05161988SOUTH CENTRAL WATER AND SEWER DISTRICT MEETING, MAY 16, 19.88
The Harnett County Board of Commissioners sitting as the governing body of South
Central Water and Sewer District met May 16,, 1988, in the County Office Building,
Lillington, North Carolina, with the following members present: Rudy Collins, Bill
Shaw, Mack Reid Hudson, Mayo Smith, and Chairman Lloyd G. Stewart presiding. Others
present were: Glenn Johnson, County Attorney; Vanessa W. Young, Clerk to the Board;
and Kay S.- Blanchard , - Recording Secretary.
CALL TO ORDER Chairman Stewart called the meeting to order at 7:45 p.m.
PURPOSE -OF MEET.
RESOLUTION
John M. Phelps, II, Public.Utilties Attorney, made introductory remarks regarding
the character- of the meeting and the business to come before the Board.
Commissioner: Bill Shaw presented the
following resolution and moved that it be adopted:
WHEREAS, the bond order hereinafter described has
taken effect and it is desirable to make provision for the
issuance of bonds authorized by said bond order: 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, North
Carolina (the "Issuer "),. as follows:.
(1) The Issuer shall issue its bonds of the aggregate
principal amount of $2,769-,000 pursuant to and in accordance
with the water bond order adopted by the Board of,Commissioners
of the County of Harnett, sitting as the governing body of the
Issuer, on July 22, 1985. The Bonds shall be designated "Water
Bonds, Series 1988." The period of usefulness of the capital
project to be financed by the issuance of the bonds is a period
of forty years, computed from the date of the bonds.
(2) Said bonds shall be issuable in the denomination
of $250 or any integral multiple thereof, shall be numbered
so as to uniquely designate each bond and such numbering shall
be in accordance with the system of the hereinafter designated
bond registrar of the Issuer and shall be payable in annual
installments on June 1 in each year, as follows:
Principal Principal Principal
Year Amount Year - Amount Year Amount
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
$ 26,000
27,500
29,000
30,750
32,750
34,750
36,750
39,000
41,250
43,750
46,250
49,250
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
$ 52,000
55,250
58,500
62,000
65,750
69,750
74,000
78,250
83,000
88,000
93,250
99,000
104 ,000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
$104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
101,250
(3) Said bonds shall be dated June 1, 1988 (unless
awarded to the United States of America in which case the bonds
shall be dated as of the date of delivery thereof), and shall
bear interest from their date until they shall mature at a rate
or rates which shall be hereafter determined provided the net
interest cost to the Issuer shall not exceed 6.00% per annum.
Such interest shall be payable on December 1, 1988 and semi-
annually thereafter on June 1 and December 1 in each year;
provided, however, that if any bonds shall be purchased by the
United States of America, the interest on such bonds to the
maturity thereof shall be payable on June 1, 1989 and annually
thereafter on the 1st day of June of each year.
60'1
(4) Said bonds shall be issued as fully registered
bonds without coupons in the denomination of $250 each or
any integral multiple thereof (the "Multiple Bonds "), or,
at the option of the purchaser, as a single fully registered
bond without coupons in the denomination of $2,769,000 (the
"Single Bond ") payable in installments. If issued as Multiple
Bonds, the bonds shall bear the facsimile signatures of the
Chairman of the governing body of the Issuer and the Clerk of the
Issuer and a facsimile of the corporate seal of the Issuer and
the Certificate of Approval of the Local Government Commission
shall bear a facsimile signature of the Secretary of said
Commission. If issued as a Single Bond, the bonds shall be
signed by the Chairman of the governing body of the Issuer and
Clerk of the Issuer, the corporate seal of the Issuer shall be
impressed thereon and the Certificate of Approval of the Local
Government Commission shall be signed by a designated assistant
of said Commission. Interest on the bonds shall be paid by
check by the Issuer or a paying agent to be designated by the
Finance Officer of the Issuer (the "Paying Agent ") and mailed
to the registered owner of record as of the fifteenth day of
the calender month next preceding each interest payment date at
his address as it appears on the bond registry books of the
Paying Agent. Principal of the bonds shall be paid by check by
the Paying Agent upon presentation of the bonds for payment.
