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<br />A regular meeting of the Board of Commies Sonere for the County of Orange,
<br />~, North Carolina, convened at the Courthouse, in Aillsboro, North Carolina, the
<br />',. regular place of meeting, at 10:00 o'clock, A.M., on May 5. 1952.
<br />Present: Chairman Collier Cobb, Jr., end Commiaeionera R. 0. Forrest end
<br />Sim L. Efiead.
<br />Absent: None.
<br />Commissioner Etland introduced the following resolution which was read:
<br />RESOLtiTION PROVIDING FOR THE ZSSIIANCE OF
<br />$$2$0,000 GODRTHOCSE BOND ANTICIPATION NOTES.
<br />BE IT REBOLVED by the Hoard of Commies ionera for the County of Orange:
<br />Section 1. That the Board of Commissioners hoe determined and does hereby
<br />find end declare:
<br />(a) That an order authorizing $250,000 Courthouse Honda wen finally passed
<br />oa October 17, 1949, which order was approved by the vote of a ma~orlty of the
<br />qualified voters of said County who voted thereon at an election duly called
<br />,and held on November 22, 1949•
<br />(b) That none of the said bonds hoe been lasued and no notes are out-
<br />standing which were Se eued Sn anticipation of the sale of said bonds.
<br />Section 2. That in order to anticipate the receipt of the proceeds of
<br />e like amount of said Courthouse Bonds, a temporary loan of 5250,000 ie hereby
<br />anthorl zed to be evidenced by aegotinble aotea of the County of Orange de~ig-
<br />nated "Courthouse Hond Anticipatl on Notes", which notes shall be dated June 15,
<br />1952, shall mature on June 15, 1953. without option oT prior payment, and shall
<br />bear interest at a rate to be determined by the Local Government Commission at
<br />the time the notes are sold, not exceeding 6~ per annum, the interest upon Bald
<br />notes to be payable on December 15, 1952 and June 15, 1953 upon the preaentati o,
<br />and surrender of interest coupons to be attached to Bald notes. Said notes she]
<br />be payable ae to principal and interest at such bank or trust company, shall hay
<br />such denominations and bear such numbers, as may be Pixed by the Chairman of
<br />the Hoard after the award of the notes by the Local Government Commission.
<br />Section 3• That said notes shall ba signed by the Chairman of the Hoard
<br />of Commie sionars and by the Register of Deeds and ex of Pi olo Cleric of said
<br />Board, under the corporate seal of said Board, andshall have endorsed thereon
<br />the written approval of the County Attorney, and the interest coupons to be
<br />attached to said notes shall be executed with the manual signature of said
<br />Register of Daede and ex officio Clerk, and the form of said notes shall be
<br />eubsteatielly as follows:
<br />No. _,__
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<br />Hnited States of America
<br />State oP North Caroline
<br />COCNTP OF ORANGE
<br />Courthouse Hond Anticloation Note
<br />The County of Orange, Aorth Carolina, is ~vstly indebted end for value ne-
<br />celved hereby promises to pay to the bearer on the 1$th day of June, 19$3, the
<br />principal sum of
<br />DOLLARS
<br />and to pay interest thereon from the date hereof at the rate of per centy
<br />per annum, payable on Deaember 1$, 19$2 and nt the maturity hereof upon the
<br />presentation and evrrandar of the coupons repro canting ouch interest as the sem
<br />fail due. Both the principal of and the inters et on this note are payable at
<br />the in the City of ,
<br />For the prompt payment hereof, both principal and iaterea
<br />as the same fall due, the full faith and credit of said County are hereby ir-
<br />revocably pledged.
<br />This note is issued by said County is anticipation of the receipt of the
<br />proceeds of a like amount of Courthouse Bonds duly authorized by an order
<br />finally pee sad on October 17, 1949, which order was approved by the vote of a
<br />ma~oritq of the gval ified voters of said County who voted thereon at an ale ctio
<br />duly called sad held, and this note 1e Sa eued pursuant to and in .fuli compliant
<br />with The County Finance Act, as amended, end the Local Government Act, ea
<br />amended, and a resolution duly passed by the Board of Commi saionere for said
<br />County.
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