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<br />G6
<br />'uinutss of the Bcar3-of Ccwsissioners
<br />Efey 6, 1957
<br />The Hord of Coamissionere for the County of Oxnnge, North Carolina, met in regular session at
<br />the Courthouse in Hillsboro, North Carolin¢, the usual place of meeting, nt 10 o'c lack, A.ki„ Eny 6,
<br />1957,
<br />Present: Acting Chairman D, 1A. Any, and Ca Sri ssioners Claude T, Poce, Donald 1.7. Stanford and
<br />Henry S, w¢Skcr,
<br />Absent: R. J. td, Hobbs, Chairmsn.
<br />Commissioner Donald 6;. Stanford introduced the following resolution which was read:
<br />A6SOLUTIO?1 FIII?{G ThE DETAR,S, AilD FOft'd A;ID kAINl6'R OF
<br />E}BCUTION OF $2, OOD,000 SCHOOL BUILDING E02ID5, A!D
<br />PROVIDING FOR THE Ii°.CISTRATION TNEtL~OF
<br />H6 IT R'iSOLVED by the Epsrd of Cormissioners for the Cauntp of Orange:
<br />Section 1, That the Boeffi of Camcissioners has de texmined end does hereby find and declass:
<br />(a) That an order authorizing $2,OW,000 school building bonds of the County of Orange rms
<br />firslly pas sod on February 20, 1956r which order w¢s approved by the vote of a majority of the quali-
<br />fied voters of seid County who voted at nn election duly celled and held on Klatch 27, 1956,
<br />(b) Thst it is pees ssnry to fix the details and form and rnnnex of execution of said bonds,
<br />(c) Ih¢t the period of the life of the school buildings and other school plant facilities to be
<br />erected, remodeled and enl¢rged pursuant to said order is estimated ns n period of thirty years from
<br />February 20, 1957, being a date not later than one yeas after the final passage or said order, ¢nd
<br />that said period expires February 20, 19E7.
<br />Section 2. That for the pspose of or oviding the school improvements pursuant to said order,
<br />such school improvements being necessary in order to maintain the constitutionsl six month' school
<br />term in the County of Orange as required by Section 3 of Article IX of the Constitution, the negotiable
<br />coupon bonds of tea County of Orange shell be issued in the eggregnte principal amount of $2,000,000,
<br />consisting of 2,OOD bords o° the denomiration of 51,000 each, dated June 1, 1957, rotating annually,
<br />June 1, $30,000 1958, $9D,DDD 1959, $65,OOD 196D to 1965, inclusive, $70,000 1966 to 1969, inclusive,
<br />575,000 1970 to 1965, inclusive, and 570,000 1466, without option of prior payment, and bearing interest
<br />from their date et ¢ rate or rates not exceeding bq pox' ennus: to be determined b}' the Loc¢1 Government
<br />Commission nt the tiro the bonds are sold, which interest to the maturity thereof shall be payable
<br />seni-ennually on the first days of June end December pf each year, and both th_ px incinal of nrvl the
<br />interest on said bonds shrill be ceyable at The Hanover Esnk, in the Hor ough of t",anhattsn, City and
<br />State of New York, in nr{y coin or currency of the IInited States of Americo which, nt the respective
<br />dates of neymcnt thereof, is le gel tender for the eeyme nt of public and privets debts,
<br />Section 3. That s¢id ?2,000,C00 school building bonds may be issued from time to time in amounts
<br />as may be determined by resolution of the Bwrd of Commissioners rot the County of Orange end said '..
<br />bonds sY,ell be designated "School Building Eonds, Series _", the bonds to be issued et ¢ny one tiros '',.
<br />to be des_gnnted by s different series letter, ',
<br />Section 4, That said $2,DDD,DDD school building bonds sh¢11 b< signed by the Chairmen of the '~
<br />Bo¢rd of Commissioners and by the Register of Deeds end ex officio ClsrM. of the Eonxd of Conmissionars, ~
<br />ursier the corporate se¢1 oT seid Bosrd, and the intorest coupons to be att¢ched to said bonds shall be
<br />executed vrith the facsimile sitm¢ture of said Ae gister of Deeds and ex officio Clerk, Snid botffis and
<br />coupons and the endorsem_nts 5o be printed upon the reverse of Bald bonds shall be in subsffintielly
<br />the folloang forms:
<br />No, _
<br />$1,000
<br />United States of America
<br />State of C;orth Carolin¢
<br />cour;TY or• oAANGs
<br />School 9uildine Bond. Series .
<br />The County of Orange, in the State o` hbrth Caroline, is justly indebted and for value received
<br />hereby promises to pay to the bearer or, if this bond be registered, to tho registered order here o£,
<br />on the 1st day of .7une, 19_, the principal sum of
<br />0?JF: THOUSAi~ID DOLLARS
<br />and to pay interest thereon Eton the data hereof at the rate of per centum per nanum until p¢y-
<br />ment. of such principal sun, such interest to the maturity hereof being payable semi-annuslly on the
<br />first days of June end December in each ye¢r noon the presen+ation and surrender of the coupons re-
<br />presenting such internst es the sar..e respectively bee cme due. Both the principal oT and the interest
<br />on this fond are nnyeble at The Nnnover Bonk, in the Borough of Fienhattan, City and State oT New York,
<br />in ¢ny coin or currency of the United States of America which, at thn respective dates of payment
<br />thereof, is la gal tender for the payment of public and privets debts. For the prompt payment hereof,
<br />both nrincioel end interest as the snr..e shall become due, the SSaIl faith and credit of seid County
<br />of Orange are hereby lrrevocebly pledged.
<br />This bond is one of a series issued by said County, acting ns nn administrative agent of the State
<br />of North Caroline in providing a State system oT public schools, for the purpose of providing funds.
<br />with ¢ny other nwilable funds, for erecting additional school buildings and other school pLnnt
<br />facilities, zemodeli.ng and enlarging existing school buildings end other school pl¢nt facilities, and '.
<br />b
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