HomeMy WebLinkAboutAgenda - 02-16-1993 - IV-D ORANGE COUNTY
BOARD OF COMMISSIONERS 1
Action Agenda
Item No. Z V Q
ACTION AGENDA ITEM ABSTRACT
Meeting Date: February 16 , 1993
SUBJECT: Bond Sale Resolution
DEPARTMENT: Finance PUBLIC HEARING YES: NO: X
ATTACHMENT( S ) : INFORMATION CONTACT : Ken Chavious
Resolution prepared by Bond Counsel
TELEPHONE NUMBER-
Hillsborough - 732-8181
Chapel Hill - 968-4501
Mebane - 227-2031
Durham - 688-7331
PURPOSE: To adopt resolution provided by Bond Counsel related to sale of
County bonds .
BACKGROUND: The County is scheduled to sell $22 million in bonds on March
9 , 1993 . A resolution fixing the details of the sale will be
required before the bond sale can take place. The resolution
has been prepared by the County' s Bond Counsel , Gundars
Aperans of Brown & Wood. This bond sale is the first series
issued from the $52 million bonds approved by the voters in
November 1992 . Because of current trends in the Bond Market
we are expecting to receive a very favorable interest rate on
our bonds .
RECOMMENDATION( S) : The Manager recommends adoption of the resolution as
prepared by Bond Counsel .
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A regular meeting of the Board of Commissioners for the County
of Orange, North Carolina, was held at the OWASA Community Meeting
Room on Jones Ferry Road in Carrboro, North Carolina, the regular
place of meeting, on February 16, 1993 at 7 : 30 P.M.
Present: Chairman Moses Cary, Jr. , presiding, and
Commissioners
Absent:
* * * * *
Commissioner introduced the following
resolution, a copy of which had been provided to each Commissioner
and which was read by title:
RESOLUTION PROVIDING FOR THE ISSUANCE OF
$22 , 000, 000 SCHOOL BONDS, SERIES 1993
BE IT RESOLVED by the Board of Commissioners for the County of
Orange:
Section 1. The Board of Commissioners has determined and does
hereby find and declare:
(a) That an order authorizing not exceeding $52, 000, 000
School Bonds was adopted by the Board of Commissioners for the
County of Orange on August 18, 1992, 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 3,
1992 .
(b) That none of said School Bonds have been issued, that no
notes have been issued in anticipation of the receipt of the
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proceeds of the sale of said School Bonds and that it is necessary
to issue at this time $22 , 000, 000 of said School Bonds.
(c) - That the maximum period of usefulness of the school
facilities to be financed with the proceeds of said School Bonds to
be issued is estimated as a period of 40 years from March 1, 1993 ,
the date of said School Bonds as hereinafter provided, and that
such period expires on March 1, 2033 .
Section 2 . Pursuant to said order, there shall be issued
bonds of the County of Orange, North Carolina (the "Issuer") in the
aggregate principal amount of $22 , 000, 000, designated "School
Bonds, Series 1993" and dated March 1, 1993 (the "Bonds") . The
Bonds shall be stated to mature annually, March 1, $1, 100, 000 1994
to 2013 , inclusive, and shall bear interest 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 respective
maturities thereof shall be payable on September 1, 1993 and semi-
annually thereafter on March 1 and September 1 of each year until
payment of such principal sum.
Each Bond shall bear interest from 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
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if at the time of authentication interest is in default, such Bond
shall bear interest from the date to which interest has been paid.
The principal of and the interest and any redemption premium
on the Bonds shall be payable in any coin or currency of the United
States of America which is legal tender for the payment of public
and private debts on the respective dates of payment thereof.
