021698February 16, 1998
The Randolph County Board of Commissioners met in special session at 6:00 p.m. in the
Commissioners Meeting Room, County Office Building, 725 McDowell Road, Asheboro, NC.
Commissioners Frye, Holmes, Davis and Mason were present. Commissioner Kemp was absent.
Chairman Frye stated that the original purpose of this meeting was to hold a public hearing on the
bond order entitled `BOND ORDER AUTHORIZING THE ISSUANCE OF $25,000,000 REFUNDING
BONDS OF THE COUNTY OF RANDOLPH, " which was introduced on February 2, 1998. However, on
the advice of Joe Niggel, the County's financial advisor on this issue, the amount of the bond order should
be changed to $35,000,000. Therefore, the process must start over with the introduction of a new bond
order and the setting of a public hearing on the new bond order.
Joe Niggel explained that he is recommending this increase in the bond order amount because of
recent fluctuations in interest rates.
Frank Willis, County Manager, noted that the Local Government Commission has acknowledged the
County's application for the $35,000,000, as required before the bond order can be introduced.
Commissioner Holmes introduced the following bond order, entitled `BOND ORDER
AUTHORIZING THE ISSUANCE OF $35,000,000 REFUNDING BONDS OF THE COUNTY OF
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WHEREAS, the County of Randolph (the "County") has issued General Obligation School Bonds,
dated April 1, 1991 (the "1991 General Obligation School Bonds"), a certain portion of which remain
outstanding (the "Outstanding 1991 General Obligation School Bonds"); and
WHEREAS, the County has issued General Obligation School Bonds, dated May 1, 1992 (the
1992 General Obligation School Bonds"), a certain portion of which remain outstanding (the "Outstanding
1992 General Obligation School Bonds"); and
WHEREAS, the Board of Commissioners of the County deems it advisable to refund all or a
portion of the Outstanding 1991 General Obligation School Bonds and Outstanding 1992 General
Obligation School Bonds (collectively referred to herein as the "Outstanding Bonds to be Refunded")
pursuant to and in accordance with The Local Government Finance Act; and
WHEREAS, the Board has caused to be filed with the Secretary of the Local Government
Commission of North Carolina an application for Commission approval of the bonds hereinafter described
as required by The Local Government Finance Act, and the Secretary of the Commission has notified the
Board that the application has been filed and accepted for submission to the Commission;
NOW, THEREFORE, BE IT ORDERED by the Board as follows:
Section 1. The County Board of Commissioners has ascertained and hereby determines that it is
advisable to refund the Outstanding Bonds to be Refunded.
Section 2. To raise all or a portion of the money required to refund the Outstanding Bonds to be
Refunded as set forth above and to pay expenses in connection therewith, bonds of the County are hereby
authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The
maximum aggregate principal amount of bonds authorized by this bond order shall be $35,000,000.
Section 3. Taxes sufficient to pay the principal of and interest on those bonds when due shall be
annually levied and collected.
Section 4. A sworn statement of the County's debt has been filed with the Clerk to the Board and is
open to public inspection.
Section 5. The bond order shall take effect upon its adoption.
On motion of Holmes, seconded by Davis, the Board unanimously adopted the following
resolution:
WHEREAS, the bond order entitled, `BOND ORDER AUTHORIZING THE ISSUANCE OF
$35,000,000 REFUNDING BONDS OF THE COUNTY OF RANDOLPH" has been introduced at the
meeting of the Board of Commissioners of the County of Randolph held on February 16, 1998, and the
Board desires to provide for a public hearing thereon and the submission of a statement of debt in
connection therewith as required by The Local Government Finance Act;
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
A. The public hearing upon that bond order shall be held on March 9, 1998, at 4:30 p.m. in the
Commissioners Meeting Room in the Randolph County Office Building, 725 McDowell Road, Asheboro,
North Carolina.
B. The Clerk to the Board is hereby directed to cause a copy of the bond order to be published with
a notice of the hearing in the form prescribed by law in a qualified newspaper no fewer than six days prior to
the public hearing.
C. The County's Finance Officer is hereby directed to file with the Clerk to the Board prior to
publication of the bond order with the notice of such public hearing, a statement setting forth the debt
incurred or to be incurred, the appraised value of property subject to taxation by the County and the net
debt of the County.
Frank Willis, Finance Officer, filed with the Clerk to the Board a sworn statement setting forth the
debt incurred or to be incurred, the appraised value of property subject to taxation by the County and the
net debt of the County. The whole purpose of this debt statement is to insure that the proposed bond issue
will not exceed the statutory debt limitation, which is 8% of the appraised valuation of property within the
county. The County's current net debt is 1.15%.
The meeting adjourned at 6:10 p.m.
Darrell L. Frye
Robert B. Davis
Alice D. Dawson, Clerk to the Board
J. Harold Holmes
Robert O. Mason