September 3, 2002 - 10:00 AM - County Board of Commissioners Meeting Minutes

10 46 September 3 , 2002 The Johnston County Board of Commissioners met in regular session Tuesday , September 3 , 2002 , at 10 00 am in the Commissioners Meeting Room , Johnston County Courthouse Annex , Smithfield , North Carolina , with the following members present Present James H Langdon , Jr , Chairman , Cookie Pope , Vice Chairman , Thomas M Moore , Allen L Mims , Jr , Fred Smith , and W Ray Woodall Absent Wade M Stewart Also Present Rick J Hester , County Manager , Joyce H Ennis , Clerk to the Board , Mark Payne , County Attorney , and John R Massey , Finance Officer The Chairman called the meeting to order and the following business was transacted 1 Minutes - August 5 , 12 , 16 , 2002 Upon a motion by Commissioner W Ray Woodall , seconded by Commissioner Cookie Pope and carried by unanimous vote , the Board approved the minutes of the August 5 , 12 , 16 , 2002 board meetings Public Comments - No one spoke at this time 2 Resolution Authorizing Issuance of School General Obligation Bonds Commissioner Fred Smith introduced a resolution , the title of which is as follows and was read RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION SCHOOL BONDS OF JOHNSTON COUNTY , PURSUANT TO THE BOND ORDER HERETOFORE APPROVED AND PROVIDING FOR THE FORM , DETAILS AND PAYMENT THEREOF WHEREAS , the Bond Order hereinafter described was authorized and adopted by the Board of Commissioners of Johnston County the “ Board ” on September 4 , 2001 and approved by the voters on November 6 , 2001 ; and WHEREAS , the Board desires to provide for the issuance of general obligation School Bonds to finance the costs of school facilities pursuant to such Bond Order ; and WHEREAS , under North Carolina law , such bonds are to be sold at public sale by the North Carolina Local Government Commission after circulation of an official statement with respect to such bonds which describes the terms thereof and the security therefor , including information concerning the County and its financial resources , and the Board has been provided a draft of such official statement ; NOW , THEREFORE , the Board of Commissioners of Johnston County , meeting in regular session at Smithfield , North Carolina , on September 3 , 2002 , does the following BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR JOHNSTON COUNTY 1 The County shall issue its general obligation School Bonds in an aggregate principal amount of 25,000,000 the “ Bonds ” , pursuant to and in accordance with the Bond Order entitled “ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF JOHNSTON COUNTY IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF 75,000,000 FOR THE PURPOSE OF FINANCING , IN PART , THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF SCHOOL FACILITIES ” 2 The Bonds shall be designated “ General Obligation School Bonds , Series 2002A ” and shall be dated October 1 , 2002 The Bonds shall mature in annual installments on October 1 in the years and amounts as shall be determined by the County Finance Director , the County Manager and the LGC , as hereafter defined Each Bond shall bear interest at such rate as shall be determined by the County Manager and the LGC at the time of sale , provided no interest rate on any Bond shall exceed five and one - half percent 55 , payable on April 1 , 2003 , and semiannually thereafter on October 1 and April 1 Initially , one bond certificate for each maturity of each series of the Bonds will be issued to The Depository Trust Company , New York , New York “ DTC ” , and immobilized in its custody So long as DTC is securities depository for the Bonds , a book - entry system will be employed , evidencing ownership of the Bonds in principal amounts of 5,000 or multiples thereof , with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants Interest on the Bonds will be payable to DTC or its nominee as registered owner of the Bonds Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC ; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners The County will not be responsible or liable for maintaining , supervising or reviewing the records maintained by DTC , its participants or persons acting through such participants In the event that a DTC determines not to continue to act as securities depository for the Bonds or b the County Manager determines that continuation of the book - entry system of evidence and transfer of ownership of the Bonds would adversely affect the interests of the beneficial owners of the Bonds , the County will discontinue the book - entry system with DTC If the County fails to identify another qualified securities depository to replace DTC , the County will authenticate and deliver replacement Bonds in the form of fully registered certificates , and registration of transfer of the Bonds will be permitted as described in paragraph 7 Page47 3 The Bonds maturing prior to October 1 , 2013 , will not be subject to redemption prior to maturity The Bonds maturing on or after October 1 , 2013 , will be subject to redemption prior to maturity , at the option of the County , from any moneys that may be made available for such purpose , either in whole or in part in multiples of 5,000 of principal amount on any date not earlier than October 1 , 2012 , at the principal amount of the Bonds to be redeemed together with interest accrued thereon to the date fixed for redemption , plus a redemption premium of ½ 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 such Bond to be redeemed , such premium not to exceed 2 of such principal amount If less than all of the Bonds of any one maturity shall be called for redemption , the particular Bonds or portions of Bonds to be redeemed shall be selected by lot by the County in such manner as the County may determine , provided that DTC and its participants shall determine which Bonds are to be redeemed by lot so long as a book - entry system with DTC is continued Notice of redemption shall be given by facsimile transmission , registered or certified mail or overnight express delivery to DTC or its nominee as the registered owner of the Bonds Such notice shall be sent or mailed not more than 60 nor less than 30 days prior to the date fixed for redemption The County will not be responsible for sending or mailing notices of redemption to anyone other than DTC or its nominee unless no qualified securities depository is the registered owner of the Bonds If no qualified securities depository is the registered owner of the Bonds , notice of redemption will be sent or mailed to the registered owners not less than 30 days prior to the date fixed for redemption 4 The Bonds shall be signed by the manual or facsimile signature of the