Minutes - 19780127 - Laserfiche WebLink

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~~'vr (b) That none of said bonds has been issued, that no notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds, and that it is neces- sary to issue at this time all of said bands. (c) That the Maximum period of usefulness of the addi- tional school facilities in said County to be provided pursuant to said order is estimated as a period of forty years from December 1, 1977, the date of said bands as provided in Section., 2 of this resolution, and that such period expires on December 1, 2017. Section 2. For the purpose provided in said order, there shall be issued the negotiable coupon bonds of the County of Orange in the aggregate principal amount of $6,040,000, desig- nated "School Bonds", dated December 1, 1977, consisting of 1,2D0 bonds of the denomination of $5,000 each,~numbered 1 to 1,200, inclusive. .Said bands shall mature annually. June 1, in numerical order, lowest numbers first, $150,000 198D to 1985, inclusive, $200,000 1986 to 1989, inclusive, $250,000 1990 and $450,000 1991 to 1999, inclusive, without option of prior payment,_and bear interest from their date at a rate or rates to be determined by the Local Government Commission of North Carolina at the time the bonds are sold, which interest to the maturity thereof shall be payable semi-annually on the 1st days of June and December of each year, and bath the principal of and the interest on said bonds shall be payable at Wachovia 2.