RESOLUTION AWARDING THE BONDS AND DESIGNATING THE TOWN OF CHAPEL HILL, NORTH CAROLINAAS PAYING AGENT FOR THE $4,700,000 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 2000

(2000-02-28/R-15)

 

BE IT RESOLVED by the Town Council of the Town of Chapel Hill, North Carolina (the "Town") as follows:

 

                        Section 1.  Notice was duly distributed calling for sealed bids to be received by the Local Government Commission, at its office in the City of Raleigh, North Carolina, until 11:00 A.M., North Carolina time on Tuesday, February 15, 2000, for the Bonds, at which hour bidding was closed and the following bids were found to have been filed offering to purchase the Bonds and to accord in all respects with the terms of the notice, each bid being accompanied by an official bank check, a cashier's check, a certified check, a treasurer's check or a financial surety bond in the amount of $94,000 payable unconditionally to the order of the State Treasurer of North Carolina.

 

                        (1)        Bid of Wachovia Securities, Inc. offering to pay $4,700,000 plus accrued interest for the Bonds, and naming for the Bonds the interest rates set forth below in Column (1) of the tabulation headed "INTEREST RATES NAMED IN BIDS."

 

                        (2)        Bid of First Union Securities, Inc. offering to pay $4,700,000, plus a premium of $31.90, plus accrued interest for the Bonds, and naming for the Bonds the interest rates set forth below in Column (2) of the tabulation headed "INTEREST RATES NAMED IN BIDS."

 

                        (3)        Bid of SunTrust Equitable Securities offering to pay $4,700,000, plus a premium of $619.00, plus accrued interest for the Bonds, and naming for the Bonds the interest rates set forth below in Column (3) of the tabulation headed "INTEREST RATES NAMED IN BIDS."

 

                        (4)        Bid of BB&T Capital Markets offering to pay $4,700,000, plus a premium of $9,794.20, plus accrued interest for the Bonds, and naming for the Bonds the interest rates set forth below in Column (4) of the tabulation headed "INTEREST RATES NAMED IN BIDS."

 

            Year of           $4,700,000

            Maturity              Bonds                                 Interest Rates Named in Bids

                                                                             (1)              (2)              (3)               (4)

              2001              $175,000                        5.20%        5.20%        5.40%         5.00%

              2002                200,000                        5.20           5.30           5.40             5.00

              2003                250,000                        5.20           5.30           5.40             5.00

              2004                200,000                        5.20           5.30           5.40             5.00

              2005                200,000                        5.25           5.30           5.40             5.00

              2006                  75,000                        5.25           5.30           5.40             5.20

              2007                200,000                        5.25           5.30           5.40             5.20

              2008                200,000                        5.25           5.40           5.40             5.20

              2009                200,000                        5.25           5.40           5.40             5.20

              2010                300,000                        5.25           5.40           5.40             5.20

              2011                300,000                        5.25           5.40           5.40             5.30

              2012                300,000                        5.25           5.40           5.40             5.50

              2013                300,000                        5.25           5.40           5.40             5.50

              2014                300,000                        5.25           5.40           5.40             5.50

              2015                300,000                        5.25           5.40           5.40             5.75

              2016                300,000                        5.30           5.40           5.40             5.75

              2017                300,000                        5.30           5.40           5.50             5.75

              2018                300,000                        5.40           5.40           5.50             5.75

              2019                300,000                        5.40           5.40           5.50             5.75

 

                        Section 3.  That the bid offering to purchase the Bonds at the lowest net interest cost to the Town, such cost being determined by deducting the amount of premium bid from the aggregate amount of interest upon all the Bonds from March 1, 2000 until their respective maturities, was the bid Wachovia Securities, Inc. offering to pay $4,700,000 plus accrued interest for the Bonds, and naming for the Bonds the interest rates set forth above in Column (1) of the tabulation headed "INTEREST RATES NAMED IN BIDS" in Section 2 above, such net interest cost being 5.2895%.

 

                        Section 4.  It is hereby determined that under the terms of the Notice of Sale with respect to the Bonds the bid of Wachovia Securities, Inc. should be accepted and the acceptance thereof is in the best interests of the Town.

 

                        Section 5.  The Bonds are hereby awarded to Wachovia Securities, Inc. at the price set forth in Section 2 above offered for the Bonds and at the rates of interest named in said bid as set forth above in Column (1) of the tabulation headed "INTEREST RATES NAMED IN BIDS" in Section 2 above, and the Bonds shall be issued bearing interest at those rates.

 

                        Section 6.  The Bonds shall be prepared and executed by the Mayor and Town Clerk of the Town substantially in the form and manner set forth in the Bond Resolution, as amended by the terms of this Resolution, with a certificate of authentication to be added thereto and executed by the Director of Finance of the Town.  Bonds in typewritten form shall be delivered to or upon the order of The Depository Trust Company, New York, New York upon payment of the purchase price and accrued interest no later than March 1, 2000.

 

                        Section 7.  The Town of Chapel Hill, North Carolina is hereby designated and appointed by the Town to act as Paying Agent for the Bonds.

 

                        Section 8.  The officers and agents of the Town are hereby authorized and directed to do all acts and things necessary to carry into effect the provisions of this Resolution.

 

                        Section 9.  This Resolution shall be in full force and effect immediately upon its passage.

 

This the 28th day of February, 2000.