(5) At the option of the purchaser of the bonds
the Issuer may issue, in lieu of the Multiple Bonds, a
Single Bond without coupons bearing interest at the same
rate or rates as the Multiple Bonds. The Single Bond shall
be of the denomination of $2,769,000, shall be numbered R -1
and shall be payable in installments on June 1 in years and
amounts as set forth with respect to the Multiple Bonds.
Within ninety days after the receipt by the Issuer of the
written request of the registered owner of the Single Bond,
the Issuer will, at its own expense, prepare and execute
Multiple Bonds in the form hereinafter set forth, of type,
composition and printed on paper of customary weight and
strength, in an aggregate principal amount equal to the
unpaid principal amount of the Single Bond, and having
maturities corresponding to the principal installments of
the Single Bond then unpaid; and the Issuer will cause
the Multiple Bonds to be presented to the transfer agent to
be designated by the Issuer (the "Transfer Agent ") for
endorsement and for dating the authentication blank thereon
and for delivery to the registered owner of the Single Bond
upon surrender and cancellation of the Single Bond.
(6) The Single Bond purchased by the United
States of America shall be payable in installments without
presentation at the National Finance Office of the Farmers
Home Administration, St. Louis, Missouri.
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608
(7) So long as the Single Bond is held or insured
by the United States of America, Farmers Home Administration,
the principal thereon may be prepaid in whole or in part
without premium at any time in inverse order of maturity.
(8) The Multiple Bonds maturing on and after
June 1, 1999 shall be subject to redemption prior to
their stated maturities at the option of the Issuer on or
after June 1, 1998, in whole at any time or in part on
any interest payment date, at a redemption price equal to
the principal amount of each bond to be redeemed together
with accrued interest thereon to the redemption date plus a
redemption premium of one -half of one percent (1/2 of 1%) of
the principal amount of each bond to be redeemed for each
calendar year or part thereof between the redemption date
and the maturity date of each bond to be redeemed, provided
that such premium shall not exceed two percent (2%) of such
principal amount. If less than all of the bonds of any
maturity are called for redemption, the bonds to be redeemed
shall be selected by the Issuer in such manner as it may
determine. If less than all of the bonds of different
maturities are called for redemption, the bonds to be
redeemed shall be called in the inverse order of their
maturities. If less than all of the principal amount of a
single bond is to be redeemed, the Issuer shall exchange a
bond of the denomination representing the portion of the
bond not redeemed to the registered owner in exchange for
the bond a portion of which is to be redeemed. Whenever the
Issuer shall elect to redeem bonds, notice of such redemption
of bonds, stating the redemption date, redemption price and
identifying the bonds or portions thereof to be redeemed by
reference to their numbers and further stating that on such
redemption date there shall become due and payable upon each
bond or portions thereof so to be redeemed, the principal
thereof, redemption premium and interest accrued to the
redemption date and that from and after such date interest
thereon shall cease to accrue, shall be given by publication
at least once in a newspaper of general circulation in
South Central Water and Sewer District of Harnett County, North
Carolina, and at least once in a daily newspaper of general
circulation or a financial journal distributed in the Borough
of Manhattan, State of New York not less than 30 days prior to
the redemption date fixed in said notice. Such notice shall be
given not less than 30 days nor more than 60 days prior to the
redemption date in writing to the registered owners, by pre -paid
first class mail, at their addresses as such addresses appear
on the records of the Transfer Agent, as bond registrar, but
any failure in respect of such mailing will not affect the
validity of the redemption.
