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<br />Minutes of the Hoard oP Commies loAere
<br />Monday, May 5, 1952
<br />A regular meeting of the Board oP Commisalonere for the County oP Orange
<br />convened at the County Courthouse in Ailleboro, North Carolina, the regular
<br />place of meeting, at 10 o'olock A.M., on May 5, 1952.
<br />Present: Chairman Collier Cobb, Jr., and Commiseionere R. 0. Forrest and
<br />Sim L. Efland.
<br />Absent: Aone. -
<br />Commisaioner Forrest introduced the following reaoluti on which was read:
<br />RE30L17TION PROVIDING FOA THE ISSDANCE OF
<br />5265,000 SCHOOL BDILDZNG BONDS, SERIES B.
<br />BE IT RESOLVED by the Board oP Commiseionere for the County oP Orange:
<br />3eotion 1. That the Board of Commiaeioaere hoe determined and does hereby
<br />PSnd and declare:
<br />(e) That an order authorizing $1.,000,000 sohool building bonds of Orange "
<br />County was finally peened on October 17, 1949. which order was approved by the
<br />vote oP a ma,(ority of the qualified voters of anid County who voted thereon at
<br />an eleotion duly called and held on November 22, 1949.
<br />(b) That on March 5, 1951 said Board passed a resolution fixing the detail
<br />end form and manner of execution oP said 51,000,000 bonds, which ree elution Ss
<br />entitled: "RE30Li1TI0N FIXING THE DETAILS, AND FOflM P.ND MANNER OF EXECNTION OF
<br />$1,000,000 SCHOOL BDILDING HOND3, AND PROVIDING I•'OR TAE flFGISTRATION THEREOF",
<br />and is hereinafter referred to sa the "Resolution".
<br />(ej Thnt 5735,000 oP said bonds have heretofore been issued pursuant to
<br />ea ld Resolution and order and a re eolut Son passed on March 5, 1951 entitled:
<br />"RESOLDTION PROVIDING FOR THE I3SIIANCE OF $735,000 SCHOOL BIIILDffiG BONDS, SERIF
<br />A", said $73$,000 bonds annals tang of 735 bonds of the denominat Son oP 51,000
<br />each, numbered 1 to 735, inclusive, designated "3ohool Building Honda, 3aries A ,
<br />and maturing annually, June 1, in numerioal order, lowest numbers fire t, 516,00
<br />1953, 513r000 1954 to 1956, inclusive, 523.000 1957 to 1962, inolusive, 530,000
<br />1963 to 1979. inclusive, and $32,000 1980, without option of prior payment.
<br />(dj That it is necessary that Orange County, acting as an administrative
<br />agent of the State in providing a State system oP public schools, issue at this --
<br />time the unlaeued $265,000 bonds authorized by said order.
<br />Section 2. That there shall be Segued said unissued $26$,000 bonds, which
<br />5265,000 bonds shall be designated "School Building Honda, Series B", shall
<br />consist of 265 bonds of the denomination of 51,000 each, numbered 1 to 265, in-
<br />clusive and shall mature annually, Junel, in numerical order lowest numbers
<br />first, 7,000 195 to 1956, inclusive, 512,000 1957 to 1961, iacluaive, 514,000
<br />1962, and 510,000 1963 to 1979, inclusive, without option of prior payment.
<br />Section 3. That on Jvne 30, 1951 the name of the Central Hanover Hank and
<br />Trust Company was changed to "The Hanover Hank" and said 5265,000 School Build~-
<br />ing Bonds, Series H, shall therefore be prepared naming the bank at which the
<br />principal of sad the intern et on said bonds are payable es "The Hanover Hank"
<br />and there shall be added at the end of the witnessing clause of the bonds the
<br />phrase "but actually on a date subsequent to the thirtieth day of June, 1951"
<br />eo that the witna acing clause of said 5265,000 School Building Bonds, 3eriea B,
<br />shall read ee foil own:
<br />"IN WITNESS VIHEREOF, aeSd County of Orange, by order of Ste Board
<br />of Commisaioaers, hen naused this bond to be signed by the Chairman of
<br />said Hoard and by the Register of Deeds and ex officio Clerk of said
<br />Board, under the corporate seal of se id Hoard, and has caused the
<br />interest coupons attached hereto to be exacutad with the facsimile aigae-
<br />ture of said Register of Daeda and ex offioio Clerk, all ae of the flrat
<br />day of December 1950, but natvally on a date subsequent to the thirtieth
<br />day of June, 1951."
<br />Section 4. That the action of the County Attorney in applying to the
<br />Local Government Commies ion to advertise and sell aeSd 5265,000 School Building
<br />Honda, Series B, be and the came is hereby ratified sad confirmed.
<br />IIpon motion of Commissioner Forrest, aeaoaded by Commissioner EPland, the
<br />foregoing resolution entitled: "RESOLOTION PROVIDING FOR THE ISSIIANCE OF
<br />5265,000 SCHOOL HD2LDING BONDS, SERIES B", was passed by the fallowing vote:
<br />Ayes: Commieaionera Cobh, Efland and Forrest.
<br />Nose: None
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