Agenda - 07-25-1988 - Laserfiche WebLink

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PAGE 2 WHEREAS, said Board of Commissioners has carefully examined the facts and has determined and does hereby find as a fact that the statements made in said resolutions are true and that it has become the duty of said Board of Commissioners, acting as an administrative agent of the State in providing a State system of public schools, to order the issuance of bonds of the County of Orange so that the school facilities mentioned in said resolutions and in paragraph 1 of this order may be provided in order to maintain the nine months' school term in the County of Orange as required by Section 2 of Article IX of the Constitution; now, therefore, BE IT ORDERED by the Board of Commissioners for the County of Orange: 1. That, pursuant to The Local Government Bond Act, as amended, and in order to maintain the nine months' school term in the County of Orange as required by Section 2 of Article IX of the Constitution, the County of Orange, North Carolina, is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue School Bonds in an aggregate principal amount not exceeding $22,000,000 for the purpose of providing funds, with any other available funds, for erecting additional school buildings and other school plant facilities, remodeling, enlarging and reconstructing existing school buildings and other school plant facilities, acquiring any necessary land, furnishings and equipment therefore and developing such land, in order to provide additional school facilities in said County. 2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds. 3. That a sworn statement of the debt of said County has been filed with the Clerk to the Board of Commissioners for said County and is open to public inspection. 4. That this order shall take effect when approved by the voters of said County at a referendum as provided in said Act. ORDER AUTHORIZING $7,000,000 PUBLIC BUILDING BONDS BE IT ORDERED by the Board of Commissioners for the County of Orange: 1. That, pursuant to The Local Government Bond Act, as amended, the County of Orange, North Carolina, is hereby authorized to contract a debt, in addition to any and all other debt which said County may now or hereafter have power or authority to contract, and in evidence thereof to issue Public Building bonds in an aggregate principal amount not exceeding $7,000,000 for the purpose of providing funds, with any other available funds, for enlarging, expanding and improving public buildings and facilities of said County, including the construction of additional buildings and additions to existing buildings to provide additional space for administrative and governmental functions and services, the construction of related access and parking facilities and the acquisition of necessary land, rights of way and equipment. 2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds.