HomeMy WebLinkAbout06081991
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325
HARNETT COUNTY BOARD OF COMHISSIONERS SPECIAL MEETING, JULY 8, 1991
The Harnett County Board of Commissioners met in special session on
Monday, July 8, 1991, in the County Office Building, Lillington, North
CaroliiUf, with the following members present: Bill Shaw, Mack Reid
Hudson, Walt Titchener, Beatrice Bailey Hill, and Chairman Lloyd G.
Stewart presiding. Others present were Dallas H. Pope, County
Manager; and Kay S. Blanchard, Recording Secretary.
Chairman Stewart called the meeting to order at 7:00 p.m.
Commissioner Hudson led the invocation.
PUBLIC HEARING ON Chairman Stewart called to order a public hearing on proposed 1992
PROPOSED 1992 Revaluation Schedule of Values. Bobby Wicker, Tax Administrator,
REVALUATION SCHEDULE briefed the group that the proposed Schedule of Values was presented
OF VALUES to the Board of Commissioners during their June 3, 1991, regular
meeting. The proposed Schedule of Values was then open for public
inspectlbn in the Tax Assessor's office until the public hearing
tonight. Chairman Stewart opened the meeting for public comments. No
comments were offered and Chairman Stewart closed the public hearing.
The Board of Commissioners will consider the proposed 1992 Revaluation
Schedule of Values for adoption at the July 22, 1991, Board meeting.
Chairman Stewart called to order a meeting of the Harnett County Board
SOUTH CENTRAL W & S of Commissioners sitting as the governing body of South Central Water
DISTRICT MEETING and Sewer District of Harnett County.
John M. Phelps, II, Public Utilities Attorney, presented for the
RESOLUTION AUTHORIZING Board's consideration a resolution authorizing the sale of $191,000
SALE OF BONDS Sanitary Sewer Bonds of the South Central Water and Sewer District.
Commissioner Hill moved for adoption of the resolution. Commissioner
Shaw seconded the motion and it passed with a unanimous vote. The
resolution is copied in full at the end of these minutes as Attachment
1-
Chairman Stewart closed the meeting of the South Central Water and
Sewer District.
ADJOURNMENT There being no further business, the Harnett County Board of
Commissioners special meeting, July 8, 1991, duly adjourned at 7:15
p.m.
Y;)' Q..f1j /
(~ /7 /rr~
Lloyd G. St~, Chairman 4
/I~ ~. '-tl ~-,/
Vanessa W. Young, Clerk 6 the ~ard
I<~/ ). &4-daAd
Kay S. j3lanchard, Recording Secretary
III
. ~,
326
ATTAcmmNT 1. RESOLUTION
WHEREAS, the bond order hereinafter described has taken III
effect and the Board of Commissioners of the County of Harnett,
sitting as the governing body of South Central Water and Sewer
District of Harnett County, desires to make provision for the
issuance of bonds authorized by said bond order: and
WHEREAS, the Board of Commissioners of the County of
Harnett, sitting as the governing body of South Central Water and
Sewer District of Harnett County, desires to sell the bonds at
private sale without advertisement: and
WHEREAS, the Board of Commissioners of the County of
Harnett, sitting as the governing body of South Central Water and
Sewer District of Harnett County, desires to sell the bonds at a
rate of interest not exceeding 5.00% per annum: and
WHEREAS, the Board of Commissioners of the County of
Harnett, sitting as the governing body of South Central Water and
Sewer District of Harnett County, has been informed of Farmers
Home Administration's undertaking to purchase the bonds at the
rate of 5.00% per annum, 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 $191,000 pursuant to and in accordance with
the sanitary sewer 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 "Sanitary Sewer Bonds." 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) The bonds shall be issuable in the denomination of
$500 or any integral multiple thereof, shall be numbered so as to
uniquely designate each bond and such numbering shall be in ac-
cordance with the system of the hereinafter designated bond
registrar of the Issuer and shall be payable in annual
installments on June 1 as follows:
Year principal Principal Principal
Amount :Year ~oUDt Year J.mDunt
1.994 $2,000 2007 $4,000 2020 $7,000
1995 2,000 2008 4,000 2021 7,500
1996 2,000 2009 4,000 2022 7,500 III
1997 2,000 2010 4,000 2023 8,000
1998 2,000 2011. 4,000 2024 8,000
1999 2,000 2012 5,000 2025 8,000
2000 3,000 2013 5,000 2026 8,000
2001 3,000 2014 5,000 2027 8,000
2002 3,000 2015 5,000 2028 8,000
2003 3,000 2016 6,000 2029 8,000
2004 3,000 2017 6,000 2030 8,000
2005 3,000 2018 6,000 2031 8,000
2006 3,000 2019 6,000
(3) The bonds shall be dated June 1, 1991 (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 hereinafter determined provided the net
327
interest cost to the Issuer shall not exceed 5.00% per annum. Such
interest shall be payable semi-annually 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, 1992 and annually
thereafter of the 1st day of June of each year.