The Bonds will be issued by means of a book-entry system with
no physical distribution of Bond certificates to be made except as
hereinafter provided. One fully-registered Bond certificate with
respect to each date on which the Bonds are stated to mature, in
the aggregate principal amount of the Bonds stated to mature on
such date and registered in the name of Cede & Co. , a nominee of
The Depository Trust Company, New York, New York ("DTC") , will be
issued and required to be deposited with DTC and immobilized in its
custody. The book-entry system will evidence beneficial ownership
of the Bonds in the principal amount of $5, 000 or any multiple
thereof, with transfers of beneficial ownership effected on the
records of DTC and its participants pursuant to rules and
procedures established by DTC and its participants. The principal
of and any redemption premium on each Bond shall be payable to Cede
& Co. or any other person appearing on the registration books of
the Issuer hereinafter provided for as the registered owner of such
Bond or his registered assigns or legal representative at such
office of the Bond Registrar mentioned hereinafter or such other
place as the Issuer may determine upon the presentation and
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surrender thereof as the same shall become due and payable.
Payment of the interest on each Bond shall be made by the Bond
Registrar- on each interest payment date to the registered owner of
such Bond (or the previous Bond or Bonds evidencing the same debt
as that evidenced by such Bond) 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, by check mailed to such person at his
address as it appears on such registration books. Transfer of
principal, interest and any redemption premium payments to
participants of DTC will be the responsibility of DTC, and transfer
of principal, interest and any redemption premium payments to
beneficial owners of the Bonds by participants of DTC will be the
responsibility of such participants and other nominees of such
beneficial owners. The Issuer will not be responsible or liable
for such transfers of payments or for maintaining, supervising or
reviewing records maintained by DTC, its participants or persons
acting through such participants.
In the event that (a) DTC determines not to continue to act as
securities depository for the Bonds or (b) the Finance Director of
the Issuer determines that continuation of the book-entry system of
evidence and transfer of ownership of the Bonds would adversely
affect the interests of the beneficial owners of the Bonds, the
Issuer will discontinue the book-entry system with DTC. If the
Issuer identifies another qualified securities depository to
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replace DTC, the Issuer will make arrangements with DTC and such
other depository to effect such replacement and deliver replacement
Bonds registered - in the name of such other depository or its
nominee in exchange for the outstanding Bonds, and the references
to DTC or Cede & Co. in this resolution shall thereupon be deemed
to mean such other depository or its nominee. If the Issuer fails
to identify another qualified securities depository to replace DTC,
the Issuer will deliver replacement Bonds in the form of
fully-registered certificates in the denomination of $5, 000 or any
multiple thereof ("Certificated Bonds") in exchange for the
outstanding Bonds as required by DTC and others. Upon the request
of DTC, the Issuer may also deliver one or more Certificated Bonds
to any participant of DTC in exchange for Bonds credited to its
account with DTC.
Unless indicated otherwise, the provisions of this resolution
that follow shall apply to all Bonds issued or issuable hereunder,
whether initially or in replacement thereof.
Section 3 . The Bonds shall bear the manual or facsimile
signatures of the Chairman of the Board of Commissioners for the
Issuer and the Clerk to said Board and the corporate seal or a
facsimile of the corporate seal of the Issuer shall be impressed or
imprinted, as the case may be, on the Bonds.
The certificate of the Local Government Commission of North
Carolina to be endorsed on all Bonds shall bear the manual or fac-
simile signature of the Secretary of said Commission and the
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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 the Local Government
Commission of North Carolina whose manual or facsimile signature
shall appear on any Bonds shall cease to be such officer before the
delivery of such Bonds, such manual or facsimile signature shall
nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery, and any Bond may
bear the manual or facsimile signatures of such persons as at the
actual time of the 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 Bond shall be valid or become obligatory for any purpose or
be entitled to any benefit or security under this resolution until
it shall have been authenticated by the execution by the Bond
Registrar of the certificate of authentication endorsed thereon.
