t::an a bond awarded to
t.'~e F:ufiA, shall be-selected far redemption, the registered owner
thereof ar his attorney or legal representative shall present and
surrender such bond to the Bond Registrar far payment of the
principal amount thereof so called far redemption and the
redemption premium, if any, on such principal amount, and the
Band Registrar shall authenticate and deliver to or upon the
order of such registered owner or his legal representative,
without charge therefor, for the unredeemed portion of the
principal amount of the bond so surrendered, a bond or bonds of
the saiae maturity, of any denomination or denominations
authorized by this resolut~an and bearing interest at the same
rate.
In the event that an installment of principal of a bond
awarded to the FmHA shall be redeemed, the Bond Registrar shall
direct the registered owner thereof to evidence such redemption
by appropriate notation on the schedule attached to such band for
such purpose.
Section 4. Bonds, upon surrender thereof at the
corporate trust office of the Bond Registrar tocether with an
assignment duly executed by the registered owner or his 'attorney
or legal representative in such form as shall be satisfactory to
the Bond Registrar, may, at the option of the registered owner
thereof, be exchanged for an equal aggregate principal amount of
bonds of the same maturity (or, in the case of a bond awarded to
the FmFIA, of bonds having maturities corresponding to the
maturities of the installments of principal of such bond then
unpaid), of any denomination or denominations authorized by this
resolution and bearing interest at the same rate.
Except as hereinafter otherwise provided, the transfer
of any bond may be registered only upon the registration books of
the Issuer upon the surrender thereof to the Band Registrar
22 I
22 J together with an assignment duly executed by the registered owner
or his attorney o-r- legal representative in such form as shall be
satisfactory to the Bond Registrar. Upon any such registration
of transfer, the Bond Registrar shall authenticate and deliver .in
exchange for such bond a new bond or bonds, registered in the
name of the transferee, of any denomination or denominations
authorized by this resolution, in an aggregate principal amount
equal to the unredeemed principal amount of such bond so
surrendered, of the same maturity and bearing interest at the
same rate. The transfer of a band awarded to the F~nHA may be
registered by the registered owner thereof only upon an execution
of an assignment thereof duly executed by such registered owner
or his attorney ar legal representative. Notice of such
assignment shall be given promptly by the assignor to the Sond
Registrar by registered mail, such notice to be in such form as
shall be satisfactory to the Bond Registrar, and upon receipt of
. such notice such bond shall be registered as to bo}~h principal
and interest on such registration books in the name of the
assignee named in such notice.
In all cases in which bonds shall be exchanged or the
transfer of bonds shall be registered hereunder and a new bond or
bonds are to be delivered in exchange therefor, the Bond
Registrar shall authenticate and deliver at the earliest
practicable time bonds in accordance with the provisions of this
resolution. .All bands surrendered in any such exchange or
registration of transfer shall for`~hwi+.h be cancelled by the Bond
Registrar. The Bond Registrar shall not be required to make any
such exchange ar registration of transfer of (i) any bond during
a period beginning at the opening of business fifteen (?5) days
before the day of the mailing of a notice of redemption of bonds
or any portion thereof and ending at the close of business on the
day of such mailing or (ii) any band called ~or redemption in
whole ar in part pursuant to Section 3 of this resolution.
As to any bond, the person in whose name the same shall
be registered shall be deemed and regarded as the absolute owner
_ thereof for all purposes, and payment of ar an account of the
principal or redemption price of any such bond and the interest
an any such bond shall be made only to or upon the order of the
registered owner thereof or his legal representative. All such
payments shall be valid and effectual to satisfy and discharge
the liability upon such bond, includi:.g the redemption premium,
if any, and interest thereon, to the extent of the sum or sums so
paid.
