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<br />Minutes of the Board of Commissi oners
<br />Monday, December 18, 1950
<br />The Hoard of Commissioners for the County of Orange, North Carolina, con-
<br />vened Sn adjourned regular ee scion at 10:00 o'clock A.M., December 18, 19$0, at
<br />the Courthouse, in Hillsboro, North Carolina, the usual place of meeting.
<br />Present: Chairman Collier Cobb, Sr. and Commissioners H. G. Laws and Sim j
<br />L. Efland.
<br />I_!
<br />Absent: None
<br />Thereupon Cammissi oast Efland introduced the following resolution which was
<br />read;
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF ~y2$0,000 SCHOOL
<br />BUILDING BOND ANTICIPATION NOTES.
<br />HE IT RESOLVED by the Board of Commis ions ra Tor the County of Orange:
<br />Section 1. That the Board of Commissioners has determined and does hereby
<br />find and declare:
<br />(s) That nn order authorizing X1,000,000 School Building Honda was finally
<br />passed on October 17, 1949, which order wee approved by the vote of a majority
<br />of the qualified voters of said County who voted thereon ¢t an ale ctlon dssly
<br />called and held on November 22, 1949•
<br />(b) That none of the said bands has bean issued and that it is necessary
<br />to Issue S2$0, 000 notes in anticipation of the receipt of the proceeds of a like
<br />amount of said bonds.
<br />Section 2. That in order to antlcipa to the receipt of the proc eeda of a
<br />lka amount of said School Building Bonds a temporary loan of $2$0,000 is hereby
<br />uthortzad to be evidenced by negotiable notes of the County of Orange desig-
<br />ated "School Building Bond Anticip¢tl on Notes", which no tee shall be dated
<br />anuary 10, 19$1, shall mature on April 10, 19$1, without ontl on of prior pay-
<br />ent, shall bear interest at a rate to be determined by the Local Government
<br />ommf ssl on ¢t the time the notes are Bold, not exceeding 6~ per annum, erhich
<br />nterest shall be payable at the meturi ty of the notes to which no late re st
<br />oupons shall be attached. Tha number or numbers, the denomination or denomina-
<br />Sons, and the bank or trust company at which the principal of and the interest ^~
<br />nthe notes shall be payable shall be fixed by the Chairman after the award
<br />f the notes by the Loc¢1 Government Commission. -~
<br />Section 3• That said no tes. shall be signed by the Chairman of the Board
<br />of Commis si onors and by the Register of Deeds and ex officio Clerk of said
<br />Board, under the corporate seal of the Hoard, and shall have endorsed thereon
<br />the wrl ttan aporoval of the County Attorney, and the form of said notes shall
<br />ba substantially sa follows:
<br />No.
<br />Unl tad States of America
<br />State of North Carolina
<br />COUNTY OF ORANGE
<br />School Buildin Bond Antics ation Note
<br />The County of Orange, North Carolina, for value received hereby promises
<br />to pay to the bearer on the 10th day of April, 19$1, the principal sum of
<br />DOLLARS
<br />together with interest thereon from the date hereof at the rate of per
<br />centum per annum, payable upon the pre septa ti on and surrender of this note at
<br />its maturity. Both the orinclpnl of and the interest on this note are payable ..
<br />¢t the , in
<br />For the prompt payment hereof, both prl ncin¢1 and interest as the same fall due,
<br />the full faith and credit of ea ld County of Orange are ha rebp irrevocably pledge -~
<br />This note is issued by said County in anticipation of the race Spt of the
<br />proceeds of n like amount of School Building Bonds duly authors zed by an order
<br />finally passed on October 17, 1949, which order was approved by the vote of a ~~
<br />majority of the cualified voters of said County who voted thereon ¢t an election
<br />duly called and held, and this note is issued pursuant to and in full compliance
<br />with The County Finance Act, as amended, and the Local Government Act, as amends , -'
<br />end a resolution duly passed by the Board of Commissioners for said County.
<br />It is hereby certified and recited that all acts, conditions and things
<br />required to hapoen, exist and be done by the Cone titution and laws of North
<br />Carolina precedent to and in the issuance of this note have happened, exist and
<br />have been done in regular and due form and time as so required, and that the
<br />total indebtedness of sold County, including this note, does not exceed any
<br />constitutional or statutory limitation thereon.
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