The Bonds to be registered in the name of Cede & Co. and the
endorsements thereon shall be in substantially the following forms:
No. R- $
United States of America
State of North Carolina
COUNTY OF ORANGE
SCHOOL BOND, SERIES 1993
Maturity Date Interest Rate Cusip
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The County of Orange, in the State of North Carolina, is
justly indebted and for value received hereby promises to pay to
CEDE & CO.
or registered assigns or legal representative on the date specified
above, upon the presentation and surrender hereof, at the office of
the Finance Director of said County (the "Bond Registrar") , the
principal sum of
DOLLARS
and to pay interest on such principal sum from the date hereof or
from the March 1 or September 1 next preceding the date of
authentication to which interest shall have been paid, unless such
date of authentication is a March 1 or September i to which
interest shall have been paid, in which case from such date, such
interest to the maturity hereof being payable on September 1, 1993
and semiannually thereafter on March 1 and September 1 in each
year, at the rate per annum specified above, 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 this bond (or
the previous bond or bonds evidencing the same debt as that
evidenced by this bond) 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, by check mailed to such
person at his address as it appears on the bond registration books
of said County. Both the principal of and the interest on this
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Bond shall be paid in any coin or currency of the United States of
America that is legal- tender for the payment of public and private
debts on the respective dates of payment thereof. For the prompt
payment hereof, both principal and interest as the same shall
become due, the faith and credit of said County of Orange are
hereby irrevocably pledged.
This bond is one of an issue of bonds designated "School
Bonds, Series 1993" (the "Bonds") and issued by said County for the
purpose of providing funds, with any other available funds, for
providing additional school facilities 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
Statutes of North Carolina, an order adopted by the Board of
Commissioners for said County, 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, and a resolution
duly passed by said Board of Commissioners (the "Resolution") .
The Bonds maturing prior to March 1, 2004 are not subject to
redemption prior to maturity. The Bonds maturing on March 1, 2004
and thereafter may be redeemed, at the option of said County, from
any moneys that may be made available for such purpose, either in
whole or in part on any date not earlier than March 1, 2003 , 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
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Bond to be redeemed for each period of 12 months 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 for redemption, the particular Bonds or portions of Bonds of
such maturity to be redeemed shall be selected by lot in such
manner as said County in its discretion may determine; provided,
however, that the portion of any Bond to be redeemed shall be in
the principal amount of $5, 000 or some multiple thereof and that,
in selecting Bonds for redemption, each Bond shall be considered as
representing that number of Bonds which is obtained by dividing the
principal amount of such Bond by $5, 000 and, further, that The
Depository Trust Company, New York, New York ("DTC") will determine
by lot the amount of interest of each direct participant of DTC in
such Bonds to be redeemed so long as a book-entry system with DTC
is continued.
If less than all of the Bonds stated to mature on different
dates shall be called for redemption, the particular Bonds or
portions of Bonds 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 Bonds to be redeemed, whether such
redemption be in whole or in part, said County shall cause a notice
of such redemption to be filed with the Bond Registrar and given by
certified or registered mail to Cede & Co. at its address appearing
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upon the registration books of said County. On the date fixed for
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 such Bonds
or portions thereof on such date plus accrued interest to such date
and, if moneys for payment of such redemption price and the accrued
interest have been deposited by said County 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 redemption, a new Bond or Bonds in principal
amount equal to the unredeemed portion hereof will be issued to
Cede & Co. or its legal representative upon the surrender hereof.
The Bonds are being issued by means of a book-entry system
with no physical distribution of bond certificates to be made
except as provided in the Resolution. One fully-registered Bond
certificate with respect to each date on which the Bonds are stated
to mature, in the aggregate principal amount of the Bonds stated
to mature on such date and registered in the name of Cede & Co. , a
nominee of DTC, is being issued and required to be deposited with
DTC and immobilized in its custody. The book-entry system will
evidence beneficial ownership of the Bonds in the principal amount
of $5, 000 or any multiple thereof, with transfers of ownership
effected on the records of DTC and its participants pursuant to
rules and procedures established by DTC and its participants.
Transfer of principal, interest and any redemption premium payments
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to participants of DTC will be the responsibility of DTC, and
transfer of principal, interest and any redemption premium payments
to beneficial owners of the Bonds by participants of DTC will be
the responsibility of such participants and other nominees of such
beneficial owners. Said County will not be responsible or liable
for such transfers of payments or for maintaining, supervising or
reviewing the records maintained by DTC, its participants or
persons acting through such participants.
In certain events, said County will be authorized to deliver
replacement Bonds in the form of fully-registered certificates in
the denomination of $5, 000 or any multiple thereof in exchange for
the outstanding Bonds as provided in the Resolution.