The Issuer shall appoint such registrars, transfer
agents, depositaries or other agents as may be necessary for the
registration, registration of transfer and exchange of bands
within a reasonable time according to y~.hen current commercial
standards and for the timely payment of principal, interest and
,_ any redemption premium with respect to the bonds. NCNB National
Bank of No~~la Carolina, in the City of Charlotte, North Carolina,
is hereby appointed the registrar, transfer agent and paying
agent (the "Bond Registrar") for the bonds, subject to the right
of the governing body a~ the Issuer to appoint another Bond
Registrar and except as hereinafter provided, and as such shall
keep at its corporate trust office the books of the Issuer far
the registration, registration of transfer, exchange and payment
of the bonds as provided in this resolution. Tf ~...he FmHA is the
purchaser of the bands, then the Finance Director of the Issuer
shall be the Band Registrar; provided, however, that, in the
event that a bond registered in the name of the FmHA is assigned,
the paying agent with respect to such bond shall be NCNB National
Ban$ of Nar-~..h Carolina, in the City of Charlotte, North Carolina.
22 K
22 L
Section 5. The bonds shall bear the facsimile
signatures of or be executed by t:ie Chai~nan of and the Clerk to
the Board of Commissioners of the Issuer and the corporate seal
of the Issuer shall be impressed or a facsimile thereof shall be
imprinted an the bonds.
The certificate of the Local Government Conzm~.ssion of
North Carolina to be endorsed on all bands shall bear the
facsimile signature of or be executed by the Secretary of said
Commission and the certificate of authentication of the Bond
Registrar to be endorsed on all bonds shall be executed as
provided hereinafter.
In case any officer of the Issuer or ~..he Local
Government Commission of North Carolina whale facsimile sia~nature
shall appear an any bonds shall cease to be such officer before
the delivery of such bonds, such facsimile signature shall
nevertheless be valid and sufficient far all purposes the same as
if he had remained in office until such delivery, and any bond
may bear the facsimile signatures of such persons who at the
actual time of }she execution of such bond shall be the proper
officers to sign such bond although at the date of such bond such
persons may not have been such officers.
No band shall. be valid ar become obligatory far any
purpose ar be entitled to any benefit or security under this
resolution until it shall have been auy~henticated by the
execution by the Bond Registrar of the certificate of
authentication endorsed thereon.
The bands, other than a band registered in the name of
the FmHA, and L~.he endorsements thereon shall be in substan-
Bally the following forms:
22 M
__ [Front Side of Bond]
No.....
United States of America
$....
State of North Carolina -
CDUNTX OF ORANGc
Sanitary Sewer $ond
Maturity Date Interest Rate Cusiu
The County of Orange, in the State of Nor~h Carolina,
is justly indebted and far value received hereby promises to pay
to
or registered assigns ar legal representative on the
specified above, upon the presentation and surrender
the corpozate trust office of NCNB National Bank of
Carolina, in the City of Charlotte, North Carolina,
Registrar"), the principal sum of
date
hereof, at
1or`h
(the "Bond
--••---••-• ................DOLI~RS
and to pay interest an such principal sum fwam ~~he data hereof or
from the June 1 or December 1 next preceding the date of
authentication to`which interest shall have been paid, unless
such date of auL~henticatian is a June 1 or December 1 to which
interest shall have been paid, in which case from such date, such
interest to the maturity hereof being payable on June 1 and
December 1 in each year, at the rate per annum specified above, M1i~T:
until payment of such principal sum. The interest so payable on
any such interest payment date will be paid to the person in -~- -
whose name y~his bend (ar the previous bond or bonds evidencing ~~-
the same debt as that evidenced by this band) is registered at
the close of business on the record date for such interest, which
sha7.1 be the 15th day (whether ar not a businssS day) of the ~ ~ ..,
calendar month next preceding such interest payment date, by
22 N check mailed to such person at his adcxess as it appears on the
bond registration books of said County. Bath. the principal of
and the interest on this bond shall be paid in any coin or
currency of the United St.
the payment of public and
of payment thereof. For
principal and interest as
and credit of said County
pledged.
rtes of A.~nerica that is legal tendew for
private debts on the respec~wve dates
the prompt payment hereof, both
the same shall become due, the faith
of Orange are hereby irrevocably
ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE
REVERSE HEREDF AND SHALL FOR ALL PURPOSES HAVE TH: SAME EFFECT AS
IF SET FORTH HERE.
