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fdinutes of the Board of County Commies Sonars c./'3U
<br />LSonday, May 3, 1954
<br />A regular mooting of the Board of Commissi opera for the County of
<br />Orange, North Carolina, convened at the County Counthouse in Hillsboro,
<br />the regular place of meeting, at 10 o'clock A. hf.> on hSey 3, 1954•
<br />Present: Chairman R. 0. Forrest, end Commissioners R. S. IS. Robbs
<br />and Sim Efland.
<br />Ab esnt: None,
<br />The Chairman announoed that thSs was the deto end hour fixed by the
<br />Board for the public hearing anon the order entitled:
<br />"ORDER AUTHORIZING $65,000 SCAODL BUILDING BONDS",
<br />
<br />¢nd that the Board erould immediately hear any and ell citizens and tax-
<br />payers mho might desire to protest against the issuance of Bald bonds.
<br />No citizen or taxpayer of the County appeared, either in person or by
<br />attorney, to protest against the iseuencs of any of aeid bonds, sad the
<br />Clerk announced that no protest in writing, aignod by any citizen or tax-
<br />gager, had been presented.
<br />Thereupon, upon motion of Commies loner Hobbs, seconded by Commissioner
<br />Forrest and carried, the order introduced and passed on first reading on
<br />April 20, 195)? ant ltled: "ORDER AUTflORIZP7G $65,000 SCHOOL BUILDING BOIPDS",
<br />was read a second time and placed upon its final passage. The vote upon
<br />the final passe ge of said order was:
<br />Ayes: Commissioners Forrest, Hobbs and Efland.
<br />Noes: None.
<br />r.
<br />The Chairmen then announced that the order entitled: "ORDER RUTH ORIZITIG
<br />$65,000 SCHOOL BUILDING BONDS°, had pesaed.
<br />The Clerk was thereupon directed to publish said order in The Newe of
<br />Orange County, Data in e¢ch of two suc ce sslve weeks, end to publish et
<br />the foot of said order the appended note as required by The County Finance
<br />Act, ae amended.
<br />Thereupon Commissioner Hobbs introduced the following resolution which
<br />was reed;
<br />ftESOLUTIO!4 PROVIDIIJG FOR THE IS-
<br />SUANCE OF $65,000 SCHOOL BUILDING
<br />BONDS
<br />
<br />BE IT RESOLVED By the Board of Commissioners for the County of Orange:
<br />Section 1. That the Board of Commissioners has determined and does
<br />hereby find end declare:
<br />(¢) That an order euthori zing $65,000 School Building Honda of the
<br />County of Orange was finally passed on hiay 3, 1954•
<br />(b) That none of said bonds has been Issued and no notes have been
<br />i paved in anticip¢tion of the receipt of the proceeds of said bonds.
<br />(c) That the period of the life of the school bu11d1 nti to be erected
<br />pursuant to aeid order ie estimated as a period of thirty yearn from Irtey
<br />3, 1955, a de to not 1¢ter than one year after the fin¢1 pa saga of said
<br />order, and that said period expires lday 3, 1985.
<br />Section 2. That for the purpose of providing the school buildl ng
<br />pursuant to said order, such school building being necaesary in order to
<br />maintain the es nstltutionel six months' school term Sn Orange County,
<br />there shell be issued the negotiable coupon bonds of the County of Orange,
<br />in the aggreg¢te principal amount of $65,000, designated "School Building
<br />Bonds", consisting of 65 bonds of the denomination of $1,DGD eechr num-
<br />bared 1 to 65, inclusive, dated June 1, 195., matvri ng annually, June 1>
<br />in numerical order, lowest numbers first, $5,000 1957 to 1969, Sacluaive,
<br />without onti on of prior payment, end bearing interest from their date at
<br />e rate or rates not exceeding 6~ per annum to be determined by the Local
<br />Government Commission et the time of the bonds are sold, vrhich inters at
<br />to the maturity thereof shall be payable semi-annually on the first days
<br />of June ¢nd December of each year, and both the principal of and the
<br />interest on said bonds shall be payable at The Hanover Bank, in the
<br />
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