At the office of the Bond Registrar, in the manner and subject
to the conditions provided in the Resolution, Bonds 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 his office the 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 with an assignment duly executed by the
registered owner hereof or his attorney or legal representative in
such form as shall be satisfactory to the Bond Registrar. Upon any
such registration of transfer, the Bond Registrar shall deliver in
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exchange for this bond a new Bond or Bonds, registered in the name
of the 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 Bond Registrar shall not be required to exchange or
register the transfer of 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 or any portion thereof and
ending at the close of business on the day of such mailing or of
any Bond called for redemption in whole or in part 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 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 constitutional or statutory limitation
thereon.
This bond shall not be valid or become obligatory for any
purpose or be entitled to any benefit or security under the
Resolution until this bond shall have been authenticated by the
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execution by the Bond Registrar of the certificate of authenti-
cation endorsed hereon.
IN WITNESS WHEREOF, said County of Orange, by resolution duly
passed by_ its Board of Commissioners, has caused this bond [to be
manually signed by] [to bear the facsimile signatures of] the
Chairman of said Board and the Clerk to said Board and [a facsimile
of] its corporate seal to be [printed] [impressed] hereon, all as
of the 1st day of March, 1993 .
Chairman of the Board of
Commissioners
Clerk to, the Board of
Commissioners
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within bond has been approved under the
provisions of The Local Government Bond Act of North Carolina.
Secretary, Local Government Commission
CERTIFICATE OF AUTHENTICATION
This bond is one of the Bonds of the series designated herein
and issued under the provisions of the within-mentioned Resolution.
Finance Director of the County of
Orange, North Carolina,
as Bond Registrar
By
Authorized Signatory
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Date of authentication:
ASSIGNMENT
FOR VALUE RECEIVED the undersigned registered owner thereof
hereby sells, assigns and transfers unto
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
for 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 bond
in every particular, without alteration or enlargement or any
change whatever.
Certificated Bonds issuable hereunder shall be in
substantially the form of the Bonds registered in the name of Cede
& Co. with such changes as are necessary to reflect the provisions
of this resolution that are applicable to Certificated Bonds.
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Section 4. The Bonds maturing prior to March 1, 2004 will not
be subject to redemption prior to maturity. The Bonds maturing on
March 1, 2004 and thereafter will be redeemable, at the option of
the Issuer, from any moneys that may be made available for such
purpose, either in whole or in part on any date not earlier than
March 1, 2003, 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 Bond to be redeemed for each period of 12 months 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 for redemption, the particular Bonds or portions of Bonds of
such maturity to be redeemed shall be selected by lot in such
manner as the Issuer in its discretion may determine; provided,
however, that the portion of any Bond to be redeemed shall be in
the principal amount of $5, 000 or some multiple thereof and that,
in selecting Bonds for redemption, each Bond shall be considered as
representing that number of Bonds which is obtained by dividing the
principal amount of such Bond by $5, 000, and, further, that DTC
will determine by lot the amount of interest of each direct
participant of DTC in such Bonds to be redeemed so long as a book
entry system with DTC is continued. If less than all of the Bonds
stated to mature on different dates shall be called for redemption,
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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 Bonds to be redeemed, whether such
redemption be in whole or in part, the Issuer shall cause a notice
of such redemption to be filed with the Bond Registrar and to be
mailed, postage prepaid, to the registered owner of each Bond to be
redeemed in whole or in part at his address appearing upon the
registration books of the Issuer, provided that such notice to Cede
& Co. shall be given by certified or registered mail. Failure to
mail such notice or any defect therein shall not affect the
validity of the redemption as regards registered owners to whom
such notice was given as required hereby. Each such notice shall
set forth the date designated for redemption, the redemption price
to be paid and the maturities of the Bonds to be redeemed. In the
event that Certificated Bonds are outstanding, each such notice to
the registered owners thereof shall also set forth, if less than
all of the Bonds of any maturity then outstanding shall be called
for redemption, the distinctive numbers and letters, if any, of
such Bonds to be redeemed and, in the case of any Bond 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, the
notice of redemption shall state also that on or after the
redemption date, upon surrender of such Bond, a new Bond or Bonds
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in principal amount equal to the unredeemed portion of such Bond
will be issued.