Chairman of the Board of Commissioners of the County , shall be countersigned by the manual or facsimile signature of the Clerk to the Board and a manual or facsimile of the County’s seal shall be printed or affixed thereon No Bond shall be valid until it has been endorsed by the manual or facsimile signature of an authorized representative of the North Carolina Local Government Commission the “ LGC ” 5 The Bonds shall be in substantially the following form , the terms and requirements of which are incorporated herein by reference REGISTERED REGISTERED No R - ___ ____________ UNITED STATES OF AMERICA STATE OF NORTH CAROLINA JOHNSTON COUNTY General Obligation School Bond , Series 2002A INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP NO _____ _________ 1 , 20__ October 1 , 2002 ________ REGISTERED OWNER CEDE & CO PRINCIPAL AMOUNT DOLLARS ___________ Johnston County , North Carolina the “ County ” , for value received , hereby promises to pay , upon surrender hereof to the County , to the registered owner hereof , or registered assigns or legal representative , the principal sum stated above on the maturity date stated above and to pay interest hereon semiannually on each October 1 and April 1 at the annual rate stated above Interest is payable from October 1 , 2002 , beginning April 1 , 2003 Interest is payable by check mailed to the person shown as owner hereof at his address as it appears on the registration books kept by the County on the fifteenth day of the month preceding each interest payment date Principal and interest are payable in lawful money of the United States of America This Bond is one of an issue of 25,000,000 Johnston County General Obligation School Bonds , Series 2002A of like date and tenor , except as to number , denomination , rate of interest and maturity , and is issued pursuant to the Constitution , the statutes of the State of North Carolina , including The Local Government Bond Act and regulations of the North Carolina Local Government Commission “ LGC ” , resolutions of the Board of Commissioners of Johnston County and the Bond Order entitled “ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF JOHNSTON COUNTY IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF 75,000,000 FOR THE PURPOSE OF FINANCING , IN PART , THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF SCHOOL FACILITIES ” which was authorized and adopted by the County on September 4 , 2001 and approved by the voters on November 6 , 2001 The Bonds maturing prior to October 1 , 2013 , will not be subject to redemption prior to maturity The Bonds maturing on or after October 1 , 2013 , will be subject to redemption prior to maturity , at the option of the County , from any moneys that may be made available for such purpose either in whole or in part in multiples of 5,000 on any date not earlier than October 1 , 2012 , at the principal amount of the Bonds to be redeemed , together with interest accrued thereon to the date fixed for redemption , plus a redemption premium of ½ 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 such Bond to be redeemed , such premium not to exceed 2 of such principal amount If less than all of the Bonds of any one maturity shall be called for redemption , the particular Bonds or portions of Bonds to be redeemed shall be selected by lot in such manner as the County may determine ; provided , however , that so long as the book - entry system is used for determining beneficial ownership of Bonds , The Depository Trust Company “ DTC ” and its participants shall determine which of the Bonds are to be redeemed by lot Notice of redemption shall be given by facsimile transmission , registered or certified mail or overnight express delivery to DTC or its nominee as the registered owner of the Bonds Such notice shall be sent or mailed not more thanPage48 60 nor less than 30 days prior to the date fixed for redemption The County will not be responsible for sending or mailing notices of redemption to anyone other than DTC or its nominee unless no qualified securities depository is the registered owner of the Bonds If no qualified securities depository is the registered owner of the Bonds , notice of redemption will be sent or mailed to the registered owners not less than 30 days prior to the date fixed for redemption If no qualified securities depository is the registered owner of the Bonds , registration of transfer of the Bonds and exchange of certificates thereof may be effected at the office of the County The full faith and credit and taxing power of the County are hereby irrevocably pledged for the payment of principal of and interest on this Bond All acts , conditions and things required by the Constitution and statutes of the State of North Carolina to happen , exist or be performed precedent to and in the issuance of this Bond have happened , exist and have been performed , and the issue of Bonds of which this Bond is one , together with all other indebtedness of the County , is within every debt and other limit prescribed by the Constitution and statutes of the State of North Carolina This Bond shall be governed by the laws of the State of North Carolina This Bond shall not be valid until the County shall have executed the Certificate of Authentication appearing hereon IN WITNESS WHEREOF , Johnston County , North Carolina , has caused this Bond to be signed by the manual or facsimile signature of the Chairman of its Board to be countersigned by the manual or facsimile signature of the Clerk of Johnston County , a manual or facsimile of its seal to be printed or affixed hereon , and this Bond to be dated October 1 , 2002 Date Authenticated _______________ Chairman , Board of Commissioners SEAL Clerk , Board of Commissioners CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within - mentioned Bond Order COUNTY OF JOHNSTON , NORTH CAROLINA By County Finance Officer The issue hereof has been approved under the provisions of The Local Government Bond Act of North Carolina By Janice T Burke , Acting Secretary Local Government Commission ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sell s , assign s and transfer s unto Please print or type name and address , including postal zip code , of Transferee PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE _________________________________ the within bond and all rights thereunder , hereby irrevocably constituting and appointing __________________ ________________________________ , Attorney , to transfer said bond on the books kept for the registration thereof , with full owner of substitution in the premises Dated ________________________ Signature Guaranteed _____________________________ _______________________________ NOTICE Signature s must be