06011987 (3)2
HARNETT COUNTY BOARD OF COMMISSIONERS MEETING
FOR SOUTH CENTRAL WATER AND SEWER DISTRICT, JUNE 1, 1987
The Harnett County Board of Commissioners sitting as the governing body of South
Central Water and Sewer District met June 1, 1987, in the Commissioners Board Room,
County Office Building, Lillington, North Carolina, with the following members
present: Bill Shaw, Mack Reid Hudson, Mayo Smith, and Lloyd G. Stewart presiding.
Others present included: Vanessa W. Young, Clerk to the Board; Dallas H. Pope,
County. Manager; Glenn Johnson, County Attorney, and Kay Blanchard, Recording
Secretary. Commissioner Rudy Collins was absent.
CALL TO ORDER Chairman Stewart called the meeting to order at 10:30 a.m.
RESOLUTION RE: John Phelps, Public Utilities Attorney, read and explained a resolution concerning
SOUTH CENTRAL authorization of the issuance and sale of Bond Anticipation Notes for South Central
WATER & SEWER DIST. Water and Sewer District. Commissioner Hudson made a motion to adopt the resolution
Commissioner Smith seconded the motion and it passed with a unanimous vote. The
resolution is copied in full at the end of these minutes dated June 1, 1987, as
Document No. 1.
John Phelps, Public Utilities Attorney, presented a resolution concerning the
RESOL. TO ADOPT adoption of an official seal for South Central Water $ Sewer District. Commissioner
SEAL FOR S0. CENT. Shaw made a motion to adopt the resolution. Commissioner Hudson seconded the motion
WATER & SEWER DIST. and it passed with a. unanimous vote. The resolution is copied in full at the end of
these minutes dated June 1, 1987, as Document No. 2.
DOCUMENT NO. 1.
There being no further business, the Harnett County Board of Commissioners sitting
as the Governing Body of South Central Water and Sewer District duly adjourned at
10:35 a.m.
yd ( Stewart, Chairman
Vanessa W. Young, Clerk to,
RESOLUTION CONCERNING AUTHORIZATION OF THE ISSUANCE
AND SALE OF BOND ANTICIPATION NOTES FOR SOUTH CENTRAL
WATER AND SEWER DISTRICT
Commissioner Hudson 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
the County of Harnett, sitting as the governing body of the South Central 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 the County of Harnett, sitting as the governing
body of South Central Water and Sewer District of Harnett County (the "Issuer "), as follows:
(1) The sum of $2,769,000 will be borrowed by the Issuer 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 the Issuer on July 22, 1985, 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.
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(2) Said notes shall be dated June 16, 1987, shall be payable June 15, 1988, 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 the 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 denomina
or denominations of the notes and the place of payment of the notes is hereby delegated 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 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 the extent permitted by the Constitution and laws of the State of
North Carolina, to comply with the provisions of the Internal Revenue Code of 1986 (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 $2,769,000 Water Bond Anticipation Notes,
dated June 16, 1987, authorized by Section 1, hereof, are not private activity bonds as defined in the
Code and (ii) the Issuer, together with any subordinate entities, reasonably expects that it will not
issue more than $10,000,000 of tax - exempt obligations (other than private activity bonds) during
calendar year 1987. 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: Bill Shaw, Mack Reid Hudson, Mayo Smith, and Lloyd G. Stewart
NAYS: None
ABSENT: Rudy Collins
on
DOCUMENT NO. 2.
RESOLUTION ADOPTING SEAL
RESOLVED, that the Harnett County Board of Commissioners, sitting as the governing body of the
South Central Water and Sewer District of Harnett County, does hereby adopt as the official seal for
said District the following:
A circular design with a circle drawn within it, and the name South Central Water and Sewer
District and N. C. imprinted between the outer edge and the inner circle. Within the inner
circle appears the word "Seal" and the date 1985.
Duly adopted this 1st day of June, -1987, upon motion made by Commissioner Shaw, seconded by
Commissioner Hudson and passed by the following vote:
Ayes: 4
Noes: None
Absent: Rudy Collins
Abstained: None
ATTEST:
bt.,aaa,o✓
Vanessa W. Young,
U erk /
HARNETT COUNTY BOARD OF COPM4ISSIONERS
sitting . as the governing body of the
South Central Water and Sewer District
of Harnett County
By:
loyd Stewart, Chairman