On or before the date fixed for redemption, moneys shall be
deposited with the Bond Registrar to pay the principal of and the
redemption premium, if any, on the Bonds or portions thereof called
for redemption as well as the interest accruing thereon to the
redemption date thereof.
On the date fixed for redemption, notice having been given in
the manner and under the conditions hereinabove provided, the Bonds
or portions thereof called for redemption shall be due and payable
at the redemption price provided therefor, plus accrued interest to
such date. If moneys sufficient to pay the redemption price of
the Bonds or portions thereof to be redeemed, plus accrued interest
thereon to the date fixed for redemption, have been deposited by
the Issuer to be held in trust for 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 cease to be entitled to any
benefits or security under this resolution or to be deemed
outstanding, and the registered owners of such Bonds or portions
thereof shall have no rights in respect thereof except to receive
payment of the redemption price thereof, plus accrued interest to
the date of redemption.
If a portion of a Bond shall be selected for redemption, the
registered owner thereof or his attorney or legal representative
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shall present and surrender such Bond to the Bond Registrar for
payment of the principal amount thereof so called for redemption
and the redemption premium, if any, on such principal amount, and
the Bond 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 same maturity,
of any denomination or denominations authorized by this resolution
and bearing interest at the same rate.
Section 5 . Bonds, upon surrender thereof at the office of the
Bond Registrar together 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, of any
denomination or denominations authorized by this resolution and
bearing interest at the same rate.
The transfer of any Bond may be registered only upon the
registration books of the Issuer upon the surrender thereof to the
Bond Registrar together 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. 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
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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.
In all cases in which Bonds shall be exchanged or the transfer
of Bonds shall be registered hereunder, the Bond Registrar shall
authenticate and deliver at the earliest practicable time Bonds in
accordance with the provisions of this resolution. All Bonds
surrendered in any such exchange or registration of transfer shall
forthwith be cancelled by the Bond Registrar. The Issuer or the
Bond Registrar may make a charge for shipping and out-of-pocket
costs for every such exchange or registration of transfer of Bonds
sufficient to reimburse it for any tax or other governmental charge
required to be paid with respect to such exchange or registration
of transfer, but no other charge shall be made by the Issuer or the
Bond Registrar for exchanging or registering the transfer of Bonds
under this resolution. The Bond Registrar shall not be required to
exchange or register the transfer of 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 or any
portion thereof and ending at the close of business on the day of
such mailing or of any Bond called for redemption in whole or in
part pursuant to Section 4 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
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thereof for all purposes, and payment of or on account of the
principal or redemption price of any such Bond and the interest on
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, including 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 Bonds within
a reasonable time according to then current commercial standards
and for the timely payment of principal, interest and any
redemption premium with respect to the Bonds. The Finance Director
of the Issuer is hereby appointed the registrar, transfer agent and
paying agent for the Bonds (collectively the "Bond Registrar") ,
subject to the right of the governing body of the Issuer to appoint
another Bond Registrar, and as such shall keep at his office the
books of the Issuer for the registration, registration of transfer,
exchange and payment of the Bonds as provided in this resolution.
Section 6. 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 the Code, except to the extent
that the Issuer obtains an opinion of bond counsel to the effect
that noncompliance would not result in interest on the Bonds being
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includable in the gross income of the owners of the Bonds for
purposes of federal income taxation.
Section 7 . The action of the Finance Director of the Issuer
in applying to the Local Government Commission of North Carolina to
advertise and sell the Bonds and the action of the Local
Government Commission of North Carolina in asking for sealed bids
for the Bonds by publishing notices and printing and distributing
an Official Statement and a Supplement to such Official Statement
relating to the sale of the Bonds are hereby ratified and approved.