(4) The bonds shall be issued as fully registered bonds
without coupons in the denomination of $500 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 $191,000 (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 the 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
Board of Commissioners of the governing body of the Issuer (the
"Paying Agent") and mailed to the registered owner of record as of
l5 days prior to the 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
$191,000 shall be numbered R-l 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
III 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
328
the National Finance Office of the Farmers Home Administration,.5t.
Louis, Missouri.
(7) 50 long as the bonds are held or insured by the
United states of America, Farmers Home Administration, the
principal thereon may be prepaid in whole or in part without pre-
mium at any time in inverse order of maturity.
(8) The bonds maturing on and after June 1, 2002 shall
be subject to redemption prior to their stated maturities at the
option of the Issuer on or after June 1, 2001, 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 period of
twelve months or part thereof between the redemption date and the
maturity date of each bond to be redeemed, provided that such pre-
mium shall not exceed two percent (2%) of such principal amount.
If less than all of the bonds of any maturity are called for re-
demption, 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, redemp-
tion price and identifying the bonds or portions thereof to be re-
deemed 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 ac-
crue, 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 45
days prior to the redemption date in writing to the registered III
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 reg-
istration thereof, for the approval of the Multiple Bonds by the
Secretary of the Local Government Commission, and for authentica-
tion of the Multiple Bonds by the Transfer Agent shall be in sub-
stantially the fOllowing form:
329
(Form of Multiple Bonds)
~.~ $
UNXTED STATES OF AMERICA
STATE OF NORTH CAROLINA
SOUTH CENTRAL WATER AND SEWER DISTRXCT
OF BARNETT COUNTY
SANXTARY S~.~R BOND
DATE OF
XNTEREST ORIGXNAL
RATE MATURITY ISSUE
June 1, 1991
REGISTERED OWNER:
PRINCIPAL SUK: DOLLARS
The South Central Water and Sewer District of Harnett
county (hereinafter referred to as the "District"), a county water
and sewer district 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 semi-annually on June 1 and December 1 of each year.
principal of this bond is payable by check by First-citizens Bank &
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 reqistered owner hereof at
his address as it appears on the bond reqistry books of First
citizens Bank & Trust company, in Raleigh, North Carolina, as
transfer aqent (the "Transfer Agent"), at the close of business on
the fifteenth day of the calendar month (whether or not a business
day) next precedinq 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
qovernmental charges incident to such transfer. Upon any such
transfer a new registered bond without coupons of the same maturity
I 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
330
the Board of commissioners of the county of Harnett, sitting as ~he
governing body of the District, on July 22, 1985 to pay capital
costs of providing sanitary sewer facilities for the District. The
issuance of this bond and the contracting of the indebtedness
evidence 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, 2002 shall be
subject to redemption prior to their stated maturities at the
option of the District on or after June 1, 2001, 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 period of
twelve months or part thereof between the redemption date and the
maturity date of each bond to be redeemed, provided that such pre-
mium shall not exceed two percent of such principal amount. If
less than all of the bonds of any maturity are called for redemp-
tion, 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 regist~ed
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 portion 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
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 45 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.
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
331
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
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, 1991-
(facsimile sianature\
Chairman, governing body of South
Central Water and Sewer District of
Harnett County
(DISTRICT)
(SEAL)
(facsimile sianature\
Clerk, South Central Water and Sewer
District of Harnett County
TRANSFER AGENT'S CERTIFICATE OF AY6AENTICATION
This bond is one of the bonds of the issue designated
herein and issued under the within-mentioned bond order.
FIRST-CITIZENS BANK , TRUST COMPANY
BY:
Authorized Signatory
Date of Authentication:
CERTIFICATE OF LOCAL GOVElUIHENT COHKISSION
The issue hereof has been approved under the
provisions of The Local Government Bond Act.
(fac~~mile ~ianaturel
Secretary of the Local Government Commission
332
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.
Date:
NOTICE: The signature to this Signature Guaranteed:
assignment must correspond
with the name as it appears
upon the face of the within
bond in every particular, with-
out any alteration whatsoever.
