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<br />tSlnutes of the Board of Commissionary
<br />[donday, January l}, 1954
<br />A regular meeting of the Hoard of Commissioners for the County of Orange,
<br />North Carolina, convened at tho Courthouse, in Hillsboro, North Carolina, the
<br />re puler place of meeting, at 10:00 o'clock, A.y ., on Jenvary L., 1954•
<br />Present: Cha?.rmen R. 0. Forrest, and Commies inners Sim L. Eflaad and
<br />R. J. fil, Robbs.
<br />Absent: None.
<br />Cpmmiss Sonor Hobbs introduced the following resolution which v+as reed;
<br />RESOLUTION PROVIDING POR THE ISSII.ANCE OP
<br />580,000 COURTHOSISE BOND ANTICIPATION
<br />ROTES
<br />BE IT RESOLVED by the Board of Commissioners for the County of Orange:
<br />Section 1. That the Board of Cvmmi ssione rs has determined end does
<br />hereby find and declare:
<br />(a) That en order authorizing 580,000 Courthouse ??onda was finally pass ei
<br />on October 5, 1953.
<br />(b) Thet none of the Bald bonds has been issued and no notes are out-
<br />standing which were issued in anticipation of the sale of said bonds.
<br />Section 2. That in order to anticipate the receipt of the proceeds of a
<br />like amount of snid Courthouse Bonds, a temporary loan of 580,000 is hereby
<br />authorized to be evidenced by negotiable notes of the County of Orange desig~-
<br />neted 'bourthouse Bond Anticipation llote s", rvhich not ea shall be dated Februar;
<br />1, 1954, shell mature annually, November 1, 520,000 1955 to 1958, inclusly e,
<br />without motion of prior payment, end shell beer interest ab ¢ rate or rates
<br />to ba determined by the Loc el Government Commission at the time the notes are
<br />sold, not exceeding (~ per annum, the interest upon said notes to be payable
<br />on S'ag 1, 1951 and semi-annually thereafter on the first days of '.,fay and
<br />November in each year upon the presentation and surrender of interest coupons
<br />to be attached to said notes. Said notes shall be payable as to principal
<br />end Snterest et such bank or trust company, shall have such denominations
<br />and bear such numbers, es may be fixed by the Chairman of the Board.
<br />Section 3. That said notes shall be signed by the Chairman of the Board
<br />of Commissioners and by the Ro gister of Deeds and ex officio Clerk of said
<br />Board, under the corporate seal of said Board, end shall have endorsed thereon
<br />the vmitten approval of the County Attorney, and the interest coupons to be
<br />attached to said notes shall be oxecuted with the manual signature of said
<br />Register o.'. Deeds end ez officio Clerk, and the form of said notes shall be
<br />substant ielly as follows:
<br />No.
<br />-"' United St¢t es of Amarice
<br />State of SSOrth Carollns
<br />COUNTY OF ORANGE
<br />Courthouse Bond Ant icipetion Note
<br />The County of Orange, North Carolina, is justly indebted and for value
<br />re cel.ved hersby promises to pay to the bearer on the 1st day of November,
<br />19_, the principal sum of DOTSP.RS
<br />and tp pay interest thereon from the date hereof at the rate of per
<br />ce ntum oar annum until payment of such princ lpel sum, such interest to the
<br />maturity hereof being payable on 14ay 1, 195)} end semi-enmslly thereafter
<br />on the 1st day of 13ay end bi ovember of each pear upon the presentation and
<br />surrender of the coupons representing such interest as the s;.:ae rasps ctlvely
<br />fall due. Both the principal of and the interest on this note ere payable
<br />at the in the City of ,
<br />State of Ror the prompt payment hereo.^, both principal
<br />and interest, as the sama•shell fall due, the full faith end credit of se id
<br />County of Orange a^e hereby irrevac ably pledged.
<br />This note is lss ued by slid County in ¢ntici pati on of the receipt of the
<br />proceeds of alike amount of Courthouse Bonds duly authorized by en order
<br />finally oessed on October 5, 1953, end this note is issued under and pursuant
<br />to The County Finance Act, es amended, and the Local Government Act, as amends
<br />and ¢ resolution duly passed by the Board of Commis si.oners for said County.
<br />It is hereby certified and racitod that all acts, conditions and things
<br />required to happen, exist and be performed by the Constitution and laws of
<br />North Carolina precedent to and in the lssunnce of this note have happened,
<br />exist and have b6en performed Ln recular and due fora and time as so required,
<br />and that the to tel indebtedness of said County, including this note and all
<br />other indebtedness heretofore contracted during the fiscnl ys ar in which this
<br />note is issued, dons not exceed any constitutional or statutory limitation
<br />thereon.
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