Such Official Statement, dated February 19 , 1993 and substantially
in the form of the draft presented at this meeting, is hereby
approved, and the Chairman of the Board of Commissioners, the
County Manager and the Finance Director of the Issuer are each
hereby authorized to approve changes in such Official Statement, to
approve such Supplement and to execute such Official Statement and
such Supplement for and on behalf of the Issuer.
Section 8 . The Letter of Representations, as requested by DTC
in connection with the issuance of the Bonds and in the form
presented at this meeting, is hereby approved, and the Finance
Director of the Issuer is hereby authorized to complete and execute
such Letter of Representations and to deliver the same to DTC for
and on behalf of the Issuer.
Section 9. This resolution shall take effect upon its
passage.
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Upon motion of Commissioner , seconded by
Commissioner , the foregoing resolution entitled:
"RESOLUTION PROVIDING FOR THE ISSUANCE OF $22 , 000, 000 SCHOOL BONDS,
SERIES 1993" was passed by the following vote:
Ayes: Commissioners
Noes:
I, Beverly Blythe, Clerk to the Board of Commissioners for the
County of Orange, North Carolina, DO HEREBY CERTIFY that the
foregoing has been carefully copied from the actually recorded
minutes of said Board at a regular meeting held on February 15,
1993 , the record having been made in Minute Book of the
minutes of said Board beginning at page and ending at page
, and is a true copy of so much of said minutes as relates in
any way to the passage of a resolution providing for the issuance
of $22 , 000, 000 School Bonds, Series 1993 of said County.
I DO HEREBY FURTHER CERTIFY that a schedule of regular
meetings of said Board in the form attached hereto, has been on
file in my office as of a date not less than seven days before the
date of said meeting in accordance with G. S. §143-318. 12 .
WITNESS my hand and the corporate seal of said County, this
day of February 1993 .
Clerk to the Board of Commissioners
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(Revised 1/19/93) APPROVED
ORANGE COUNTY BOARD OF COMMISSIONERS
1993 MEETING SCHEDULE
HILLSBOROUGH CARRBORO
January 4 January 19
February 1 February 16
February 22 (Quarterly P.H. in Superior Courtroom)
March 8 (White Cross School in Bingham Township) March 23
(NACo Legislative Conference in Washington Feb. 27 - March 2)
April 5 (5: 30 p.m. ) (Pleasant Green in Eno Township) April 20
May 3 (Rouitan Bldg. in Cedar Grove Township) May 18
May 24 (Quarterly P.H. in Superior Courtroom)
May 27 (Budget Presentation in Superior Courtroom)
June 7 (Efland Cheeks Center in Cheeks Township) June 29
June 3 (Budget P.H. in Superior Courtroom)
June 8 (Budget P.H. in Carrboro)
June 14, 16, 17 (Budget work sessions in Commissioners' Conference Room)
June 21, 23 (if needed) (Budget work sessions at the Homestead Center)
NACo Annual Conference in Chicago July 16 - 20)
August 2 August 17
(NCACC Annual Conference in the Research Triangle Park 12-15)
August 23 (Quarterly P.H. in Superior Courtroom)
September 7 September 21
October 4 October 19
November 1 November 16
November 22 (Quarterly P.H. in Superior Courtroom)
December 6 December 21
December 11 - Goal Setting Retreat - location to be announced
7 OVER -
25
The meetings in Hillsborough will be held at the Old County Courthouse at 7 : 30
p.m. except for April 5 which will begin at 5: 30 p.m. )
The meetings in Carrboro will be held in the OWASA Meeting Room on Jones Ferry
Road in Carrboro at 7 : 30 p.m.
All Quarterly Public Hearings will be held in Superior Courtroom in the new
County Courthouse in Hillsborough at 7: 30 p.m.
All Budget Work Sessions will begin at 7: 30 p.m.
