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388
<br />(Form of Coupons)
<br />z
<br />on 1, 19
<br />the County of Orenge, North Carolina, will nay to bearer at the Central
<br />Renover Hank and Trust Company, in the Borough of i."renhatt¢n, City and State of
<br />New York, anon the pre sap tat ion and surrender hereof, the sum of
<br />Dollars in any coin or currency of the United States of America rhich at the
<br />time of oeyment is legal tender for the peyment of oublic and private debts,
<br />ns provided in end for the semi-annual interest then due upon its School Bu11d-
<br />ing Hond, dated December 1, 1950, numbered
<br />rtegis ter of Deeds end ex officio
<br />Clerk of Hoard of Commissi onere
<br />Section 4• That said bonds shall be re gister able es to principal alone in
<br />¢cc ordence with the nrovi sions for registretion he re inabove in this resolution
<br />provided to be endorsed upon said bonds, and the County Accountant is hereby
<br />appointed Bond Regis trar for the purpose of such registration, subject to the
<br />~. ri ght of the Hoard of Commissioners hereefter to appoint mother Hond Registrar.
<br />~'. No charge shall be made to ang bondholder for the privilege of registration
<br />herein granted.
<br />Section 5. T'nat the action of the County Attorney to applying to the Locel
<br />Government Commission to advertise end se 11 szid 515,000 School Huil ding Bonds,
<br />end the action oS the Local Government Commission in asking for se Bled bids
<br />for seid bonds (by publ isM1aing a sale notice and printing and distribut ing
<br />circulars), be and the seme is hereby ratified and confirmed.
<br />Upon motion of Comm~.ssioner Laws, seconded by Commissioner Efland, the
<br />foregoing resolution entitled: "RESOLUTION PRDV IDIIdG FOR Tim ISBUA1dCE OF '..
<br />515,000 SCHOOL BUILDING BONDS", was passed by the following vote: ',
<br />Ayes: Commiss ionors Cobb, Leers and Ef1¢nd
<br />I
<br />I'
<br />Hoes; None.
<br />Thereupon Commissioner Eflend introduced the following resolution which
<br />reed:
<br />RE90LIITION FIXING THE DETAS LS nND FOR?d AeiD
<br />LSAli3iER OF EXECUTIOIQ Or' 51,000,000 SCHOOL
<br />HUILDIPiG BONDS, A.PID PROVIDING FOR THE
<br />REGI STRATIOlt THEREOF
<br />C
<br />'BS IT RESOLVED by the Hoard of Commissioners for the County of Orange:
<br />Section 1. That the Hoard of Commissioners has determined and does hereby
<br />find and declare:
<br />(a) That an order authorizing 51,000,000 school building bonds of Orenge
<br />County rrea finally passed on October 17, 19L; 9, which order was eoproved by the
<br />vote of a majority of the anal ified voters of seid County who voted thereon at
<br />en election duly celled end held on November 22, 19119.
<br />(b) Thet no bonds heve been issued pursuant to said order, and that a
<br />$250,000 note has been issued in anti cipetion of the re ce int of tl:e proceeds of
<br />a like emount of seid bonds, which note is desl5nated "School Huildi ng Hond
<br />Anticipation Note", 1s dated Januery 10, 1951, end matures on April 10, 1951.
<br />(c) That it is necessary to fix the deteils end form and manner of execu-
<br />tion of the 51,000,000 bonds authorized by seid order.
<br />(d) Thet the period of the life of the school buildings to be erected,
<br />remodeled end enl¢rgod pursuant to said order is estimeted as a period of thirt;
<br />years from October 17> 1950, being a date not later than one yeer after the finE
<br />pessage of said order, and that said period expires October 17, 1980.
<br />Section 2. Thet for the purpose of providing school improvements nursuent
<br />to said order, such school improvements being nece ss¢ry in order to maintain
<br />the constitutional six months school term in Orange County, there shall be
<br />issued the negotiable coupon bonds of the County of Orange in the eggregete
<br />principal amount of 51,000,000, consisting of 1,000 bonds of the denomineti on
<br />of .:1,000 each, dated December 1, 1950, maturing annually, Tune 1, 516,000
<br />1953, $20,000 1951,. to 1956, inclusive, 535,000 1957 to 1961, inclusive, 537.000
<br />1962, 540,000 1963 to 1979, inclusive, end $32,000 1980, vri thout option of
<br />prior peyment, and bearing interest at e rate or rotes not exceeding 6~S per
<br />ennvm to be determined by the Locel Government Conmil ss ion at the time the bonds
<br />ero sold, which interest shell be payable semi-annually on the first drys of
<br />June and December of each year, both the principal of and the interest on said
<br />bonds to be payable at the Central Renover HenFc and Trust Company, in the Horovg
<br />of hianhetten, City and State of New York, in eny coin or currency of the United
<br />
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