This bond shall not be valid or become obligatory for
any purpose ar be entitled to any benefit or security under the
resalutian mentioned hereinafter until this bond shall have been
authenticated by the executian by the Bond Registrar Qf the
ce~ificate of au~,.]ienticati on endorsed hereon.
IN WITNESS WHEREDF, said County of Orange, by
resalutian of itS Board of Commissioners, has caused this bond to
bear the facsimile signatures of 'she Chairman of and the Clerk to
said Board and a facsimile of its corporate seal to be imprinted
hereon, all as of the lst day of December, 1987.
(Facsimile signature)
Chairman
LFacsimile sia_naturel
Clerk
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within bond has been approved under
the provisians of The Local Goverment Bond Act of Narth
Carolina.
zz o
- - JOHN b . FDL'S
Secretary, Local Government Coramissiow
By f~'acsi:aile s_anaturei
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds of the series designated
herein and issued under the provisions of the within-mentioned
Resolutian.
NCNB NATIONAL $ANK OF NpRTH CAROLINA
as Bond Regis~rar
By (Manual sianaturel
Autnarized Signatory
Date of authentication:
[Reverse Side of Bond]
United States of America
~'~
~ State of Nor-~,.h Carolina
_..~
COUNTY DF ORANGE
Sanitary Sewer Bond
This bond is one of an issue of bonds designated
"Sanitary Sewer Bonds" (the "bonds") and issued by said County
for the purpose of providing funds, with any ether available
funds, for constructing a portion of a sanitary sewer system for
said County, and this bond is issued under and pursuant to The
Local. Government Bond Act, as amended, Ar`icle 7, as amended, of
Chapter 159 of the General Statutes of North Carolina, an order
which has taken effect, and a resolution duly passed by ~~.he Board
of Commissioners far said County (the °Resolutian").
The bonds at the time outstanding maturing prior to
June 1, 1999 are not subject to redemption prior to maturity..
The•bonds maturing on June 1, 1999 and L4hereafter may be
redeemed, at the option of said County, from any moneys that may
22 P
be mace available for such purpose, either in whole on any date
not earlier than June 1, 1998, or in part. an any interest payment
date not earlier than June 1, 1998, at the principal amount of
the bonds to be redeemed, together with interest accrued thereon
to the date fixed for redemption, plus a redemption premium of
1/2 of 1% of the principal amount of each band to be redeemed for
each calendar year or part thereof between the redemption date
and the maturity date of such bond, such premium not to exceed 2%
of such principal amount.
If less than all of the bonds of any one maturity shall
be called far redemption, the particular bonds or portions of
bonds of such maturi~y to be redeemed shall be selected by lot by
said County in such manner as said County in its discretion may
detersaine; provided, however, that the portion of any band to be
redeemed shall be in the principal. amount of $500 or some
multiple thereof and ;what, in selecting bonds far redemption, the
Sand Registrar shall treat each Hond as representing '`..hat number
of bonds which is obtained by dividing the principal amount of
such bond by $500. If less '~han all of the bands. stated to
mature on different dates shall be Called for redemption, the
particular bands ar portions thereof to be redeemed shall be
called in the inverse order of ~+.heir maturities.
Not mare than sixty (60) par less than thirty (30) days
before the redemption date of any bands to be redeemed, whether
such redemption be a,n whole ar in part, said County shall cause a
Halite of such redemption to be filed wi~~h the Bond Registrar and
mailed, postage prepaid, to the registered owner of each band to
be redeemed in whale or in part at his address appearing upon the
registration books of said County. On the date f~.xed far
redemption, notice having been given as aforesaid, the bonds or
portions thereof so called for redemption shall be due and
payable at the redemption price provided for the redemption of
- 1 A
22 Q
such bonds or portions thereof on such da~e and, if moneys for
payment of such redemption price and the accrued interest are
held by the bond Registrar as provided in the Resolution,
• interest on the bonds or the portions thereof so called for
redemption shall cease to accrue. If a portion of this bond
shall be called for rede:~ptian, a new bond or-bonds in principal
amount equal to the unredeemed portion hereof will be issued to
the registered owner hereof ar his legal representative upon the
surrender hereof.