555 CALIFORNIA STREET BROWN & •♦ 0 0 D 815 CONNECTICUT AVENUE, N,W.
SAN FRANCISCO, CA. 94104-1715 WASHINGTON, D.C. 20006-4004
TELEPHONE: 415-398-3909 TELEPHONE: 202-223-0220
FACSIMILE: 415-397-4621 ONE WORLD TRADE CENTER FACSIMILE: 202-223-0485
NEW YORK, N.Y. 10048-0557
10900 WILSHIRE BOULEVARD 172 WEST STATE STREET
LOS ANGELES, CA. 90024-3959 TELEPHONE: 212-839-5300 TRENTON, N.J. 08608-1104
TELEPHONE: 310-443-0200 FACSIMILE, 212-839-5599 TELEPHONE: 609-393-0303
FACSIMILE: 310-208-5740 FACSIMILE: 609-393-1990
SHIRDYAMA JT MORI BUILDING, 15TH FLOOR BLACKWELL HOUSE
3-I, TORANOMON 4-CHOME, MINATO-KU GUILDHALL YARD
TOKYO 105, JAPAN LONDON EC2V 5AB
TELEPHONE: 03-5472-5360 TELEPHONE: 071-606-1888
FACSIMILE: 03-5472-5058 FACSIMILE: 071-796-1807
February 9 , 1993
Mr. Kenneth T. Chavious
County of Orange
Finance Director
208 South Cameron Street
Hillsborough, N. C. 27278
Re: County of Orange, North Carolina
$22 , 000 , 000 School Bonds, Series 1993
Dear Ken:
In accordance with our conversation of this morning, I am
enclosing the following items relative to the issuance of the bonds
described above:
1. Three copies of a suggested form of Summary Notice of
Sale relating to the bonds. In order that bids may be
received on Tuesday. March 9 , the date stated in the
enclosed notice, such notice must be published by you
le\F once in The News of Orange County and The Chapel Hill
V Herald by not later than Thursday, March 4 . However, I
.4ei suggest that such publications be made as early as
r practicable.
2 . Five copies of a suggested form of proceedings showing
the passage of a resolution providing for the issuance of
the bonds for the attention of the Board of Commissioners
for the County at its regular meeting to be held on
Monday, February 16 . Please note that a schedule of
regular meetings in 1993 should be attached thereto.
V---P
After the publications of the Summary Notice of Sale have been
made, please send to me two publisher's affidavits (with printed
clippings attached) evidencing each such publication and, after the
proceedings mentioned above have been taken, please send to me two
certified copies thereof. One copy of each item of evidence should
also be sent to Mr. Gordon Johnson of the Local Government
Commission.
I am also enclosing a copy of a suggested form of Letter of
Representations as requested by The Depository Trust Company in
connection with the issuance of the bonds . Please review such
letter. After the sale of the bonds, I will send to you for
execution completed copies of such letter which will reflect any
necessary changes.
In addition, I will request The Bond Buyer, a financial
journal published in New York City, to publish the Summary Notice
of Sale on Tuesday, March 2 .
If you have any questions regarding the enclosures, please
call me or Athena Frangoulis .
Sincerely yours,
1 Gw�
Gundars Aperans
Enclosures
cc: Mr. Gordon Johnson
2
.13
V
SUMMARY NOTICE OF SALE
$22 , 000 , 000
GENERAL OBLIGATION
COUNTY OF ORANGE, NORTH CAROLINA
SCHOOL BONDS, SERIES 1993
Sealed bids will be received by the Local Government
Commission of North Carolina at its office in the Albemarle
Building, 325 North Salisbury Street, Raleigh, North Carolina,
27603-1388 until 11 o'clock A.M. , North Carolina Time,
March 9, 1993
such bids to be opened in public at said time and place on said
day, for the purchase of $22, 000, 000 School Bonds, Series 1993 ,
of the County of Orange, North Carolina, dated March 1, 1993 and
maturing (subject to the right of prior redemption) annually,
March 1, $1, 100, 000 1994 to 2013 , inclusive.
Copies of the Official Statement and the Notice of Sale and
Bid Form relating to the bonds may be obtained from the Local
Government Commission (919-733-3064) . Each bid must be submitted
on a bid form in the Notice of Sale and Bid Form. The Bonds will
be delivered on or about March 30, 1993 .
LOCAL GOVERNMENT COMMISSION
Raleigh, North Carolina
By Robert M. High
Secretary of the Commission