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<br />Liinutos of the 3oa rd of Commissioners
<br />Llondey, Tlovenber 3, 1952
<br />The Hoerd of Commissioners for tSe County of Orange, North Ceroline, net
<br />in re ular session ¢t tt?e Courthouse in Hillsboro, %iorth Ceroline, the usu¢1
<br />pl ace oL meetiniy, ¢t 10 o'clock, A,Ei„ on November 3, 19$2.
<br />Present: Chx irmen Collier Cobb, Jr., ^nd Commissioners R, 0, Forrest
<br />end Sim L. Eflend.
<br />P.bsent: None.
<br />Commissioner Eflend introduced the follov;in resolution Which ores read:
<br />RESOL'JTI ON PBOVIDP.iG FOR TFL; ISSUA?iCE
<br />OF 5250,000 COURTHOUSE BOiDS
<br />B3 ZT RESOLVED by the Board of Commissioners far the County of Orange:
<br />Section 1. That tl:e Board of Commissioners has determined end does
<br />hereby find and declere:
<br />(a) Thet en order authorizing 5250,000 Courthouse Bonds of Orange County
<br />Was finelly passed by the Boerd o_^ Commissioners for seid County on October 17
<br />l9l?9> which order Ives approved by the vote of a maf on ty of the quel Sfied vote:
<br />of seid County who voted~at en election duly celled a.nd held on T?ovomber 22,
<br />1949•
<br />(b) Thet none of said bonds has been issued, end thet ¢ ?250,000 note
<br />has been issued in anticipeti on of the sale of seid bonds, Which no to is
<br />desi na ted "Courthouse Bond Anti ci petion id ote", is dated Duns 20, 19$2, and
<br />matures on Decemb~cr 20, 1952•
<br />(c) Th¢t the courthouae to be erected pursuent to said order shell be
<br />of fireproof construction as defined i.n The County Finance Act, es aneaded,
<br />end that the period of the life of such courthouse is ostlmeted es a neri od
<br />of 40 ye ers from October 17, 1970, a date not later then one ye¢r after the
<br />finel pessepe of seid order, end that such neri od expires on October 17, 1990•
<br />Section 2. Thet for the purpose of erecting sad eeuipoing such court-
<br />house pars uent to se'_d order, there shall be isaued the negotiable coupon
<br />bonds of t1-.e County of Orange Sn the ergregete principal amount of X270, 000>
<br />desi.gneted "Courthouse Bonds", consisting of 250 bonds of tY.e denomination
<br />of 51,000 each, numbs rod 1 to 250, inclusive, dated December 1, 1972, m¢turing
<br />annually, June 1, in numericcl order, lowest numbers first, ."i10, 000 1974 to
<br />1979, inclusive, Without opt+on of prior peymen t, end beeri ng interest et e
<br />rate or retes not exce edinn fi;; per ennum to be determined by the Local Govern-
<br />ment Commission et the tine the bonds ere sold, Whit:? interest shell 6e pay ebL
<br />semi-ennu¢lly on the fir st deys of June end December of each ye er, both the
<br />print i_oa1 of and the In to rest on seid bonds to be peyeble et The Hanover Benic,
<br />in the Aorough of 31enh¢tten, City ¢nd State of Neer York, in any coin ar curron~
<br />of the United Etates of America vrhich, at the respective dates of payment
<br />thereof, is legel tender for the neyment of public and private debts.
<br />Section 3• That sxi3 c=250,000 Courthouse Bonds shall be sinned by tte
<br />Che irmen of tl:e Board of C~mmissi. one rs and by the Register of Deeds and ex
<br />officio Clerk of said Board, under the corporate seel of said Board, end the
<br />interest coupons to be ¢tteched to seid bones shall be executed With the
<br />fats i:aile signeture of seid 3egls ter of Deeds end ex officio Cleric. Said bond
<br />end co aeons asd the ender servants to be printed upon the reverse of said bonds
<br />shall be in substantielly the following forms:
<br />No. 1,000
<br />Aaited States of P.merica
<br />State o_^ Ptorth Carolina
<br />COUNTY OF ORANGE
<br />Courthouse Hoad
<br />The County of Orange, in the Stets of North Ceroline, is ,justly indebted
<br />end for value received hereby promises to ney to the bearer or, if this bond
<br />be registered, to the registered owner hereof, on the first deg of Juno,
<br />19 , the principal sum of
<br />ONE THOUSAi~ID DOLLARS
<br />enc2 to oey interest thereon from the dete hereof at the rete of per
<br />centum per annum, such interest to the meturi t7 hereof bein payeble semi-
<br />ennuall^ on the first deys of Suno end December of eech ce er upon the present
<br />tion end surrender of the coupons reore seating such interest as the sons re-
<br />spectively fall due. Both the principal of and the interest on this bond ere
<br />peyeble ¢t The Iisnover BaNc, in the Borough of Lianhattan, City and State of
<br />Nero York, in eny coin or esu~rency of the Unite3 Status of Anoriee cthich, at
<br />the respective dates of peyment there of, is is gel tender for the neyment of
<br />public and privete debts. vor the prompt peyment here of> both print insl end
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