(9) The Multiple Bonds and the provisions for the
registration thereof, for the approval of the Multiple Bonds
by the Secretary of the Local Government Commission, and for
authentication of the Multiple Bonds by the Transfer Agent
shall be in substantially the following form:
(Form of Multiple Bonds)
No. R- $
UNITED STATES OF AMERICA
STATE OF NORTH CAROLINA
SOUTH CENTRAL WATER AND SEWER DISTRICT
OF HARNETT COUNTY
INTEREST
RATE
REGISTERED OWNER:
PRINCIPAL SUM:
WATER BOND, SERIES 1988
MATURITY
DATE OF
ORIGINAL
ISSUE
June 1, 1988
DOLLARS
CUSIP
SOUTH CENTRAL WATER AND SEWER DISTRICT OF HARNETT
COUNTY (hereinafter referred to as "District "), a body corporate
and politic of the State of North Carolina, acknowledges itself
indebted and for value received hereby promises to pay to the
registered owner named above on the date specified above, upon
the surrender hereof, the principal sum shown above and to pay
to the registered owner hereof interest thereon from the date
of this bond until it shall mature at the rate per annum as
specified above, payable December 1, 1988 and semi - annually
thereafter on June 1 and December 1 of each year. Principal of
this bond is payable by check by First - Citizens Bank s Trust
Company, in Raleigh, North Carolina, as paying agent, or by the
duly appointed alternate or successor paying agent (the "Paying
Agent "), in such coin or currency of the United States of
America as at the time of payment shall be legal tender for
payment of public and private debts. Interest on this bond is
payable by check by the Paying Agent mailed to the registered
owner hereof at his address as it appears on the bond registry
books of First - Citizens Bank s Trust Company, in Raleigh, North
Carollina, as transfer agent (the "Transfer Agent "), at the
close of business on the fifteenth day of the calendar month
next preceding each interest payment date.
This bond is transferable by the registered owner
hereof or his duly authorized attorney at the principal
office of the Transfer Agent, upon surrender of this bond,
accompanied by a duly executed instrument of transfer in form
and with guaranty of signature satisfactory to the Transfer
Agent, and upon payment of any taxes or other governmental
charges incident to such transfer. Upon any such transfer a
new registered bond without coupons of the same maturity and
in the same aggregate principal amount will be issued to the
transferee. The person in whose name this bond is registered
shall be deemed the owner hereof for all purposes, and the
District and the Transfer Agent shall not be affected by any
notice to the contrary.
This bond is issued in accordance with the Registered
Public Obligations Act, Chapter 159E of the General Statutes
of North Carolina, and pursuant to The Local Government Finance
Act, Chapter 159 of said General Statutes, and a bond order
adopted by the Board of Commissioners of the County of Harnett,
sitting as the governing body of the District, on July 22, 1985
to pay capital costs of providing water facilities for the
of the indebtedness evidenced thereby were approved by a
majority of the qualified voters of the District voting at
an election held on September 10, 1985.
The bonds maturing on and after June 1, 1999
shall be subject to redemption prior to their stated maturi-
ties at the option of the District on or after June 1, 1998,
in whole at any time or in part on any interest payment
date, at a redemption price equal to the principal amount of
each bond to be redeemed together with accrued interest
thereon to the redemption date plus a redemption premium of
one -half of one percent (1/2 of 1%) of the principal amount
of each bond to be redeemed for each calendar year or part
thereon between the redemption date and the maturity date of
each bond to be redeemed, provided that such premium shall
not exceed two percent (2 %) of such principal amount. If
less than all of the bonds of any maturity are called for
redemption, the bonds to be redeemed shall be selected by
the District in such manner as it may determine. If less
than all of the bonds of different maturities are called for
redemption, the bonds to be redeemed shall be called in the
inverse order of their maturities. If less than all of the
principal amount of a single bond is to be redeemed, the
District shall exchange a bond of the denomination representing
the portion of the bond not redeemed to the registered owner in
exchange for the bond, a portion of which is to be redeemed.
Whenever the District shall elect to redeem bonds, notice of
such redemption of bonds, stating the redemption date, redemption
price and identifying the bonds or portions thereof to be
redeemed by reference to their numbers and further stating that
on such redemption date there shall become due and payable upon
each bond or portions thereof so to be redeemed, the principal
thereof, redemption premium and interest accrued to the redemption
date and that from and after such date interest thereon shall
cease to accrue, shall be given by publication at least once in
a newspaper of general circulation in the South Central Water
and Sewer District of Harnett County, North Carolina, and at
least once in a daily newspaper of general circulation or a
financial journal distributed in the Borough of Manhattan, City
and State of New York not less than 30 days prior to the
redemption date fixed in said notice. Such notice shall be
given not less than 30 days nor more than 60 days prior to the
redemption date in writing to the registered owners, by pre -paid
first class mail, at their addresses as such addresses appear
on the records of the Transfer Agent, but any failure in
respect of such mailing will not affect the validity of the
redemption.
