07031989 (2)508
RESOLUTION
NORTHWEST WATER & SEWER DISTRICT MEETING, JULY 3, i §gc§
The Harnett County Board of Commissioners sitting as the governing body of
Northwest Water and Sewer District of Harnett County met July 3, 1989, in the
County Office Building, Lillington, North Carolina, with the following members
present: Mack Reid Hudson, Rudy Collins, and Vice - Chairman Bill Shaw
presiding. Others present were Dallas H. Pope, County Manager; Glenn Johnson,
County Attorney; Vanessa W. Young, Clerk to the Board; and Shirley C. Wicker,
Recording Secretary.
Vice - Chairman Bill Shaw called the meeting to order at 11 a.m.
Commissioner Collins
presented the following resolution
and moved that it be adopted:
WHEREAS, the bond order hereinafter described has taken
effect and the Board of Commissioners of Harnett County, sitting
as the governing body of Northwest Water and Sewer District of
Harnett County, North Carolina, desires to borrow money for the
purposes for which bonds are authorized to be issued by said bond
order in anticipation of the receipt of the proceeds of the
sale of said water bonds, as hereinafter provided; NOW, THEREFORE,
BE IT RESOLVED by the Board of Commissioners of Harnett
County, sitting as the governing body of Northwest Water and
Sewer District of Harnett County, North Carolina (the "Issuer "),
as follows:
(1) - The sum of $1,604,000 will be borrowed by the Is-
suer in anticipation of the receipt of the proceeds of the sale
of bonds authorized to be issued by the water bond order, adopted
by the Board of Commissioners of Harnett County, 'sitting as the
governing body of the Issuer, on August 31, 1987, for the purpose
for which said bonds are authorized to be issued. Negotiable
notes, each designated "Water Bond Anticipation Note," shall be
issued for said sum so borrowed.
(2) Said notes shall be dated July 25, 1989, shall be
payable February 28, 1990 and shall bear interest from their date
at a rate which shall not exceed twelve per centum (12 %) per
annum. Such . interest shall be payable at the maturity of said
notes. Each of said notes shall be signed by the Chairman of the
governing body of the Issuer and the Clerk of the Issuer and the
seal of the Issuer shall be affixed to each of said notes.
(3) The power to fix the rate of interest to be borne
by said notes and to determine the denomination or denominations
of the notes and the place of payment of the notes is hereby del-
egated to the chairman of the governing body of the Issuer and
the Clerk of the Issuer who are hereby authorized and directed to
cause said notes to be prepared and to execute said notes when
they shall have been sold by the Local Government Commission of
North Carolina.
(4) The Chairman of the governing body of the Issuer
and the Clerk of the Issuer are hereby authorized to make
application to the Local Government Commission of North Carolina
for its approval of said notes in the manner prescribed by The
Local Government Finance Act. Said Local Government Commission
is hereby requested to sell the notes in the manner prescribed by
said Act. Said notes, when they shall have been sold by said
Commission in the manner provided by law and when they shall have
been executed in the manner prescribed by this resolution, shall
err
509
ADJOURNMENT
be turned over to the State Treasurer of the State of North
Carolina for delivery to the purchasers to whom they may be sold
by said Commission.
(5) The Issuer covenants to comply with the provisions
of the Internal Revenue Code of 1986, as amended (the "Code "), as
enacted into law to the extent required to preserve the exclusion
from gross income of interest on the notes for Federal income tax
purposes.
(6) The Issuer hereby represents that (i) the proposed
$1,604,000 Water Bond Anticipation Notes, dated July 25, 1989,
authorized by Section 1, hereof, are not private activity bonds
as defined in the Code and (ii) the Issuer, together with any
subordinate entities of the Issuer, reasonably expects that it
will not issue more than $10,000,000 of tax - exempt obligations
(other than private activity bonds which are not qualified
501(c)(3) bonds) during calendar year 1989. In addition, the
Issuer hereby designates the above - mentioned notes as "qualified
tax - exempt obligations" for the purposes of Section 265(b)(3) of
the Code.
The motion having been duly seconded and the resolution
having been considered, it was adopted by the following vote:
AYES: 3
NAYS: 0
There being no further business, the Harnett County Board of Commissioners
sitting as the governing body of Northwest Water and Sewer District
of Harnett County duly adjourned at 11:15 a.m.
Bill Shaw, Vice - Chairman
r•
Shirley C.OWicker, Recording Secretary
Vanessa W Young, Cle to a Board
y