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Unutes of the Baud of Commissioners
<br />4ay 2, 1960
<br />179
<br />The Grange County Board of Commissioners met in regular session an Monday, May 2, 1960, at
<br />ten o'clock a.m. in the Commissioners boom at the courthouse in Hillsboro, N. C.
<br />Members present: Chairman R. J. M. Hobbs and Commissioners C, D. Jones, Henry i. Walker,
<br />Donald M. Stanford and Donald R. McDade.
<br />Members absent: None
<br />The minutes were reads for the three meetings held on April 4th, April 20th and April 21st,
<br />1960, by the Clerk and same were approved.
<br />Commissioner Stanford introduced the following resolution which was read:
<br />RESOLUTION PROVIDING FOR THE 133UANCL OF $50,000 SCHOOL BUILOING BOND ANTICIPATION NOTES
<br />BE IT RESOLVED by the Board of Commissioners for the County of Orange:
<br />Section 1. The Board of Commissioners has determined and does hereby find and declare:
<br />(a) That an order authorizing $50,000 School Building Bonds of the County of Orange was
<br />finally passed on November 16, 1959.
<br />(b) That none of said bonds has been issued and no notes have been issued in anticipation of
<br />the receipt of the proceeds of said bonds.
<br />Section 2. In anticipation of the receipt of the proceeds of the bonds authorized by said order,
<br />the issuance of $50,000 negotiable notes of the County of Orange is hereby authorized, which notes
<br />shall be designated "School Building Bond Anticipation Notes", shall be dated June 1, 1960, shall be
<br />numbered from 1 upwards, shall mature annually, Jane 1, in the numerical order, lowest numbers first,
<br />$14,000 1962, $18,000 1963 and $18,000 1964, without option of prior payment, and shall bear interest
<br />at a rate not exceeding 6% per annum to be determined by the Local Government Commission at the time
<br />the notes are sold, which interest shall be payable semi-annually on the first days of Jane and December
<br />of each year upon the presentation and surrender of interest coupons to be attached to said notes.
<br />Both the principal of and the interest on said notes shall be payable at such bank or trust company,
<br />and the notes of each maturity shall have such denomination or denominations as may be fixed by the
<br />Chairman of the Board of Commissioners for the County of Orange after the award of the notes by the
<br />Local Government Commission, and both such principal and interest shall be payable in any coin or
<br />currency of the United States of America which, at the respective dates of payment thereof, is legal
<br />tender for the payment of public and private debts.
<br />Section 3. Said notes shall be signed by the Chairman of the Board of Commissioners and by the
<br />Register of Deeds and ex officio Cleric of said Board, and the corporate seal of the Board shall be
<br />affixed thereto, and the notes shall have endorsed thereon the written approval of the County Attorney,
<br />and the interest coupons to be attached to said notes shall be executed with the (facsimile) signature
<br />of said Register of Deeds and ex officio Clerk. The form of said notes and coupons shall be substanti-
<br />ally as follows:
<br />No. $
<br />- Unites States of America
<br />State of North Carolina
<br />COUNTY Or ORANGE
<br />School Building Bond Anticipation Note
<br />The County of Orange, North Carolina, is justly indebted and for value received hereby promises
<br />to pay to the bearer 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 per cantum ( %) per annum
<br />until payment of such principal sum, such interest to the maturity eof being payMe semi-annually
<br />on the first days of June and December of each year upon the presentation and surrender of the coupons
<br />representing such interest as the same respectively become due. Both the principal of and the
<br />interest on this note are payable at , in , in any
<br />coin or currency of the United States o Ame .caw c a the respective dates o payment thereof, is
<br />legal tender for the payment of public and private debts. For the prompt payment hereof, both principal
<br />and interest as the same become due, the full faith and credit of said County of Orange are hereby
<br />irrevocably pledged.
<br />This note is issued by said County in anticipation of the receipt of the proceeds of the sale
<br />of School Building Bonds duly authorized by an order finally passed on November 16, 1959, which order
<br />has taken effect, and this note is issued pursuant to and in full compliance with The County Finance
<br />Act, as amended, and the Local Government Act, as amended, and a resolution duly passed by the
<br />Board of Commissioners for said County.
<br />It is hereby certified and recited that all acts, conditions and things required to happen,
<br />exist and be done by the Constitution and laws of North Carolinaprecedent to and in the issuan ce
<br />of this note have happened, exist and have been done in regular and due form and time as so required,
<br />and that the total indebtedness of said County, including this note and all other indebtedness
<br />heretofore contracted in the fiscal year in which this note is issued, does not exceed any
<br />constitutional or statutory limitation thereon.
<br />IN WITNESS WHEREOF said County of Orange, pursuant to said resolution of its Board of Commissioners,
<br />i.
<br />has caused this note to be executed by the Chairman of said Board and by the Register of Deeds and
<br />ex officio Clerk of said Board and the corporate seal of the Board to be affixed hereto, and has
<br />caused the interest coupons attached hereto to be executed with the (facsimile) signature of said
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