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<br />bonds shall be payable at Bankers Trust Company, in the Borough of Manhattan, City
<br />and State of New York, or, at the option of the holder or registered owner, at
<br />Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, in any
<br />coin or currency of the United States of America which, at the respective dates of
<br />payment thereof, is legal tender for the payment of public and private debts.
<br />Section 3. Of the proceeds of each bond issued hereunder 56/65 shall be applied
<br />to the construction of a waterworks system in said County, and 9/65 shall be applied
<br />to the construction of a.sanitary sewer system in said County, and that upon the
<br />payment of each one thousand dollars of bonded indebtedness, $861.54 shall be deemed
<br />to be the amount of water debt paid and $138.46 the amount of sanitary sewer debt
<br />paid.
<br />Uoon motion of Commissioner Smith, seconded by Commissioner Walker, the fore-
<br />going resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE Or^ 5650,000 -
<br />WATER AND SEWER BONDS" was passed by the following vote:
<br />Ayes: Commissioners Bennett, Ray, Smith, Walker and Ward.
<br />Noes: None
<br />Thereupon Commissioner Ward introduced the following resolution which was read:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE
<br />OF $130,000 COUNTY OFFICE BUILDING BONDS
<br />BE IT RESOLVED by the Board of Commissioners for the County of Orange:
<br />Section 1. The Board of Commissioners has determined and does hereby find
<br />and declare:
<br />(a) That. an order authorizing $130,000 County Office Building Bonds of the
<br />County of Orange was finally passed on March 20, 1967.
<br />(b) That none of said bonds has been issued and that $130,000 County Office
<br />Building Bond Anticipation Notes have been issued in anticipation of the receipt
<br />of the proceeds of a like amount of said bonds, which notes are dated June 15, 1967,
<br />mature on September 1, 1967, bear interest at the rate of 2.54% per annum and consist
<br />of 1 note of the denomination of $30,000, numbered 1, a_nd 1 note of the denomination
<br />of $100,000, numbered 2.
<br />(c) That it is necessary that the County of Orange issue all of said $130,000
<br />County Office Building Bonds, the proceeds thereof to be used to pay said notes at
<br />their maturity.
<br />(d) That the period of the life of the county office building to be constructed
<br />and equipped pursuant to said order is estimated as:a period of thirty years from
<br />March 20, 1968, being a date not later than one year after the final passage of said
<br />order, and that such period expires on March 20, 1998.
<br />Section 2. For the purpose of providing the county office building pursuant to
<br />said order there shall be issued the negotiable coupon bonds or the County of Orange
<br />in the aggregate principal amount of $130,000, designated "County Office Building
<br />Bonds", dated June 11 1967, consisting of 26 bonds of the denomination of $5,000 each,
<br />numberer - :c 26, inclusive, unless, pursuant to the provisions of the notice of
<br />sale fer said bonds published by the Local Government Commission, the successful
<br />bidder for said bonds shall request $1,000 denominations, in which event said bonds
<br />shall consist of 130 bonds of the denomination of $1,000 each, numbered 1 to 1307
<br />inclusive. Said bonds shall mature annually, June 1, in numerical order, lowest
<br />numbers first, $10,000 1968 to 1980, inclusive, without option of prior payment, and
<br />bear interest from their date at a rate or rates not exceeding 6%. Der annum to be
<br />determined by the Local Government Commission at the time the bonds are sold, which
<br />interest to the maturity thereof shall be payable semi-annually on the 1st days of
<br />June and December of each year, and both the principal of a_nd the interest on said
<br />bonds shall be payable at Bankers Trust Company, in the Borough of Manhattan, City
<br />and State of New York, or, at the option of the holder or registered owner, at
<br />Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, in any coin
<br />or currency of the United States of America which, at the respective dates of pay-
<br />ment thereof, is legal tender for the payment of public and private debts.
<br />Upon motion of Commissioner Ward, seconded by Commissioner Ray, the fore-
<br />going resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $130,000
<br />COUNTY OFFICE BUILDING BONDS!' was passed by the following vote:
<br />Ayes: Commissioners Bennett, Ray, Smith, Walker and Ward.
<br />Noes: Norte
<br />i
<br />Thereupon Commissioner Smith introduced the following resolution which was read: J
<br />RESOLUTION FIXING THE FORM AND MANNER
<br />OF EXECUTION OF $650,000 WATER AND SEWER
<br />BONDS AND $130,000 COUNTY OFFICE BUILDING
<br />BONDS TO BE ISSUED 'U'NDER DATE OF JUNE 1,
<br />1967, PROVIDING FOR THE REGISTRATION
<br />THEREOF AND RATIFYING APPLICATION TC LOCAL
<br />GOVERNMENT COM"LISSICN FOR THE ADVERTISEMENT
<br />AND SALE OF SAID BONDS
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