Signature of Registered Owner guaranteed by a member firm NOTICE The signature above must correspond with the name of the New York Stock of the registered owner as it appears on the front of this bond Exchange or a commercial bank in every particular , without alteration or enlargement or trust company or any change whatsoever 6 The full faith and credit and taxing power of the County are hereby irrevocably pledged for the payment of principal of and interest on the Bonds Unless other funds are lawfully available and appropriated for timely payment of the Bonds , the Board shall levy and collect taxes and raise other revenues for payment of the principal of and interest on the Bonds , as the same become due and payable 7 The County shall maintain registration books for the registration of Bonds If no qualified securities depository is the registered owner of the Bonds , upon surrender of any Bonds at the office of the County , together with an assignment duly executed by the registered owner or his duly authorized attorney or legal representative in such form as shall be satisfactory to the County , the County shall execute and shall authenticate and deliver in exchange , a new Bond or Bonds having an equal aggregate principal amount , in authorized denominations , of the same form and maturity , bearing interest at the same rate , and registered in names as requested by the then registered owner or his dulyPage49 authorized attorney or legal representative Any such exchange shall be at the expense of the County , except that the County may charge the person requesting such exchange the amount of any tax or other governmental charge required to be paid with respect thereto The County shall treat the registered owner as the person exclusively entitled to payment of principal and interest and the exercise of all other rights and powers of the owner , except that interest payments shall be made to the person shown as owner on the registration books on the fifteenth day of the month preceding each interest payment date 8 The LGC is hereby requested to sell said General Obligation School Bonds , Series 2002 by public sale on or about September 24 , 2002 , pursuant to an Official Statement in substantially the form of the draft presented to the Board 9 The Board covenants on behalf of the County that so long as any of the installments of principal and interest on the Bonds are outstanding and unpaid , the County shall not take or omit to take any action the taking or omission of which will cause the Bonds to be “ arbitrage bonds ” within the meaning of Section 148 of the Internal Revenue Code of 1986 , as amended the “ Code ” , or otherwise cause interest on the Bonds to be includable in the gross income of the holders thereof 10 The Board hereby covenants that it will not permit the gross proceeds of the Bonds to be used in any manner that would result in either a 5 or more of such proceeds being considered as having been used directly or indirectly in any trade or business carried on by any person other than a governmental unit as provided in Section 141 b of the Code , b 5 of such proceeds being used with respect to any “ output facility ” other than a facility for the furnishing of water , within the meaning of Section 141 b 4 of the Code , or © 5 or more of such proceeds being considered as having been used directly or indirectly to make or finance loans to any person other than a governmental unit as provided in Section 141 c of the Code ; provided , however , that if the Board receives an opinion of bond counsel acceptable to the LGC that any such restriction is not required to prevent the interest on the Bonds from being includable in the gross income of the registered owners thereof under existing statutes , the Board need not comply with such restriction 11 The County hereby undertakes , for the benefit of the beneficial owners of the Bonds , to provide a by not later than seven months from the end of each fiscal year of the County , to each nationally recognized municipal securities information repository “ NRMSIR ” and to the state information depository for the State of North Carolina “ SID ” , if any , audited financial statements of the County for such fiscal year , if available , prepared in accordance with Section 159 - 34 of the General Statutes of North Carolina , as it may be amended from time to time , or any successor statute , of , if such audited financial statements of the County are not available by seven months from the end of such fiscal year , unaudited financial statements of the County for such fiscal year to be replaced subsequently by audited financial statements of the County to be delivered within 15 days after such audited financial statements become available for distribution ; b by not later than seven months from the end of each fiscal year of the County , to each NRMSIR , and to the SID , if any , i the financial and statistical data as of a date not earlier than the end of the preceding fiscal year for the type of information included under heading “ The County - Debt Information and - Tax Information ” in the Official Statement relating to the Bonds excluding any information on overlapping or underlying units and ii the combined budget of the County for the current fiscal year , to the extent such items are not included in the audited financial statements referred to in a above ; © in a timely manner , to each NRMSIR or to the Municipal Securities Rulemaking Board “ MSRB ” , and to the SID , if any , notice of any of the following events with respect to the Bonds , if material 1 principal and interest payment delinquencies ; 2 non - payment related defaults ; 3 unscheduled draws on debt service reserves reflecting financial difficulties ; 4 unscheduled draws on any credit enhancements reflecting financial difficulties ; 5 substitution of any credit or liquidity providers , or their failure to perform ; 6 adverse tax opinions or events affecting the tax - exempt status of the Bonds 7 modification to the rights of the beneficial owners of the Bonds ; 8 call of any of the Bonds for redemption ; 9 defeasance of any of the Bonds ; 10 release , substitution or sale of any property securing repayment of the Bonds ; or 11 rating changes d in a timely manner , to each NRMSIR or to the MSRB , and to the SID , if any , notice of a failure of the County to provide required annual financial information described in a or b above on or before the date specified For purposes of this paragraph , “ provide ” shall mean to initiate delivery by facsimile transmission , registered or certified mail or overnight express If the County fails to comply with the undertaking described above , any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking , including an action for specific performance ; provided , however , that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds All actions shall be instituted , had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds The County reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the judgment of the County , provided that a any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements , change in law or change in the identity , nature or status of the County ;PagePage pageNumber550 b the information to be provided , as modified , would have complied with the requirements of Rule 15c2 - 12 issued under the Securities Exchange Act of 1934 “ Rule 15c2 - 12 ” as of the date of the Official Statement relating to the Bonds , after taking into account any amendments or interpretations of Rule 15c2 - 12 , as well as any changes in circumstances ; and © any such modification does not materially impair the interests of the beneficial owners , as determined either by parties unaffiliated with the County such as bond counsel , or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of this resolution , as it may be amended from time to time , at the time of the amendment Any annual financial information containing modified operating data or financial information shall explain , in narrative form , the reasons for the modification and the impact of the change in the type of operating data or financial information being provided The provisions of this paragraph shall terminate upon payment , or provision having been made for payment in a manner consistent with Rule 15c2 - 12 , in full of the principal of and interest on all of the Bonds 12 The Chairman and the Clerk are hereby authorized and directed to take all proper steps to have the Bonds prepared and , when they shall have been duly sold by the LGC , to execute the Bonds and to deliver the Bonds to the State Treasurer of North Carolina for delivery to the purchasers thereof 13 The Chairman and the Clerk , after consultation with the County Finance Officer and the LGC , are authorized i to adjust the optional redemption provisions in the Bonds , ii to change the dated date of the Bonds to a date later than the dated date herein authorized in order to facilitate the sale and deliver of the bonds , iii to change the principal and interest payment dates for the Bonds so long as such payment dates are semiannual , and iv to make such other adjustments as they shall deem necessary to market the Bonds 14 All other actions of officers of the County in conformity with the purposes and intent of this resolution and in furtherance of the issuance of the Bonds are hereby approved and confirmed 15 Such officers of the County as may be requested are hereby authorized and directed to execute appropriate closing papers including a certificate setting forth the expected use and investment of the proceeds of the Bonds in order to show that such expected use and investment will not violate the provisions of Section 148 of the Code and regulations issued pursuant thereto , applicable to “ arbitrage bonds ” Such papers and certificates shall be in such form as may be requested by bond counsel for the County 16 This resolution , in particular paragraphs 2 , 4 , 5 and 7 hereof , constitutes a system of registration for the Bonds pursuant to NCGS § 159E - 4 17 All resolutions or parts of resolutions in conflict herewith are hereby repealed 18 This resolution shall take effect immediately Commissioner Fred Smith moved the passage of such resolution and Commissioner W Ray Woodall seconded the motion , and the resolution was passed by the following vote Ayes James H Langdon , Jr , Cookie Pope , Thomas M Moore , Allen L Mims , Jr , Fred Smith , and W Ray Woodall Nays None Not voting None 3 Resolution Authorizing Issuance of Community College General Obligation Bonds Commissioner Fred Smith introduced a resolution , the title of which is as follows and was read RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION COMMUNITY COLLEGE BONDS OF JOHNSTON COUNTY , PURSUANT TO THE BOND ORDER HERETOFORE APPROVED AND PROVIDING FOR THE FORM , DETAILS AND PAYMENT THEREOF WHEREAS , the Bond Order hereinafter described was authorized and adopted by the Board of Commissioners of Johnston County the “ Board ” on September 4 , 2001 and approved by the voters on November 6 , 2001 ; and WHEREAS , the Board desires to provide for the issuance of general obligation Community College Bonds to finance the costs of community college facilities pursuant to such Bond Order ; and WHEREAS , under North Carolina law , such bonds are to be sold at public sale by the North Carolina Local Government Commission after circulation of an official statement with respect to such bonds which describes the terms thereof and the security therefor , including information concerning the County and its financial resources , and the Board has been provided a draft of such official statement ; NOW , THEREFORE , the Board of Commissioners of Johnston County , meeting in regular session at Smithfield , North Carolina , on September 3 , 2002 , does the following BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR JOHNSTON COUNTY 1 The County shall issue its general obligation Community College Bonds in an aggregate principal amount of 2,000,000 the “ Bonds ” , pursuant to and in accordance with the Bond Order entitled “ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION COMMUNITY COLLEGE BONDS OF JOHNSTON COUNTY IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF 2,000,000 FOR THE PURPOSE OF FINANCING , IN PART , THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF COMMUNITY COLLEGE FACILITIES ” 2 The Bonds shall be designated “ General Obligation Community College Bonds , Series 2002 ” and shall be dated October 1 , 2002 The Bonds shall mature in annual installments on September 1 in the years and amounts as shallPagePage pageNumber651 be determined by the County Finance Director , the County Manager and the LGC , as hereafter defined Each Bond shall bear interest at such rate as shall be determined by the County Manager and the LGC at the time of sale , provided no interest rate on any Bond shall exceed five and one - half percent 55 , payable on April 1 , 2003 , and semiannually thereafter on October 1 and April 1 Initially , one bond certificate for each maturity of each series of the Bonds will be issued to The Depository Trust Company , New York , New York “ DTC ” , and immobilized in its custody So long as DTC is securities depository for the Bonds , a book - entry system will be employed , evidencing ownership of the Bonds in principal amounts of 5,000 or multiples thereof , with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants Interest on the Bonds will be payable to DTC or its nominee as registered owner of the Bonds Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC ; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners The County will not be responsible or liable for maintaining , supervising or reviewing the records maintained by DTC , its participants or persons acting through such participants In the event that a DTC determines not to continue to act as securities depository for the Bonds or b the County Manager determines that continuation of the book - entry system of evidence and transfer of ownership of the Bonds would adversely affect the interests of the beneficial owners of the Bonds , the County will discontinue the book - entry system with DTC If the County fails to identify another qualified securities depository to replace DTC , the County will authenticate and deliver replacement Bonds in the form of fully registered certificates , and registration of transfer of the Bonds will be permitted as described in paragraph 7 3 The Bonds maturing prior to October 1 , 2013 , will not be subject to redemption prior to maturity The Bonds maturing on or after October 1 , 2013 , will be subject to redemption prior to maturity , at the option of the County , from any moneys that may be made available for such purpose , either in whole or in part in multiples of 5,000 of principal amount on any date not earlier than October 1 , 2012 , at the principal amount of the Bonds to be redeemed together with interest accrued thereon to the date fixed for redemption , plus a redemption premium of ½ 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 such Bond to be redeemed , such premium not to exceed 2 of such principal amount If less than all of the Bonds of any one maturity shall be called for redemption , the particular Bonds or portions of Bonds to be redeemed shall be selected by lot by the County in such manner as the County may determine , provided that DTC and its participants shall determine which Bonds are to be redeemed by lot so long as a book - entry system with DTC is continued Notice of redemption shall be given by facsimile transmission , registered or certified mail or overnight express delivery to DTC or its nominee as the registered owner of the Bonds Such notice shall be sent or mailed not more than 60 nor less than 30 days prior to the date fixed for redemption The County will not be responsible for sending or mailing notices of redemption to anyone other than DTC or its nominee unless no qualified securities depository is the registered owner of the Bonds If no qualified securities depository is the registered owner of the Bonds , notice of redemption will be sent or mailed to the registered owners not less than 30 days prior to the date fixed for redemption 4 The Bonds shall be signed by the manual or facsimile signature of the Chairman of the Board of Commissioners of the County , shall be countersigned by the manual or facsimile signature of the Clerk to the Board and a manual or facsimile of the County’s seal shall be printed or affixed thereon No Bond shall be valid until it has been endorsed by the manual or facsimile signature of an authorized representative of the North Carolina Local Government Commission the “ LGC ” 5 The Bonds shall be in substantially the following form , the terms and requirements of which are incorporated herein by reference REGISTERED REGISTERED No R - UNITED STATES OF AMERICA STATE OF NORTH CAROLINA JOHNSTON COUNTY General Obligation Community College Bonds , Series 2002 INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP NO 1 , 20 October 1 , 2002 REGISTERED OWNER CEDE & CO PRINCIPAL AMOUNT DOLLARS Johnston County , North Carolina the “ County ” , for value received , hereby promises to pay , upon surrender hereof to the County , to the registered owner hereof , or registered assigns or legal representative , the principal sum stated above on the maturity date stated above and to pay interest hereon semiannually on each October 1 and April 1 at the annual rate stated above Interest is payable from October 1 , 2002 , beginning April 1 , 2003 Interest is payable by check mailed to the person shown as owner hereof at his address as it appears on the registration books kept by the County on the fifteenth day of the month preceding each interest payment date Principal and interest are payable in lawful money of the United States of America This Bond is one of an issue of 2,000,000 Johnston County General Obligation Community College Bonds , Series 2002 of like date and tenor , except as to number , denomination , rate of interest and maturity , and is issued pursuant to the Constitution , the statutes of the State of North Carolina , including The Local Government Bond Act and regulations of the North Carolina Local Government Commission “ LGC ” , resolutions of the Board of Commissioners of Johnston County and the Bond Order entitled PagePage pageNumber752 “ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION COMMUNITY COLLEGE BONDS OF JOHNSTON COUNTY IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF 2,000,000 FOR THE PURPOSE OF FINANCING , IN PART , THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF COMMUNITY COLLEGE FACILITIES ” which was authorized and adopted by the County on September 4 , 2001 and approved by the voters on November 6 , 2001 The Bonds maturing prior to October 1 , 2013 , will not be subject to redemption prior to maturity The Bonds maturing on or after October 1 , 2013 , will be subject to redemption prior to maturity , at the option of the County , from any moneys that may be made available for such purpose either in whole or in part in multiples of 5,000 on any date not earlier than October 1 , 2012 , at the principal amount of the Bonds to be redeemed , together with interest accrued thereon to the date fixed for redemption , plus a redemption premium of ½ 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 such Bond to be redeemed , such premium not to exceed 2 of such principal amount If less than all of the Bonds of any one maturity shall be called for redemption , the particular Bonds or portions of Bonds to be redeemed shall be selected by lot in such manner as the County may determine ; provided , however , that so long as the book - entry system is used for determining beneficial ownership of Bonds , The Depository Trust Company “ DTC ” and its participants shall determine which of the Bonds are to be redeemed by lot Notice of redemption shall be given by facsimile transmission , registered or certified mail or overnight express delivery to DTC or its nominee as the registered owner of the Bonds Such notice shall be sent or mailed not more than 