Eli
It is hereby certified and recited that all
conditions, acts and things required by the Constitution
or statutes of the State of North Carolina to exist, be
performed or happen precedent to or in the issuance of this
bond, exist, have been performed and have happened, and that
the amount of this bond, together with all other indebtedness
of the District is within every debt and other limitation
prescribed by said Constitution or statutes. The faith and
credit of the District are hereby pledged to the punctual
payment of the principal of and interest on this bond in
accordance with its terms.
This bond shall not be valid or become obligatory
for any purpose until the certifications hereon shall have
been signed by authorized representatives of the Local
Government Commission of North Carolina and the Transfer
Agent.
IN WITNESS WHEREOF, the District has caused this
bond to bear the facsimile signatures of the Chairman of the
governing body of the District and the Clerk of the District
and a facsimile of the corporate seal of the District to be
imprinted hereon, and this bond to be dated June 1, 1988.
(DISTRICT)
(SEAL)
(facsimile signature)
Chairman,
governing body of
South Central Water and Sewer
District of Harnett County
(facsimile signature)
Clerk,
South Central Water and Sewer
District of Harnett County
Transfer Agent's Certificate of Authentication
This bond is one of the bonds of the issue de-
signated herein and issued under the within - mentioned
bond order.
FIRST - CITIZENS BANK & TRUST COMPANY
By:
Date of Authentication
Autk6rize3 Signatory
The issue hereof has been approved under the
provisions of The Local Government Bond Act.
(facsimile signature)
JOHN D. FOUST
Secretary of the Local Government Commission
612
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
the within bond and irrevocably appoints
attorney -in -fact, to transfer the within bond on the books
kept for registration thereof, with full power of substitu-
tion in the premises.
Dated:
NOTICE: The signature to
this assignment must
correspond with the name as
it appears upon the face of
the within bond in every par-
ticular, without any alter-
ation whatsoever.
Signature Guaranteed:
(10) The Single Bond, the provisions for entry of
payments of principal and interest with respect thereto, for
assignment thereof and for approval thereof by the Secretary
of the Local Government Commission to be endorsed thereon
shall be in substantially the following form:
(form of Single Bond)
UNITED STATES OF AMERICA
STATE OF NORTH CAROLINA
SOUTH CENTRAL WATER AND SEWER DISTRICT
OF HARNETT COUNTY
WATER BOND, SERIES 1988
R -1 $2,769,000
SOUTH CENTRAL WATER AND SEWER DISTRICT OF HARNETT
COUNTY (hereinafter called the "District "),
a body corporate
and politic of the State of North Carolina, acknowledges itself
indebted and for value received, hereby promises to pay, to the
UNITED STATES OF AMERICA, FARMERS HOME ADMINISTRATION, or its
registered assigns (herein called "Payee "), the principal sum
of $2,769,000 on the first day of June in years and installments,
as follows:
Principal Principal Principal
Year Amount Year Amount Year Amount
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
$ 26,000
27,500
29,000
30,750
32,750
34,750
36,750
39,000
41,250
43,750
46,250
49,250
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
$ 52,000
55,250
58,500
62,000
65,750
69,750
74,000
78,250
83,000
88,000
93,250
99,000
104,000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
$104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
104,000
101,250
in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of
debts due the United States of America, and to pay interest
on the balance of said principal sum from time to time
61d
remaining unpaid, in like coin or currency, at the rate of
six per centum (6.00%) per annum on June 1, 1989, and annually
thereafter on June 1 of each year, until the principal amount
hereof has been paid.
Payments of the installments of principal and
interest then due and payable on this bond without presenta-
tion or surrender hereof shall be made at the National Finance
Office of the Farmers Home Administration, St. Louis, Missouri.
Upon receipt of said payments of principal and interest,
written notice of the receipt thereof shall be given promptly
to the District and the District shall be fully discharged of
the obligation on this bond to the extent of the payment so
made. Upon final payment of principal and interest this bond
shall be surrendered to the District for cancellation.
This bond is issued in accordance with the Registered
Public Obligations Act, Chapter 159E of the General Statutes
of North Carolina, and pursuant to The Local Government Bond
Act, Chapter 159 of said General Statutes, and a bond order
adopted by the Board of Commissioners of the County of Harnett,
sitting as the governing body of the District, on July 22, 1985
to pay capital costs of providing water facilities for the
District. The issuance of this bond and the contracting of the
indebtedness evidenced thereby were approved by a majority of
the qualified voters of the District voting at an election held
on September 10, 1985.
