BE IT ORDERED by the Board of Commissioners of the Town of Wake Forest, North Carolina:
1. That, pursuant to The Local Government Bond Act, as amended, the Town of Wake Forest, North Carolina is hereby authorized to contract a debt, in addition to any and all other debt which said Town may now or hereafter have power or authority to contract, and in evidence thereof to issue Greenway Improvement Bonds in an aggregate principal amount not exceeding $4,600,000 for the purpose of providing funds, together with any other available funds, to acquire, construct, improve and equip various greenways inside and outside the corporate limits of said Town, including, without limitation, any related land, easements and rights of way.
2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds.
3. That a sworn statement of the debt of said Town has been filed with the Town Clerk and is open to public inspection.
4. That this order shall take effect when approved by the voters of said Town at a referendum as provided in said Act.
The foregoing orders have been introduced and a sworn statement of debt has been filed under the Local Government Bond Act showing the appraised value of the Town of Wake Forest, North Carolina to be $3,901,821,372 and the net debt thereof, including the proposed bonds, to be $37,855,000. The Finance Director of the Town has filed a statement estimating that the total amount of interest that will be paid on the proposed bonds over the expected term of the bonds, if issued, is $13,714,925. The estimate is preliminary, is for general informational purposes only, and may differ from the actual interest paid on such bonds. Such statement of estimated interest includes certain assumptions upon which such estimate is based, and there is no assurance that the circumstances included in such assumptions will occur. The validity of the proposed bonds is not subject to challenge on the grounds that the actual interest cost on the bonds when issued is different than the estimated interest amount set forth above.
A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone who wishes to be heard on the questions of the validity of the bond orders and the advisability of issuing the bonds may appear at a public hearing or an adjournment thereof to be held at 7:00 p.m. on July 15, 2014, in the Board Room of the Town Hall located at 301 S. Brooks Street in Wake Forest, North Carolina.
By: Deeda W. Harris,
Town Clerk of the Town of
Wake Forest, North Carolina
The Wake Forest Weekly
June 26, 2014
- Real Estate
- Special Publications