60 nor less than 30 days prior to the date fixed for redemption The County will not be responsible for sending or mailing notices of redemption to anyone other than DTC or its nominee unless no qualified securities depository is the registered owner of the Bonds If no qualified securities depository is the registered owner of the Bonds , notice of redemption will be sent or mailed to the registered owners not less than 30 days prior to the date fixed for redemption If no qualified securities depository is the registered owner of the Bonds , registration of transfer of the Bonds and exchange of certificates thereof may be effected at the office of the County The full faith and credit and taxing power of the County are hereby irrevocably pledged for the payment of principal of and interest on this Bond All acts , conditions and things required by the Constitution and statutes of the State of North Carolina to happen , exist or be performed precedent to and in the issuance of this Bond have happened , exist and have been performed , and the issue of Bonds of which this Bond is one , together with all other indebtedness of the County , is within every debt and other limit prescribed by the Constitution and statutes of the State of North Carolina This Bond shall be governed by the laws of the State of North Carolina This Bond shall not be valid until the County shall have executed the Certificate of Authentication appearing hereon IN WITNESS WHEREOF , Johnston County , North Carolina , has caused this Bond to be signed by the manual or facsimile signature of the Chairman of its Board to be countersigned by the manual or facsimile signature of the Clerk of Johnston County , a manual or facsimile of its seal to be printed or affixed hereon , and this Bond to be dated October 1 , 2002 Date Authenticated _______________________________ Chairman , Board of Commissioners SEAL ___________________________ Clerk , Board of Commissioners CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within - mentioned Bond Order COUNTY OF JOHNSTON , NORTH CAROLINA By ___________________________________ County Finance Officer The issue hereof has been approved under the provisions of The Local Government Bond Act of North Carolina By ___________________________________ Janice T Burke , Acting Secretary Local Government Commission ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sell s , assign s and transfer s unto Please print or type name and address , including postal zip code , of Transferee PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE ___________________________ the within bond and all rights thereunder , hereby irrevocably constituting and appointing , Attorney , to transfer said bond on the books kept for the registration thereof , with full power of substitution in the premises Dated Signature Guaranteed NOTICE Signature s must be Signature of Registered Owner guaranteed by a member firm NOTICE The signature above must correspond with the name of the New York Stock of the registered owner as it appears on the front of thisPagePage pageNumber853 Exchange or a commercial bank bond in every particular , without alteration or enlargement or trust company or any change whatever 6 The full faith and credit and taxing power of the County are hereby irrevocably pledged for the payment of principal of and interest on the Bonds Unless other funds are lawfully available and appropriated for timely payment of the Bonds , the Board shall levy and collect taxes and raise other revenues for payment of the principal of and interest on the Bonds , as the same become due and payable 7 The County shall maintain registration books for the registration of Bonds If no qualified securities depository is the registered owner of the Bonds , upon surrender of any Bonds at the office of the County , together with an assignment duly executed by the registered owner or his duly authorized attorney or legal representative in such form as shall be satisfactory to the County , the County shall execute and shall authenticate and deliver in exchange , a new Bond or Bonds having an equal aggregate principal amount , in authorized denominations , of the same form and maturity , bearing interest at the same rate , and registered in names as requested by the then registered owner or his duly authorized attorney or legal representative Any such exchange shall be at the expense of the County , except that the County may charge the person requesting such exchange the amount of any tax or other governmental charge required to be paid with respect thereto The County shall treat the registered owner as the person exclusively entitled to payment of principal and interest and the exercise of all other rights and powers of the owner , except that interest payments shall be made to the person shown as owner on the registration books on the fifteenth day of the month preceding each interest payment date 8 The LGC is hereby requested to sell said General Obligation Community College Bonds , Series 2002 by public sale on or about September 24 , 2002 , pursuant to an Official Statement in substantially the form of the draft presented to the Board 9 The Board covenants on behalf of the County that so long as any of the installments of principal and interest on the Bonds are outstanding and unpaid , the County shall not take or omit to take any action the taking or omission of which will cause the Bonds to be “ arbitrage bonds ” within the meaning of Section 148 of the Internal Revenue Code of 1986 , as amended the “ Code ” , or otherwise cause interest on the Bonds to be includable in the gross income of the holders thereof 10 The Board hereby covenants that it will not permit the gross proceeds of the Bonds to be used in any manner that would result in either a 5 or more of such proceeds being considered as having been used directly or indirectly in any trade or business carried on by any person other than a governmental unit as provided in Section 141 b of the Code , b 5 of such proceeds being used with respect to any “ output facility ” other than a facility for the furnishing of water , within the meaning of Section 141 b 4 of the Code , or © 5 or more of such proceeds being considered as having been used directly or indirectly to make or finance loans to any person other than a governmental unit as provided in Section 141 c of the Code ; provided , however , that if the Board receives an opinion of bond counsel acceptable to the LGC that any such restriction is not required to prevent the interest on the Bonds from being includable in the gross income of the registered owners thereof under existing statutes , the Board need not comply with such restriction 11 The County hereby undertakes , for the benefit of the beneficial owners of the Bonds , to provide a by not later than seven months from the end of each fiscal year of the County , to each nationally recognized municipal securities information repository “ NRMSIR ” and to the state information depository for the State of North Carolina “ SID ” , if any , audited financial statements of the County for such fiscal year , if available , prepared in accordance with Section 159 - 34 of the General Statutes of North Carolina , as it may be amended from time to time , or any successor statute , of , if such audited financial statements of the County are not available by seven months from the end of such fiscal year , unaudited financial statements of the County for such fiscal year to be replaced subsequently by audited financial statements of the County to be delivered within 15 days after such audited financial statements become available for distribution ; b by not later than seven months from the end of each fiscal year of the County , to each NRMSIR , and to the SID , if any , i the financial and statistical data as of a date not earlier than the end of the preceding fiscal year for the type of information included under heading “ The County - Debt Information and - Tax Information ” in the Official Statement relating to the Bonds excluding any information on overlapping or underlying units and ii the combined budget of the County for the current fiscal year , to the extent such items are not included in the audited financial statements referred to in a above ; © in a timely manner , to each NRMSIR or to the Municipal Securities Rulemaking Board “ MSRB ” , and to the SID , if any , notice of any of the following events with respect to the Bonds , if material 1 principal and interest payment delinquencies ; 2 non - payment related defaults ; 3 unscheduled draws on debt service reserves reflecting financial difficulties ; 4 unscheduled draws on any credit enhancements reflecting financial difficulties ; 5 substitution of any credit or liquidity providers , or their failure to perform ; 6 adverse tax opinions or events affecting the tax - exempt status of the Bonds 7 modification to the rights of the beneficial owners of the Bonds ; 8 call of any of the Bonds for redemption ; 9 defeasance of any of the Bonds ; 10 release , substitution or sale of any property securing repayment of the Bonds ; or 11 rating changes d in a timely manner , to each NRMSIR or to the MSRB , and to the SID , if any , notice of a failure of the County to provide required annual financial information described in a or b above on or before the date specified For purposes of this paragraph , “ provide ” shall mean to initiate delivery by facsimile transmission , registered or certified mail or overnight express PagePage pageNumber954 If the County fails to comply with the undertaking described above , any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking , including an action for specific performance ; provided , however , that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds All actions shall be instituted , had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds The County reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the judgment of the County , provided that a any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements , change in law or change in the identity , nature or status of the County ; b the information to be provided , as modified , would have complied with the requirements of Rule 15c2 - 12 issued under the Securities Exchange Act of 1934 “ Rule 15c2 - 12 ” as of the date of the Official Statement relating to the Bonds , after taking into account any amendments or interpretations of Rule 15c2 - 12 , as well as any changes in circumstances ; and © any such modification does not materially impair the interests of the beneficial owners , as determined either by parties unaffiliated with the County such as bond counsel , or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of this resolution , as it may be amended from time to time , at the time of the amendment Any annual financial information containing modified operating data or financial information shall explain , in narrative form , the reasons for the modification and the impact of the change in the type of operating data or financial information being provided The provisions of this paragraph shall terminate upon payment , or provision having been made for payment in a manner consistent with Rule 15c2 - 12 , in full of the principal of and interest on all of the Bonds 12 The Chairman and the Clerk are hereby authorized and directed to take all proper steps to have the Bonds prepared and , when they shall have been duly sold by the LGC , to execute the Bonds and to deliver the Bonds to the State Treasurer of North Carolina for delivery to the purchasers thereof 13 The Chairman and the Clerk , after consultation with the County Finance Officer and the LGC , are authorized i to adjust the optional redemption provisions in the Bonds , ii to change the dated date of the Bonds to a date later than the dated date herein authorized in order to facilitate the sale and deliver of the bonds , iii to change the principal and interest payment dates for the Bonds so long as such payment dates are semiannual , and iv to make such other adjustments as they shall deem necessary to market the Bonds 14 All other actions of officers of the County in conformity with the purposes and intent of this resolution and in furtherance of the issuance of the Bonds are hereby approved and confirmed 15 Such officers of the County as may be requested are hereby authorized and directed to execute appropriate closing papers including a certificate setting forth the expected use and investment of the proceeds of the Bonds in order to show that such expected use and investment will not violate the provisions of Section 148 of the Code and regulations issued pursuant thereto , applicable to “ arbitrage bonds ” Such papers and certificates shall be in such form as may be requested by bond counsel for the County 16 This resolution , in particular paragraphs 2 , 4 , 5 and 7 hereof , constitutes a system of registration for the Bonds pursuant to NCGS § 159E - 4 17 All resolutions or parts of resolutions in conflict herewith are hereby repealed 18 This resolution shall take effect immediately Commissioner Fred Smith moved the passage of such resolution and Commissioner W Ray Woodall seconded the motion , and the resolution was passed by the following vote Ayes James H Langdon , Jr , Cookie Pope , Thomas M Moore , Allen L Mims , Jr , Fred Smith , and W Ray Woodall Nays None Not voting None 4 Revisions to School Capital Project Ordinances Upon the