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7 PAcE 168
<br />$115,000 1980, $150,000 1981 to 1986, inclusive, $250,000 1987 to 1989, inclusive, and
<br />$225,000 1990, without option of prior payment, shall bear interest from their date
<br />at a rate or rates not exceeding bo per annum to be determined by the Local Govern-
<br />ment Commission at the time the bonds are sold, which interest to the maturity
<br />thereof shall be payable semi-annually on the lst days of June and December of each
<br />year, and both the principal of and the interest on said bonds shall be payable at
<br />Bankers Trust Company, in the Borough of Manhattan, City and State of New York, or,
<br />at the option of the holder or registered owner, at Wachovia Bank and Trust Company,
<br />N.A., in the City of Raleigh, North Carolina, in any coin or currency of the United
<br />States of America which, at the respective dates of payment thereof, is legal tender
<br />for the payment of public and private debts.
<br />Section 3. Said bonds shall be signed by the Chairman of the Board of Comm-
<br />issioners and by the Register of Deeds and ex officio Clerk of said Board, and the
<br />corporate seal of said County shall be affixed to the bonds, and the interest
<br />coupons to be attached to said bonds shall be executed with the facsimile signature
<br />of'said Register of Deeds and ex officio Clerk. Said bonds and coupons and the
<br />endorsements to be printed upon the reverse of said bonds shall be in substantially
<br />the following forms;
<br />No. $
<br />United States of America
<br />State of North Carolina
<br />COUNTY OF ORANGE
<br />SCHOOL BUILDING BOND
<br />The County of Orange, in the State of North Carolina, is justly indebted and
<br />for value received hereby promises to pay to the bearer or, if this bond be registered,
<br />to the registered owner hereof, on the 1st day of June, 19_, the principal sum of
<br />THOUSAND DOLLARS
<br />and to pay interest thereon from the date hereof at the rate of
<br />per centum ( ?f.) per annum until payment of such principal sum, such
<br />interest to the matur ty hereof being payable semi-annually on the 1st days of June
<br />and December in each year upon the presentation and surrender of the coupons rep-
<br />resenting such interest as the same respectively become due. Both the principal of
<br />and the interest on this bond are payable at Bankers Trust Company, in the Borough
<br />of Manhattan, City and State of New York, or, at the option of the holder or reg-
<br />istered owner, at Wachovia Bank and Trust Company, N.A. in the City of Raleigh,
<br />North Carolina, in any coin or currency of the United States of America which, at
<br />the respective dates of payment thereof, is legal tender for the payment of public
<br />and private debts. For the prompt payment hereof, both principal and interest as
<br />the same shall become due, the full faith and credit of said County of Orange are
<br />hereby irrevocably pledged.
<br />T?,is bond is one of a series issued by said County, acting as an administrative
<br />agent of the State of North Carolina in providing a State system of public schools,
<br />for the purpose of providing funds, with any other available funds, for erecting
<br />additional school buildings and other school plant facilities, remodeling, enlarging
<br />and reconstructing existing school buildings and other school plant facilities, and
<br />acouiring necessary land and equipment therefor, to provide additional school facilities
<br />in the County of Orange to maintain the six months' school term in said County as
<br />required by Section 3 of Article IX of the Constitution, and this bond is issued under
<br />and pursuant to The County Finance Act, as amended, and the Local Government Act, as
<br />amended, and an order which was approved by the vote of a majority of the qualified
<br />voters of said County who voted at an election duly called and held, and resolutions
<br />duly passed by the Board of Commissioners for said County.
<br />It is hereby certified and recited that all acts, conditions and things required
<br />by the Constitution and laws of North Carolina to happen, exist and be performed
<br />precedent to and in the issuance of this bond have happened, exist and have been per-
<br />formed in regular and due form and time as so required; that provision has been made
<br />for the levy and collection of a direct annual tax upon all taxable property within
<br />said County sufficient to pay the principal of and the interest on this bond as the
<br />same shall become due; and that the total indebtedness of said County, including this
<br />bond, does not exceed any constitutional or statutory limitation thereon.
<br />This bond may be registered as to nrincipal alone in accordance with the
<br />provisions endorsed hereon.
<br />IN WITNESS WHEREOF, said County of Orange, by order of its Board of Commissioners
<br />has caused this bond to be signed by the Chairman of the Board of Commissioners and
<br />by the Register of Deeds and ex officio Clerk of said Board, and the corporate seal
<br />of said County to be affixed thereto, and has caused the interest coupons attached
<br />hereto to be executed with the facsimile signature of said Register of Deeds and ex
<br />officio Clerk, all as of the 1st day of December, 1968.
<br />Chairman of Board of Comrassioners
<br />Register of Deeds an ex officio
<br />Clerk of Board of Commissioners
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