The bonds are issuable in fully registered fare in the
denomination of $500 or any integral multiple thereof. At the
corporate trust of~ice of the Bond Registrar, in the manner and
subject to ~~he conditions provided in the Resolution, bands may -..
be exchanged for an equal aggregate principal amount of bonds of
the same maturity, of authorized denominations and bearing
interest at the same rate.
.:
The Bond Registrar shall keep at its corporate trust
office y~he books of said County for the registration of transfer
of bonds. The transfer of this bond may be registered only upon
such books and as otherwise provided in the Resolution upon the
surrender hereof to the Bond Registrar together wiL~i an'
assignment duly executed by the registered owner hereof or his
attorney or legal representative in such form as shall be
satisfactory to L~he Bond Registrar. Upon any such registration
of transfer, the Band Registrar shall deliver in exchange for -
this bond a new bond or bonds, registered in the name of ~~he
transferee, of authorized denominations, in an aggregate ~ -- .
principal amount equal to the unredeemed principal amount of this
bond, of the same maturity and bearing interest at the same rate. ~-, "--,
The Band Registrar shall not be required to exchange ar
register any transfer of (i) any bond during a period beginning
at the opening of business fifteen (15) days before the day of
__.~ ...,~___..y .._ a ..., ,._..G c:~ rece::ict~cn a~ ronGS or any pc; ~wcn
22 R
thereof and ending at the close of business on the day of such
mailing or (ii) any bond called for rede*aption in whole or in
pares pursuant to the Resolution.
It is hereby certified and recited that all acts,
conditions and things required by the Constitution and laws of
North Carolina to happen, exist and be performed precedent to and
in the issuance of this bond have happened, exist and have been
performed in regular and due fora and time as so required; that
provision has been made for the levy and collegian of a direct
annual tax upon all taxable property within said County
sufficient to pay the principal of and the interest on this band
as the same shall become due; and that the total indebtedness of
said County, including this band, does not exceed any
constitutional or statutory limitation therean_
ASSIGNNLNT
rOR VAI,U~. RECEIVI,'D the undersigned registered owner
thereof hereby sells, assigns and transfers unto
the within band and all rights thereunder and hereby irrevocably
constitutes and appoints
attornev
to register the transfer of said bond cn the books kept far
registration thereof, wi'~h full power of substitution in the
premises.
Dated:
Signature Guaranteed:
NpTICF: The assignor's signature to this assignment must
correspond with the name as it appears upon the face of the
within bond in every particular, without alteration or
enlargement or any change whatever.
-16--
Section 6. If the ~':nHA is the initial purchaser o` the 22 S
bands, there will be issued a single registered bond of the
issuer of the denaaination of $200,000, numbered R- 1, maturing in
annual installments an the lst day of June in the following years
and in the following amounts, respectively:
Year of Principal -Year of Principal
Maturity Amount Mat~lrity Amount
1990 $ 2,000 2009 $ 5,500
1991 2,000 2010 6,000
1992 2,000 2011 6,000
?993 2,000 2D12 6,500
1994 2,000 2013 7,000
1995 2,OD0 2014 7,500
1996 2,500 2015 8,000
1997 Z, 500 207.6 8, 000
1998 3,000 2017 8,D00
1999 3,000 201$ 8,000
2D00 3,000 2019 8,000
2001 3,50D 2020 8,000
2002 3,500 2021 8,000
2003 4,000 2022 8,000
2004 .4,000 2023 8,000
2005 4,000 2024 8,000
2006 4,500 2D25 8,000
2007 5,OD0 2026 '8,000
2008 5,OOD 2027 6,000
and bearing interest on the unpaid part of such principal at the
"'' rate of 6.375-°s per annum until payment thereof.