recommendation of the committee appointed by the Chairman to review school capital projects , Commissioner Fred Smith moved the Board adopt the following revised capital project ordinances for the seventeen projects funded by the November 2001 75 million School Bond Issue The revised ordinances reflect the total project costs and breakdown of appropriations 1 Benson Middle School Prototype Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is for Benson Middle School USA Prototype to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691400510 Land 550,00000 1691400511 Architectural and Engineering Fees 325,00000 1691401512 Other Professional Services 125,00000Page055 1691400513 Furniture Equipment 500,00000 1691400514 Construction Costs 9,300,00000 Total 10,800,00000 Section 4 The following revenues are anticipated to be available to complete the project 16914037905 Proceeds from general obligation bonds 10,800,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 2 Clayton High School Gymnasium , Classrooms & Site Improvements Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is the construction of a Gymnasium , Classrooms & Site Improvements to Clayton High School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691180511 A E Fees 360,00000 1691180512 Other Professional Services 70,00000 1691180513 Furniture Equipment 300,00000 1691180514 Construction Costs 5,770,00000 Total 6,500,00000 Section 4 The following revenues are anticipated to be available to complete the project 16911837905 Proceeds from general obligation bonds 6,500,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 3 Construction of Media Center and Renovations to Cooper Elementary School Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is the construction of media center and renovations to Cooper Elementary School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691340511 A E Fees 70,00000 1691340512 Other Professional Services 30,00000 1691340513 Furniture Equipment 25,00000 1691340514 Construction Costs 875,00000 Total 1,000,00000 Section 4 The following revenues are anticipated to be available to complete the project 16913437905 Proceeds from general obligation bonds 1,000,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 4 Four Oaks Elementary School Additions and Renovations Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is for the Four Oaks Elementary School Additions and Renovations to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691070511 A E Fees 225,00000 1691070512 Other Professional Services 50,00000Page156 1691070513 Furniture Equipment 120,00000 1691070514 Construction Costs 3,105,00000 Total 3,500,00000 Section 4 The following revenues are anticipated to be available to complete the project 16910737905 Proceeds from general obligation bonds 3,500,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 5 Addition to McGees ’ Crossroads Elementary School Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is an addition to McGees ’ Elementary School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691350511 A E Fees 80,00000 1691350512 Other Professional Services 10,00000 1691350513 Furniture Equipment 50,00000 1691350514 Construction Costs 1,560,00000 Total 1,700,00000 Section 4 The following revenues are anticipated to be available to complete the project 16913537905 Proceeds from general obligation bonds 1,700,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 6 Addition to McGees ’ Crossroads Middle School Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is the construction of an addition to McGee’s Crossroads Middle School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691470511 A E Fees 325,00000 1691470512 Other Professional Services 125,00000 1691470513 Furniture Equipment 500,00000 1691470514 Construction Costs 9,550,00000 Total 10,500,00000 Section 4 The following revenues are anticipated to be available to complete the project 16914737905 Proceeds from general obligation bonds 10,500,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 7 Demolition , New Construction & Site Improvements for Meadow Elementary School Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is for demolition , new construction and site improvements for Meadow Elementary School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691320511 A E Fees 360,00000Page257 1691320512 Other Professional Services 100,00000 1691320513 Furniture Equipment 500,00000 1691320514 Construction Costs 6,040,00000 Total 7,000,00000 Section 4 The following revenues are anticipated to be available to complete the project 16913237905 Proceeds from general obligation bonds 7,000,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 8 Addition to Micro - Pine Level Elementary School Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is for the addition to Micro - Pine Level Elementary School to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691370511 A E Fees 65,00000 1691370512 Other Professional Services 25,00000 1691370513 Furniture Equipment 35,00000 1691370514 Construction Costs 875,00000 Total 1,000,00000 Section 4 The following revenues are anticipated to be available to complete the project 16913737905 Proceeds from general obligation bonds 1,000,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copies of this capital project ordinance shall be furnished to the Clerk and the Governing Board , and to the Budget Officer and the Finance Officer for direction in carrying out this project 9 North Johnston Middle School Addition Be it ordained by the Board of Commissioners of Johnston County , North Carolina , that pursuant to Section 132 of Chapter 159 of the General Statutes of North Carolina , the following capital project ordinance is hereby adopted Section 1 The project authorized is for North Johnston Middle School addition to be financed by general obligation bonds Section 2 The Johnston County Schools Board is hereby directed to proceed with the capital project within the terms of the bond resolution and the budget contained herein Section 3 The following amounts are appropriated for the project 1691060511 A E Fees 75,00000 1691060512 Other Professional Services 25,00000 1691060513 Furniture Equipment 35,00000 1691060514 Construction Costs 1,065,00000 Total 1,200,00000 Section 4 The following revenues are anticipated to be available to complete the project 16910637905 Proceeds from general obligation bonds 1,200,00000 Section 5 The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient specific detailed accounting records to satisfy the requirements of the bond resolution Section 6 The Finance Officer is directed to report , annually on the financial status of each project element in section 3 and the total revenue received Section 7 Copi