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<br />L7inutes of the Board of Commissioners 3~1
<br />Ltondey, 6ierch 5, 1951
<br />The Board of Commissioners for the County of OranF,e, North Cer oline, met
<br />in regular session on Ltarch 5, 1951, at 10 o'clock A.i;;,, at the County Court-
<br />house in Hillsboro, the usual place of meeting.
<br />,- Present: Chairmen Collier Cobb, Jr. end Commissioners H. G. Letts and Sim
<br />- L. Efland.
<br />Absent: None
<br />Commissioner Legs introduced the follorring resolution tin ich was reed:
<br />AESOLIITI ON PR OVIDIivG FOR THE ISSIIANCE
<br />OF $15,000 SCHOOL BUILDING B077D5
<br />r-
<br />BE 2T RESOLVED by the Bcard of Cammissi one rs for the County of Orenga:
<br />Section 1. That the Hoard of Commissi onors has determined end does hereby
<br />find and declare:
<br />(a) That en order authorizing ~i15,000 School Building Bonds r+as finally
<br />passed on October 30, 1950.
<br />(b) Thet no bonds have been issued pursuant to said order, and that a
<br />x15,000 note has been issued in anticipation of the receipt of the proceeds of
<br />said bonds, which note is designated "School 3uilding Hond Ant iclnat ion 4lote",
<br />is detect December 10, 1950 end metur es on Apr11 10, 1951, which note ores
<br />delivered to end paid Tor by the purchaser theraoi on December 18, 1950.
<br />(c) Thet it is necessary that Orange County, acting es ¢n edministreti ve
<br />agent of the State in providing a State system of oublic schools, issue et this
<br />time all of said bonds, G15r 000 of the proceeds of which shall be used to nag
<br />said note et Its maturity.
<br />(d) Thet the period of the life of the school building to which an addi-
<br />tion has been erected from the proceeds of said note, or will be erected from
<br />the proceeds of said 'oonds, is e period of thirty years from October 30, 1951,
<br />being a date not later than one ye er otter the final passage of said order, and
<br />that said period exni res October 30, 1981.
<br />Section 2. That for the nurn ose of nrovi dint the school improvement our-
<br />suant to said order> said school improvement being necessary in order to main-
<br />tain the constitutional six months' school term in Orange County, there shall
<br />be issued the negotiable coupon bonds of the County of Orange in the ergregete
<br />principal amount of $15,000, which bonds shall be designated "School Building
<br />Bonds", shell consist of 15 bonds of the denomineti on of u1,000 each, numbered
<br />1 to 15, inclusive, dated December 1> 1950, maturing annually, June 1, in
<br />numerical order, lowest numbers Sirst, u1, 000 1953 to igb'j, inclusive, without
<br />option of prior payment, and bearing interest eta rate or rates not exceeding
<br />6;~ per annum to be determined by the Local Government Commission et the time
<br />the bonds are sold, nhich interest shell be payable semi-annually on the first
<br />days of June end December of each year, both the pri ncipel of end the interest
<br />on said bonds to be payable et the Central Hanover Benic end Trust Company, in
<br />the 3orough of h[enhatt¢n, City end State of New Yor1c, in any coin or currency of
<br />the United States of America which, at the respective dates of payment thereof,
<br />is legal tender Tor the payment of oublic end private debts.
<br />Section 3. That said Sche of Building Bonds shall be signed by the Che irmex
<br />of the Board of Commt ssi onors and the Register of Deeds and ex officio Cleric of
<br />said Hoard, under the Corporate seal of aeid Board, end the interest coupons
<br />to be attached to said bonds shall be executed with the Pecs imilo signature of
<br />said Register of Deeds end ex officio Clerk. Said bonds and coupons and the
<br />endorsements to be printed anon the reverse of said bonds shall be in substan-
<br />tially the follorring forma:
<br />No.
<br />IIai tad States of America
<br />State of North Caroline
<br />COUNTY OF ORA37C-E
<br />C~
<br />School BulldinR Bond
<br />,y"1, 000
<br />The County of Orange, in the Stets of North Carol ins, is ,justly indebted
<br />and for value rec eivad hereby promises to nay to the bearer or, if this bond
<br />be registered, to the registered owner hereof, on the first day of June, 19_
<br />the principal sum of
<br />ONE THOUSAND DOLLARS
<br />end to pay interest thereon from the date hereof et the rate of per centum
<br />per annum until payment of such nr incin el sum, such interest to the maturity
<br />hereof being payable semi-annually on the first days of June end December in
<br />each year upon the presentation end surrender of the coupons representing such
<br />interest es the same resnec tively fall due. Both the orinci pal o_" and the
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