Such band will not be defeased wi ~'~out the written
consent of the FmHA during such time as ~..he FmHA shall remain the
registered owner of such bond.
Such bond and the endorsements thereon shall be ~n
substantially the following forms:
2.2 T
No. R-1 $200,000
` ` REGIST4RED $O?7b WITHOUT COUPONS
(ReSist~red as to bot:~ principal and interest)
United States of America
State of Nosh Carolina
COUNTY OF ORANGE
Sanitary Sewer Band
The County of Orange, in the State of North Carolina, is
justly indebted and for value received hereby promises to pay tq
the
UNITED STATES OF AMERICA
FARMERS HOME ADMINISTRATION
ar reg~,stered assigns ar legal representative the principal sum
of
TWO F3UNDR4D THOUSANb DOL~,ARS
in annual, installments on the 1st day of June in the fallowing
years and amounts:
Year of Principal Year of Principal
Maturit
_,._~~
Amount
Mature tv
--~.~ Amount
1990 $ 2,000 2009 $ 5
500
1991 2,aoo 2010 ,
6,000
1992 2,000 2011 fi
000
1993 2,000 2012 ,
6
500
1994 2,000 2013 ,
7
000
1995 2,000 2014 ,
7
500
1996 2,500 2015 ,
8
000
1997 2,500 2016 ,
8,000
199$ 3,000 2017 8
000
'-ODO 2018 ,
8
000
2000 x,000 2019 ,
8
000
2001 3,500 2020 ,
8,000
2002 3,500 2021 8
000
2003 4,000 2022 ,
8,000
2004 4,000 2023 S,D00
2005 4,000 2024 8,000
2006 4,500 2025
8,000
2007 5,000 2026 8,000
2008 5,000 2027
6,000
and to pay interest from the date hereof on the unpaid part of
such principal sum at the rate of six and three hundred seventy-
five one thousandths per centum (6.375%) per annum until payment
thereof, such interest to the maturity hereof being payable an
_., ..,
I
June 1, 1988 and annually thereafter on June 1 in each year. The
interest so payable an any such interest payment date will be
paid to the persan_vin whose name phis band is registered at the
close of business on the record date for such interest, which
shall be the 15th day (whether or not a business day) of the
calendar month next preceding such interest payment date. Both
the principal of and the interest an this band are payable in any
coin ar 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.
During the time that the United States of America,
Farmers Home Administration, is the registered owner of this
bond, payment of the installments of principal and interest when
due and payable on this band shall be made at the office of such
fiscal agent as the United States of America, Farmers Home Admin-
istration, shall designate without presentation ar surrender
hereof and, during any such time as an assignee hereof is the
registered owner of this band, payment of i~he installments of
~,,; principal when due and payable on this band shall be made at the
corporate trust office of NCNB National Bank of North Carolina,
in the City of Charlotte, North Carolina, upon the presentation
and surrender hereof and payment of the interest when due and
payable on this bond shall be made by check mailed to such
assignee at his address as it appears on the bond registration
books of said County hereinafter mentioned without the preser.-
Cation or surrender hereof. Upon receipt of said payments of
principal and interest, written acknowleagment of ~.he receipt
thereaf shall be given promptly to the Bond Registrar hereinafter
mentioned and said County shall be fully discharged of its
obligation on }phis bond to the extent of the payment so made.
Upon final payment this bond shall be surrendered to the Bond
Registrar for cancellation.
22 U
2Z V
For the prompt payment hereof, both principal and in-
terest as the same shall become due, the faith-and credit of said
County of Prange are hereby irrevocably pledged.
This bond is duly authorized and issued under and pur-
suant to The Local Government Bond Act, as amended, Article 7, as
amended, of Chapter 159 of the General Statutes of North
Carolina, an order which has taken effect, and a resolution duly
passed by the Board of Commissioners for said County, for the
purpose of providing funds, with any other available funds, for
constructing a portion of a sanitary sewew system far said
County.