(10) The Single Bond, the provisions for entry of pay-
ments of principal and interest with respect thereto, for assign-
ment 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 C.:........-.AL WATER AND SEWER DI:STRI:CT
OF HARNETT COw~..J
SANI:TJ.1lY SEWEll BOW
R-1 $191,000
The South Central Water and Sewer District of Harnett
County (hereinafter called the "District"), a county water and
sewer district 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
$191,000 on the first day of June in years and installments, as
follows:
Principal principal principal
Year ---Amount. J.In: J.l\lount. Year Amount
1994 $2,000 2007 $4,000 2020 $7,000
1995 2,000 2008 4,000 2021 7,500
1996 2,000 2009 4,000 2022 7,500
1997 2,000 2010 4,000 2023 8,000
1998 2,000 2011 4,000 2024 8,000
1999 2,000 2012 5,000 2025 8,000
2000 3,000 2013 5,000 2026 8,000
2001 3,000 2014 5,000 2027 8,000
2002 3,000 2015 5,000 2028 8,000
2003 3,000 2016 6,000 2029 8,000
2004 3,000 2017 6,000 2030 8,000
2005 3,000 .2018 6,000 2031 8,000
2006 3,000 2019 6,000
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 remaining
unpaid, in like coin or currency, at the rate of five per centum
(5.00\) per annum on June 1, 1992, and annually thereafter on
June 1 of each year, until the principal amount hereof has been
paid.
333
Payments of the installments of principal and interest
then due and payable on this bond without presentation or surren-
der 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 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 sanitary, sewer 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
$500 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 $500 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 in-
stallments hereof may be prepaid in whole or in part at any time
III in inverse order of maturity.
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 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.
334
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 III
corporate seal of the District and this bond to be dated
.
Chairman, governing body of the
South Central Water and Sewer District
of Harnett county
(DISTRICT)
(SEAL)
Clerk, South central Water and Sewer
District of Harnett County
CERTXFXCATE OF LOCAL GOVERNMENT COMHXSSXON
The issuance of the within bond has been approved under
the provisions of The Local Government Bond Act.
Secretary of the Local Government Commission
By:
Designated Assistant
PAYMENT RECOnn '.
Name of
principal Interest paying Agent,
principal Balance payment Date Authorized
Due Date Pavment Due f S. OO';L. Paid Off. , Title
June 1, 1994 S2.000
June 1, 1995 2.000
June 1, 1996 --..2.000
June 1, 1997 --'..000
June 1, 1998 2.000
June 1, 1999 2.000
June 1, 2000 3.000
June 1, 2001 3.000
June 1, 2002 3.000
June 1, 2003 3.000
June 1, 2004 3.000
June 1, 2005 3.000
June 1, 2006 3.000
June 1, 2007 4.000
June 1, 2008 4.000
June 1, 2009 4.000
June 1, 2010 4.000
June 1, 2011 4.000
June 1, 2012 5.000
June 1, 2013 5.000
June 1, 2014 5.000
June 1, 2015 5.000
June 1, 2016 6.000
June 1, 2017 6.000
June 1, 2018 6.000
June 1, 2019 6.000
June 1, 2020 7.00(l
June 1, 2021 7.500
June 1, 2022 7.S00
June 1, 2023 8.000
June 1, 2024 8.000
June 1, 2025 8.000
June 1, 2026 8.000
June 1, 2027 8.000
June 1, 2028 8.000
June 1, 2029 8.000
June 1, 2030 8.000
June 1, 2031 8.000
335
5 CHEDULE "A"
Principal ins~allments on which payments have been made prior to ma~u=~~~.
: : : : Name of
principal : principal : Balance : Date : Paying Agent,
III Date : Amoun~ : Paymen~ : : Paid : Authorized Off.
: . : : : & Title
(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.
(1.2) The bonds shall be sold to the Farmers Home
Administration at private sale without advertisement in the form
of a single registered bond bearing interest at the rate of 5.00\
per annum, provided that the Local Government commission shall
determine that such price is in the best interest of the Issuer.
(1.3) The Chairman of the governing body of the Issuer
and the 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.
336
.
(14) The Issuer covenants to comply with the provision~
of the Internal Revenue Code of 1986, as amended (the "Code"), to
the extent required to preserve the exclusion from gross income III
of interest on the bonds for Federal income tax purposes.
(15) The Issuer hereby represents that (i) the proposed
$191,000 Sanitary Sewer Bonds are not private activity bonds as
defined in the Code and (ii) the Issuer, together with any
subordinate entities of the Issuer and any entities which issue
obligations on behalf of the Issuer, reasonably expects that it
will not issue cumulatively more than $10,000,000 of tax-exempt
obligations (other than private activity bonds which are not
qualified 501(C) (3) bonds) during the current calendar year. In
addition, the Issuer hereby designates the above-mentioned bonds
as "qualified tax-ex.;..,,~:" obligations" for the purposes of Section
265(b) (3) of the Code.
(16) The power to make any election on behalf of the
Issuer with respect to the arbitrage rebate provisions of the
Code applicable to the bonds is hereby delegated to the Chairman
of the governing body of the Issuer and the Clerk of the Issuer.
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:
AYES: 5
NAYS: 1