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'l <br /> r t <br /> (b) That none of said bonds has been issued , that no <br /> notes have been issued in anticipation of the receipt of <br /> the proIeeds of the sale of said bonds , and that it is neces- <br /> sary to issue at this time all of said bonds, <br /> (c That the maximum period of usefulness of the addi.- <br /> tional chool facilities in said County to be provided pursuant <br /> to said order is estimated as a period of forty years from <br /> December 1, 1977 , the date of said bonds as provided in Section <br /> 2 of this resolution , and that such period expires on December 1 <br /> 2017. <br /> S ction 2. For the purpose provided in said order , there <br /> shall be issued the negotiable coupon bonds of the County of <br /> Orange in the aggregate principal amount of $6,000,000, desig- <br /> nated School Bonds" , dated December It 1977, consisting of <br /> 1 ,200 bonds of the denomination of $5, 000 each, numbered l to <br /> 1 , 200, inclusive. Said bonds shall mature annually, June 11 <br /> in numerical order , lowest numbers first, $150,000 1980 to 1.985 <br /> inclusive , $200 , 000 1986 to 1989 , inclusive , $250,000 1990 <br /> and $4 0,000 1.991 to 1999 , inclusive , without option of prior <br /> payment, and bear interest from their date at a rate or rates <br /> to be determined by the Local Government Commission of North <br /> Carolina at the time the bonds are sold , which interest to the <br /> maturity thereof shall be payable semi-annually on the lst days <br /> of Ju a and December of each year , and both the principal of <br /> and the interest on said bonds shall be payable at Waehovia <br />