At the office of the Sand Registrar, in the manner and
subject to the conditions provided in said resolution, this bond
may be exchanged far an equal aggregate principal amount of bonds
having maturities corresponding to the maturities of the
installments of principal of this band then unpaid, issuable in
fully registered form in the denomination of $500 or~any integral
multiple thereof and bearing interest at the same rate.
This bond is registered as to both principal and inter-
est in the name of the United States of America, Farmers Home
Administration, on books of said County kept by the Finance
Director far the County as Band Registrar, and the transfer
hereof may hereafter be registered by }she registered owner hereof
only upon an execution of an assignment hereon duly executed by
such registered owner or his attorney or legal representative.
Notice of such assignment shall be given promptly by the assignor
to the Band Registrar by registered mail., such notice to be in
such form as shall be satisfactory to the Band Registrar, and
upon receipt of such notice this bond shall be registered as to
both principal. and interest on such registration books in the
name of the assignee named in such notice.
zz w
''his bond or any part hereof at the time outs~anding
.;,ay be redeemed,- at the option of said Coun~y at any time prior
to the maturity of any installment of the principal hereof,
either in whole or in part in the inverse order of the maturity
dates of the installments of principal, from any moneys that may
be made available for such pur~ose,.at the aggregate principal
amount of the installments of principal to be redeemed; together
with the interest accrued thereon to the date fixed for
redemption, but without any premium.
On the date designated for redemption, notice having
been given and moneys for payment of the redemption price being
held in trust for such purpose, all as provided in said resolu-
tion, this band or part hereof shall become and be due and pay-
able, and the interest on this band or part hereof so redeemed ~ -
shall cease to accrue.
The Bond Registrar shall not be repaired to exchange or
register any transfer of (i) any bond during a period beginning
at the opening of business fifteen (15) days before the day of
the mailing of a notice of redemption of bonds ar any portion
thereof and ending at the close of business on the day of such
mailing oz (ii) any band called for zedemption in whole or in
part pursuant to said resolution.
It is hereby certified and recited that all acts, con-
ditions, and ~~hings required by the Constitution and laws of
.~.:...~,.r
North Carolina to happen, exist, and be performed precedent to
and in the issuance of this bond have happened, exist, and have _~
been performed in regular and due form and time as sa 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 became due; and that ~~he total indebtedness of
-,
22 X said Coun~y including this bond, does not exceed any
cons4itutianal ar_statutary limitation thereon.
IN WITNESS WHEREOF, said County of Orange, by resolution of
its Board of Cominissianers, has caused this bond to be executed
by the Chairman of and the Clerk to said Board and the corporate
seal of said County to be impressed. hereon, all as of the
day of March, 1988.
fManual sianaturel
Chaiw:,tan
f Manual s icxnature 1
Clerk
CERTIFKATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within band has been approved under
the provisions of The Local Government Band Act of North Caro-
lina.
JOHN D. FOUST
Secretaz-y, Local Govexntnent Commission
$Y Manual sianaturel
CERTIFICATE' OF AIITH::NTICATION
This band is issued under the provisions of the with-
in-mentioned resolution.
Finance Director for the County
as Bond Registrar
BY (Manual sianaturel
Date of authentication:
_-~~_
~.
.=ass ~cL~r.~.~`f
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FOR VALUE RECEIVED the undersigned registered owner thereof
hereby sells, assigns and transfers anti --
the within bond and all rights thereunder and hereby irrevocably
constitutes and appoints
attorney
to register the transfer of said bond on the books kept far
registration thereof, with full power of substitution in the
premises.
Dated:
Signature Guaranteed:
NOTICE: The assignor's signature to this assignment must corres-
pond with the name as it appears upon the face of the within band
in every par;.icular, without alteration or enlargement or any
change whatever.
