HomeMy WebLinkAboutAgenda - 01-27-1978 The oar d of Commissioners for the County of Orange,
North Carolina, met in adjourned regular session Ln the County
Commissioners' Roam of the Orange Bounty Courthouse in
Hillsbor I ugh, North Carolina, the regular place of meet-
ing , at :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 Gustaveson � •
Commissioner Richard Whitted introduced the follow-
ing resolution which was read ;
RESOLD THE
BE IT RESOLVED by the Board of Commissioners for the
County of Orange:
Se tion 1. The Board of Commissioners has determined
and doe hereby find and declare:
( ) That an order authorizing $6, 000,000 School Bonds
was adopted by the Board of Commissioners for the County of
Orange n August 18, 1976, which order was approved by the
vote of a majority of the qualified voters of said County
who voted thereon at a referendum duly called and held on
November 2, 1976.
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(b) That none of said bonds has been issued , that no
notes have been issued in anticipation of the receipt of
the proIeeds of the sale of said bonds , and that it is neces-
sary to issue at this time all of said bonds,
(c That the maximum period of usefulness of the addi.-
tional chool 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 bonds as provided in Section
2 of this resolution , and that such period expires on December 1
2017.
S ction 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 $6,000,000, desig-
nated School Bonds" , dated December It 1977, consisting of
1 ,200 bonds of the denomination of $5, 000 each, numbered l to
1 , 200, inclusive. Said bonds shall mature annually, June 11
in numerical order , lowest numbers first, $150,000 1980 to 1.985
inclusive , $200 , 000 1986 to 1989 , inclusive , $250,000 1990
and $4 0,000 1.991 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 lst days
of Ju a and December of each year , and both the principal of
and the interest on said bonds shall be payable at Waehovia
Bank and Trust Company, N.A. , in the City of Winston-
Salem, orth Carolina, or , at the option of the holder or
registe ed owner , at Bankers Trust Company, in the Borough
.of Manh ttan, City and State of New York, 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.
Se Lion 3. Said bonds shall be executed with the facsi-
mile si natures of the Chairman and the Clerk of the Board of
Commissioners for said County, and a facsimile of the official
seal of said Board of Commissioners shall be imprinted on
said bo ds , 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 bonds shall be in substantially the
following forms.
No. . . . . $5, 000
United States of America
State of North Carolina
COUNTY OF ORANGE
School Bond
T e 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 the 1st day of June, 19_,
the principal sum of
L
FIVE THOUSAND DOLLARS
and to p y interest thereon from the date hereof at the
rate of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 uch interest as the same respectively become due.
Both the principal of and the interest on this bond are
payable t Wachovia Bank and Trust Company, N.A. , in the
City of inston-Salem, North Carolina, or, at the option
of the h lder or registered owner, at Bankers Trust Company,
in the Bcrough of Manhattan, City and State of New York,
in any cgin 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 prom ft 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 f r the purpose of providing funds, with any other
availabl funds, for providing additional 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 f North Carolina, an order which was approved
by the vote of a majority of the qualified voters of
i
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 ,
conditi ns and things required to happen, exist and be
perform d precedent to and in the issuance of this bond
by the onstitution and laws of North Carolina have
happened, exist and have been performed in regular and
due for and time as so required; that provision has been
made foi the levy and collection of a direct annual tax
upon al i property
taxable within said County sufficient
to pay the principal of and the interest on this bond as
the sam shall become clue; and that the total indebtedness
of said County, including this bond, does not exceed any
constit tional or 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
5.
_ r
attached hereto to be executed with the facsimile signa-
ture of the Clerk of said Board of Commissioners, all as
of the lst day of December, 1977.
[Facsimile signature]
Chairman of Board of Commissioners
[Facsimile signature]
Clerk of Board of Commissioners 4
[Endorsement upon bonds]
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The of the within bond has been approved under
th ovi�' ssuance
ions of a Local Government e pr Th c 1 ernme t Bond Act of North
Carolina.
John D. Foust
Secretary, Local Government Commission
By-...w... [Manual El nature]
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 for said County as Bond Regis-
trar, at ter office in Hillsborough, North Carolina, or
by such o her 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
blank bet w, and the transfer of this bond may thereafter
be reg ist red only upon a duly executed assignment of the
registere owner or his attorney or legal representative,
in such form as shall be satisfactory to the Bond 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 regis rations of transfer as before. The principal
of this b nd , 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 regis�ration of this bond as to principal only, the
coupons s all remain payable to bearer and shall continue
to be tra sferable by delivery.
Date of Name of Signature of
Registration Registered Owner Bond Registrar
• w • • • • • • • � • • • r ♦ • • • • • r r w • • • • r r • r • • • r r • r r s • • • • r • • . • a •
• • • • r • • w • f • r • w • • s • . • s • + w r « • • • • r • • • • • • • • r w r • • • • r r • • ♦ s
• • • • r r • • • i]]€{ r r r w • • r • r • • • w s • • • w w • • r r w w • • • • • r r • r • • • r r w • •
[Form of coupons]
No• s . . w • • • $• • . w w s • r • • •
On . . . . . . . . . . . . . . . 1 , 19r . , the County of Orange,
North Carolina, will pay to bearer at Wachovia Bank and
Trust Company, N.A. , in the City of Winston-Salem, North
I
I y
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
hereof, the sum of . 6 . . . . . . . . Dollars
in a y coin or currency of the United States of America
i at the time of payment is legal tender for the
wh c p ym g
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 signature]
Clerk of Board of Commissioners
Section 4. Said bonds shall be registrable as to
principal only in accordance with the provisions for regis-
tration h reinabove in this resolution provided to be en-
dorsed unon said bonds, and the Clerk of the Board of Com-
missioners for said County is hereby appointed Bond Regis-
trar for the registration 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 .
I
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-
by ratified and confirmed. The Local Government, Commis-
sion of orth 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 27 , 1978, presented at this
meeting is hereby approved and the Chairman of the Board
of Commissioners for said County, said County Manager
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 offi ial statement for and on behalf of said County.
Section C. There shall be printed on the reverse
of each o) said bonds to be issued under date of
December . 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 following such legal opinion
a certifiate 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 HEREBY CERTIFY that the foregoing
is a true and correct copy of the legal
opinion on the bonds therein described
wh ic was manually signed by Brown, Wood,
r r
Ivey Mitchell, & Petty, New York, N.Y. ,
and as dated as of the date of delivery
of a d 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 Pinney ,
seconded �y Commissioner Willhoit the foregoing
resolutl,oi entitled : "RESOLUTION PROVIDING FOR THE
ISSUANCE F 56, 000, 000 SCHOOL BONDS" was passed by
the following vote:
Ayes: Commissioners Pinney, Walker, Whitted, and
Willhoit.
Noes: None.
I , Agatha Johnson; Clerk of the Board of Commissioners
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 in
Minute Boo No, 10 r _
and is a true copy of so much of
said procel ings as relates in any way to the issuance of
r
bonds of said County.
WITNE S my hand and the official seal of said
Board, thi� 27th day of January, 1978.
GI.F
Clerk f the BoatA of Commissioners