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... zz c <br />A regular-meeting of the Board of'- Commissioners for the . <br />County of Orange, Nor`h Carolina, was he7.d at the Old Caurt.'louse ~'" <br />in Hillsborough, North Carolina, the regular place of meeting, at <br />7:30 P.M. on February 1, 1988. <br />Present: Chairman Shirley ~. Marshall, presiding, and <br />Commissioners Moses Carev, Jr., Steahen Halkiotis, John Hartwell and <br />bon Willhait <br />Absent: None <br />Commissioner Hartwe 1 1 ~ introduced <br />the following resolution which was read: <br />RESOLUTION PROVIDING FOR THE _,.. <br />ISSUANCE OF $2D0,000 SANITARY SEWER BONDS <br />BE IT RESOLVED by the Board of Commissioners for the <br />County of orange, North.Caralina: <br />Section 1. The Board of Commissioners has deterzained <br />and does hereby find, declare and represent: <br />-- (a) That an arder authorizing not exceeding $2D0,000 <br />Sanitary Sewer Bonds of the County of orange was adapted by the <br />Board of Commissioners far said County on March 24, 1987, which <br />arder has taken effect. <br />(b) That none of said bands have been issued and that <br />there are outstanding $200,000 Sanitary Sewer Band Anticipation <br />Notes of said County, which Hates are dated December 16, 1987, <br />mature on March 16, 1988, bear interest at the rate of 6°s per <br />. annum .and were issued in anticipation of the receipt of the <br />proceeds of the sale of a like amount of said bands. <br />(c) That it is necessary at this time to issue all of <br />- ~ said bonds, all~of the proceeds thereof to be applied to the <br />payment of said outstanding notes at their maturity. <br />(d) That the maximum period of usefulness of the <br />facilities for said County to be provided with the proceeds of <br />said bonds is estimated as a period of forty (40) years from <br />