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A regular meeting of the Board of Commissioners for the <br /> County of Orange, North Carolina, was held at the Old Courthouse <br /> in Hillsborough, North Carolina, the regular place of meeting, at <br /> 7: 30 P.M. on February 1, 1988. <br /> Present: Chairman Shirley E. Marshall, presiding, and <br /> Commissioners Moses Carey, Jr. , Stephen Halkiotis, John Hartwell and <br /> Don Willhoit <br /> Absent: None <br /> * * * <br /> Commissioner Hartwell introduced <br /> the following resolution which was read: <br /> RESOLUTION PROVIDING FOR THE <br /> ISSUANCE OF $200, 000 SANITARY SEWER BONDS <br /> BE IT RESOLVED by the Board of Commissioners for the <br /> County of Orange, North Carolina: <br /> Section 1. The Board of Commissioners has determined <br /> and does hereby find, declare and represent: <br /> (a) That an order authorizing not exceeding $200, 000 <br /> Sanitary Sewer Bonds of the County of Orange was adopted by the <br /> Board of Commissioners for said County on March 24, 1987, which <br /> order has taken effect. <br /> (b) That none of said bonds have been issued and that <br /> there are outstanding $200, 000 Sanitary Sewer Bond Anticipation <br /> Notes of said County, which notes are dated December 16, 1987, <br /> mature on March 16, 1988, bear interest at the rate of 6% per <br /> annum and were issued in anticipation of the receipt of the <br /> proceeds of the sale of a like amount of said bonds. <br /> (c) That it is necessary at this time to issue all of <br /> said bonds, all of the proceeds thereof to be applied to the <br />