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<br />Snetion 2, That in order to ert'_c ips to the receipt of the proceeds of a li k¢ emourt of said
<br />bonds e temnorery loan of $250, C00 is Y.ereby authorized to be evidenced b;,~ nn goti¢b1e notes of the
<br />Count}' of Orange, designated "School Building Bona Mticinntion dotes", Which notes shell to doted
<br />December 10, 1956, shall mature on June 10, 1957, Without notion of prior payment, erd shall bear'
<br />interest et a rate to be de texmined by the Local Goverwent Commission at the time the notes are
<br />sold, not exceeding 6$ oar annum, Which inters st shall be payable at the maturity of the notes to
<br />which no interest coupons shall be attached. Said notes shell be oeyebla as to both principal and
<br />interest at such bank or trust comosny, and sh¢11 have such denam'_nntion or denominations, sod beer
<br />such number or trumbers, es msy be Pa_.:ed by the Chnsmen after the award of the notes by the Lcoel
<br />Govex went Commission, and both the principal of nod the interest on slid Hates shell be nayable in
<br />¢ny coin or currency oT the United States of 9merics Which at the tLme of payment Ss legal tender
<br />for the pnymant of public and private debts,
<br />Section 3. That said notes shall ba signed by the Chairmna of the Bosr3 of Cosuais stoners and by
<br />the Register oT Deeds arc3 ex officio Clerk of said Bo¢rd, under the corporate seal of said Beard,
<br />and shall have endorsed thereon the mitten approval of the County Attorney, end the form of said
<br />notes shall be substnntlslly ¢s follows:
<br />No, $
<br />United States of Americo
<br />State of Nol th Cnrolin¢
<br />OOUNTY OF 0&1NGH
<br />School Buildine Hond Anticipation Note
<br />Tha Cwnty of Orange, North Carolina, is justlg indebted and far value received hereby
<br />promises to pay to the bearer on the 10th day of Juno, 1957, the princ icnl sum of
<br />THOUSAND DOLLARS '
<br />together With interest thereon f7om the dote hereof nt the rate of ~ per ceatum per swum, '
<br />payable upon the presentation and surrender of this Hate ¢t its maturity. Both the principal of and
<br />the interest on this note are nay¢ble et the , in ,
<br />in any coin or curzency of the United States of America which, ¢t the time of naymen t, is legal tender ~',
<br />for the Fnyrent of cublic and private debts. For the prompt ce,ncent hereof, both principal and
<br />int=rest as the sane fall due, the full faith nrd c rdit of said County of Or'engs are hereby irre- '~
<br />vocably pledged.
<br />This note is issued by said County in anticipation of the receipt of the proceeds of ¢ like
<br />amount of School Building Hands, duly authorized by an order finally passed on February 20, 1956,
<br />which order was approved by the vote oT a msj ority of the qualified voters of said County who voted ,
<br />at en election duly called ¢nd held, and this note 1s issued pursuant to sad in Tull compliance with
<br />The County Pinsnca Act, ns exended, and the Local Cover want ;,et, as ersnded, and a resolution duly
<br />passed by the Hoard of Canmissioners for said County.
<br />It is hereby certified ¢nd recited that all acts, conditions and things required Irj the i
<br />Constitution and lays o° Ilorth Caroline to happen, exist and be performed orecedert to ¢nd in the
<br />issuance of this note have haocened, exist sod have been performed in regulaz and due fora end tams
<br />as so required, and that the total indebtedness of acid County, including this note, dm_s not expeed !,
<br />atgl constitutional or statutory limitation thereon, ',
<br />IN R'I?IISSS Y•'h~,R~OF, said County of Orange, nu!•suant to s¢id resolution of its Bcsxd of Com-
<br />missioners, has caused this cote to he signed by the Chaiznsn of said i•o¢rd and lrj the Register of '
<br />Deeds and ex officio Clex'k of said Boaxd, under the corporate seal o^ s¢id Board, all as of t^:e 10th •
<br />day of December, 1956,
<br />Chairman of Heard of Co::nissionera
<br />Register of Deeds aid ex officio
<br />C1er4 of Boaxd of Cor. missioners
<br />The issuance of the within note is hereby approved,
<br />County Attorney
<br />(To be endorsed upon reverse of notes)
<br />Local Government
<br />Commis slop Herisl No, ,.,.
<br />The issuance of this note has been approved under' the provisions of the Loc¢1 Government ''
<br />'. Act of Plorth Carolina.
<br />W, °. FASTF.RI-I11G
<br />Sscretery, Local Government Commission '
<br />I
<br />3y;
<br />De sign¢ted Assistant
<br />~i Section L, That tho action of the County :icecuntent in nnolying to the Locsl Government Cosvsis-
<br />'i~ slop for the approval, advertisement sod sale of se id notes be end the same is hereby ratified and
<br />confirmed. ~'i
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