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<br />~ 7d Minutes of the Hoard of Commissioners
<br />Monday, October 30, 1950
<br />The Beard of Commi ssionere for the County of Orange, North Carolina, met
<br />Sn adfourned regular ae salon oa October 30, 1950, at 10 o'clock A.Lt., at the
<br />Courthouse in Rill aboro, North Carol].na, the usual place of meeting.
<br />Present: Chairman Collier Cobb, Jr., and Commi aeloners H. G. Laws and -'
<br />Ben F. Vlilson. ~
<br />Absent: None.
<br />The Chairman announced that this was the date and hour flied by the Board
<br />for the public hearing upon the bond order entitled:
<br />"ORDER AUTHORIZING 1y15, 000 SCHOOL BUILDING HOiSDS°,
<br />and that the Board mould immediately hear any and nil citizens and taxpayers
<br />who might desire to protest against the issuance of said bonds.
<br />No citizen or taxpayer of the County appeared, either in person or by
<br />attorney, to prote at against the issuance of any of said bonds and the Clerk
<br />announced that no protest in writing, slgaed by any citizen or taxpayer, had
<br />been presented.
<br />Thereupon, upon motion of Conmti saioner Vdilson, seconded by Commies loner
<br />Lavrs and carried, the order introduced cad pasead on first reading oa October
<br />16, 1950 entitled: ^ORDER AUTHORIZING #~15, 000 SCHOOL BUILDING BONDS", was
<br />read a second time and placed upon its final passage. The vote upon the final
<br />passage of said order was:
<br />Ayes: Commissioners Cobb, Wilson and Lawa
<br />Noes: None
<br />The Chairman then announced that the order entitled: ^ORDER AUTRORIZING
<br />$15,000 SCHOOL BUILDING BONDS7, had pas aed.
<br />The Clerk was thereupon directed to publish said order in The News of
<br />Orange County, once in each of two success iva weeks, and to publish ¢t the foot
<br />of said order the appended note as required by The County Finanea Act, as amends .
<br />Thereupon Commissioner Lawa introduced the following resolution which ftae i j
<br />read: --1
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF A X15, 000 SCROOL
<br />BUILDING BOPiD ANTICIPATION NOTE
<br />BE IT RESOLVED by the Board of Commies ionere Tor the County of Orange:
<br />Section 1. That the Board of Commissi oaera has determined and does hereby
<br />find and declare:
<br />(a) That an order avthorl zing $15,000 School Building Bonds was finally
<br />pasead on October 30, 1950.
<br />(b) That it Se necos sary that Orange County, acting as an administrative
<br />agent of the State in providing a State system of public schools, provide for
<br />a temporary loan of X15,000 in anti clpatioa of the rece int of the proceeds of
<br />said bonds.
<br />Section 2. That in order to anticipate the receipt of the proceada of
<br />said $15,000 School Building Honde a temporary loan of ."~15, 000 is hereby
<br />authorized to be evidenced by a negotiable note of the County of Orange, desig-
<br />nated "School Building Hond Anticipation Nota", which note shall be dated
<br />December 10, 1950, shall be numbered 1, shall mature on April 10, 1951, with-
<br />out option of prior payment, shall bear interest at a rata to be determined by
<br />the Local Government Commission at the time the note is Bold, not exceeding 6~
<br />per annum, which interest shall be payable at the maturity of the note to
<br />erhf eh no interest coupons shall be attached. The principal of and the interest
<br />on said note shall be payable at such bank or trust company as shall be fixed
<br />by the Chairman after the award of the note by the Local Government Commission.
<br />Section 3. That said note shall be signed by the Chairman of the Hoard of
<br />Commissioners and by the Register of Deeds and ex officio Clerk of said Board, -~
<br />under the corporate seal of the Board, and shall have endorsed thereon the i
<br />written approval of the County Attorney, and tho form of said note shall ba '_!
<br />substantially as follows:
<br />No. 1 $15,000
<br />United States of America
<br />State of North Carolina
<br />COUNTY OF ORANGE
<br />Sch of Bulldina Hond Anticipation Note
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