This bond is exchangeable at the sole expense of
the District at any time, upon ninety days' notice, at the
request of the registered owner hereof and upon surrender
of this bond to the District, for fully registered bonds, in
the denomination of $250 each or any integral multiple
thereof, in an aggregate principal amount equal to the
unpaid principal amount of this bond and in the form of such
fully registered multiple bonds as is provided for in the
resolution authorizing the issuance of the bonds.
This bond may be assigned and upon such assignment
the assignor shall promptly notify the District by registered
mail, and the assignee shall surrender the same to the
District for transfer on the registration records, or in
exchange for fully registered bonds in the denomination of
$250 each or any integral multiple thereof, in an aggregate
principal amount equal to the unpaid principal amount of such
single registered bond and bearing maturities corresponding
to the principal installments on such single registered
bond then unpaid, and every such assignee shall take this
bond subject to such condition.
So long as this bond is held or insured by the
United States of America, Farmers Home Administration, the
principal installments hereof may be prepaid in whole or in
part at any time in inverse order of maturity.
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614
It is hereby certified and recited that all condi-
tions, acts and things required by the Constitution or statutes
of the State of North Carolina to exist, be performed or happen
precedent to or in the issuance of this bond, exist, have been
performed and have happened, and that this bond is within every
limitation prescribed by said Constitution or statutes. The
faith and credit of the District are hereby pledged to the
punctual payment of the principal of and interest on this bond
in accordance with its terms.
IN WITNESS WHEREOF, the District has caused this bond
to be signed by the Chairman of the governing body of the
District and the Clerk of the District and sealed with the
corporate seal of the District and this bond to be dated
(DISTRICT)
(SEAL)
an,
ve�i ing body of
Sout Central Water and Sewer
District of Harnett County
Clerk,
South Central Water E'nd Sewer
District of Harnett County
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within bond has been approved under
the provisions of The Local Government Bond Act.
JOHN D. FOUST
Secretary of the Local Government Commission
By:
Designate3 Assistant
tilt/
Due Date
PAYMENT RECORD
Name of
Principal Interest Paying Agent,
Principal Balance Payment Date Authorized
Payment Due (6.00%) Paid Off. 6 Title
June 1, 1989 $
June 1, 1990 26,000
June 1, 1991 27,500
June 1, 1992 29,000
June 1, 1993 30,750
June 1, 1994 32,750
June 1, 1995 34,750
June 1, 1996 36,750
June 1, 1997 39,000
June 1, 1998 41,250
June 1, 1999 43,750
June 1, 2000 46,250
June 1, 2001 49,250
June 1, 2002 52,000
June 1, 2003 55,250
June 1, 2004 58,500
June 1, 2005 62,000
June 1, 2006 65,750
June 1, 2007 69,750
June 1, 2008 74,000
June 1, 2009 78,250
June 1, 2010 83,000
June 1, 2011 88,000
June 1, 2012 93,250
June 1, 2013 99,000
June 1, 2014 104,000
June 1, 2015 104,000
June 1, 2016 104,000
June 1, 2017 104,000
June 1, 2018 104,000
June 1, 2019 104,000
June 1, 2020 104,000
June 1, 2021 104,000
June 1, 2022 104,000
June 1, 2023 104,000
June 1, 2024 104,000
June 1, 2025 104,000
June 1, 2026 104,000
June 1, 2027 101,250
1
SCHEDULE "A"
Principal installments on which payments have been made prior to maturity
Name of
Principal ▪ Principal Date Paying Agent,
Date Amount Payment Balance • ▪ Paid Authorized
e
•
61t
(Form of Assignment)
For value received the Payee named in the within
Bond hereby sells, assigns and transfers said Bond unto
DATE
(11) Actions taken or to be taken by officials of
the Issuer to select paying and transfer agents, and a bond
registrar, or alternate or successor agents and registrars
pursuant to Section 159E -8 of the Registered Public Obligations
Act, Chapter 159E of the General Statutes of North Carolina,
are hereby authorized and approved.
(12) The Local Government Commission of North Carolina
is hereby requrested to sell said $2,769,000 Water Bonds,
Series 1988, and to state in the notice of sale of said bonds
that bidders may name one rate of interest for part of the
bonds and another rate or rates for the balance of the bonds.
The bonds shall bear interest at such rate or rates as may be
named in the proposal to purchase the bonds which shall be
accepted by said Local Government Commission.
(13) The Chairman of the governing body of the Issuer
and Clerk of the Issuer are hereby authorized and directed to
cause the bonds to be prepared and, when they shall have been
duly sold by the Local Government Commission, to execute the
bonds and to turn the bonds over to the State Treasurer of
North Carolina or to the Transfer Agent for delivery to the
purchaser or purchasers to whom the bonds may be sold by said
Commission.
(14) 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 ") to the extent required to preserve the
exclusion from gross income of interest on the bonds for
Federal income tax purposes.
(15) The Issuer hereby represents that (i) the
proposed $2,769,000 Water Bonds, Series 1988, authorized by
Section 1, hereof, are not private activity bonds as defined in
the Code and (ii) the Issuer, the County of Harnett, other
water and sewer districts and entities subordinate to the
County of Harnett, together with any subordinate entities of the
Issuer, reasonably expect that they will not issue cumulatively
more than $10,000,000 of tax - exempt obligations (other than
private activity bonds) during calendar year 1988. In addition,
the Issuer hereby designates the above - mentioned bonds 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. The vote
on the adoption of the resolution was as follows:
RESOLUTION RE: John M. Phelps, II, Public Utilities Attorney, presented a resolution regarding the
FFICE F, TANK purchase of office and tank site. Commissioner Shaw made a motion to adopt the
ITE resolution. Commissioner Hudson seconded the motion and it passed with a unanimous
vote. The resolution is copied in full at the end of these minutes dated May 16, 1988
as document No. 1.
•
DJOURNMENT There being no further business, the South Central Water and Sewer District Board
meeting of May 16, 1988, duly adjourned at 8 p.m.
RESOLUTION REGARDING PURCHASE
DOCUMENT NO. 1. OF OFFICE AND TANK SITE
/ La
loy. G. Stewart, Chairman
Kay S Blanc ard, Secretary
Va
Vanessa A/
W. Young, Clerk o the joard
WHEREAS, pursuant to a resolution entitled "Resolution Regarding
Option to Purchase Office and Tank Site" adopted by the Harnett County
Board of Commissioners sitting as the governing body of the South
Central Water and Sewer District of Harnett County (hereinafter the
"Board ") at its meeting on November 16, 1987, the South Central Water
and Sewer District of Harnett County (hereinafter "District ") entered
into an Option to Purchase Real Estate with Charles W. Godfrey as
Agent and Attorney in Fact for Canal Land Limited Partnership and The
Gibson -Wall Company; and
WHEREAS, said Option to Purchase Real Estate provides for the
sale of a 3.5 acres tract of real estate to the District, said tract
being located along SR t1120 adjacent to the Anderson Creek Medical.
Center in Anderson Creek Township, Harnett County, North Carolina; and
WHEREAS, said Option further provides that the consideration paid
therefor, which is the amount of $2,000.00, shall be applied to the
purchase price of said tract, which purchase price is $25,000.00; and
WHEREAS, by the terms of said Option, in order to purchase said
tract, the District must exercise its right to purchase the same on or
before June 1, 1988; and
WHEREAS, the Board finds that it is in the best interest of the
District to exercise its option and move forward to close the purchase
transaction;
NOW THEREFORE, BE IT RESOLVED by the Harnett County Board of
Commissioners, sitting as the governing body of the South Central
Water and Sewer District of Harnett County that:
1. The District is hereby authorized to exercise its rights
under the option described and to thereafter purchase for
the sum of 525,000.00 (including the option monies
previously paid) the real estate described in said option.
2. The District, its officers, agents and attorneys are hereby
authorized to take such action and execute the necessary
documents in order to carry out the terms hereof.
Duly adopted this 16th day of May, 1988, upon motion made by
Commissioner Shaw , seconded by Commissioner Hudson
and passed by the following vote.
Ayes 5 Noes 0 Absent 0 Abstained 0
ATTEST:
HARNETT COUNTY BOARD OF COt*IISSIONERS,
sitting as the governing body of the
South Central Water and Sewer District
of Harnett County
By:
Lloyd G. Stewart, Chairman
Clerk to the Board