S C::EDULF. "A"
['T'his to be a separate sheet. ]
Psincit~al Installments Paid in
Advance of Maturity Date
Name of Bond Registrar,
Principal Due Principal Date Authorized Official
Date Amount Pay7nent Balance Paid and Title
S $ ~
Section 7. The Issuer covenants that, to the extent
permitted by the Constitution and laws of the State of North
Carolina, it will comply with the requirements of ~,..he Code except
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to the extent that the Issuer abtairs an cpinian of bond counsel
to the effect tfiat noncompliance would not result in interest on
the bands being includable in gross incnme_for purposes of
federal income tax.
i
Section 8. The Issuer hereby represents that it
reasonably expects that it and all subordinate entities thereof
will not issue in the aggregate more than $10,000,000 of tax-
exempt obligations (not counting private-activity bonds except
far qualified 501(c)(3) bonds as defined in the Code) during
calendar year 1988. In addition, the Issuer hereby designates
each of »'~e bonds as a "qualified tax-exempt obligation" for the
purposes of the Code.
Section 9 . The action of the F~:~~rc~ ~~ rec tox of the
Issuer in applying to the Local Government Comzaission of North
Carolina to approve, adve~ise and sell the bonds and the action
of the Local Government Commission of the North Carolina in
asking for sealed bids for the bands by printing and distributing
circulars and publishing a notice relating to the sale of the ,
bonds are hereby approved, ratified and confirmed.
Section 10. 'lf the bands are awarded to a purchaser
other than the ~nriA, the bands will be delivered in such author-
iced denominations and registered in such names as the purchaser
may request no later than five days prior to the data of ~~.heir
delivery. If the purchaser fails to submit such information by
the required time, then a single bond will be issued for each -,
maturity date registered in tie name of ~~he purchaser or the
senior manager of the bidding group constituting the purchaser. .-'
Section 11. If the bonds are awarded to a purchaser ~-
other than the FmHA, there shall be printed on '~.he reverse of
each of the bonds the legal opinion of Brown & wood, band counsel
to the Issuer, with respect to the validity of the bonds, and
there shall be printed immediately following such legal opinion a
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cer tificate bearing the facsi::tile signature of the C::air:nan of
the Board of Co~unissa.aners for the Issuer, _sa.id ce~ificate to be
in substantially the following form:
I HEREBY CERTIFY that the foregoing
is a true and correct cagy of the legal
opinion on the bonds therein described which
was manually signed by Brawn & Wood, New
York, N.Y., and was dated as of the date of
delivery of and payment for said bonds.
r•Facsimile sicnaturel
Chairman of the Board of Commissioners
far the County of Orange, North Carolina
Section ].2. This resolution shall take effect upon its
passage.
Thereupon Commissioner Ha 1 k i of i s moved the
passage of the foregoing resoJ~ution entitled: "RESOLUTION PRO-
VIDING FOR TF.E ISSUANCE OF $200,000 SANITARY SEWER BONDS", and
Commissioner CBrev seconded the motion and the
resolution was passed by the following vote-
Ayes: Commissioners Marsha 11 , Carey, Ha lk i of i s, Hartwe 1 1 and
Willhait
Noes None
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I, Beverly B1y~~he, Clerk to +~.he Board of Cammi.ssioners
fax the County of Orange, Nosh Carolina, DO I~REBY CHRTT_FY that
the foregoing is a true copy of so much of the proceedings of the
Board of Commissioners for said County at regular meeting held on
February 1, 1988 as relates in any way to the issuance of bonds
of said County, and that said proceedings axe recorded in Minute
Hoak No. 2~ of the minutes of said Board, beginning at page
~~ and ending at page
.~
I HEREBY CERTIFY that a schedule of regular meetings of
said Board, stating that regular meetings of said Board are held
at ~4he times and places set fo~h in the schedule attached
hereto, has been an file i.n my office pursuant to G.S. 143-
22 bb
,I
;~
318.12, as of a date not less than seven days before said -
meeting.
WITNESS my hand and the corporate sea]. of said Caunty,
this 1st day of February '1988.
Cllr to the ~ard of Commi~ioners
~.:~ .=:,