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<br />Minutes of the Board of Commissioners
<br />October 23, 1961
<br />An adjourned regular meeting of the Hoard of Commissioners for the County of
<br />Orange, North Carolina, was held at the County Courthouse in Hillsboro, North Car
<br />the regular place of meeting, at 10 o!clock A.M. on October 23, 1961.
<br />Present: Chairman Donald Stanford, and Commissioners Harvey Bennett, Donald
<br />McDade, Clarence Jones and Henry Walker.
<br />Absent: None
<br />Commissioner McDade introduced the following resolution which was read:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE
<br />OF $1,500,000 SCHOOL BUILDING BONDS
<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
<br />and declare:
<br />(a) That an order authorizing $1,500,000 School Building Bonds of the County
<br />of Orange was finally passed on February 6,1961, which order was approved by the
<br />vote of a majority of the qualified voters of said County who voted at an election
<br />duly called and held on March 18, 1961.
<br />(b) That none of said bonds has been issued and no notes have been issued in
<br />anticipation of the receipt of the proceeds of said bonds.
<br />(c) That is is necessary that the County of Orange, acting as an administrative
<br />agent of the State in providing a State system of public schools, issue all of said
<br />$1,500,000 School Building Bonds.
<br />(d) That the period of the life of the school buildings and other school plant
<br />facilities to be erected, remodeled, enlarged and reconstructed pursuant to said
<br />order is estimated as a period of thirty years from February 6, 1962, a date not
<br />later than one year after the final passage of said order, and that such period
<br />expires on February 6, 1992.
<br />Section 2. For the prupose of providing the school improvements pursuant to
<br />said order, such school improvements being necessary in order to maintain the six
<br />months' school term in the County of Orange as required by Section 3 of Article
<br />IX of the Constitution of North Carolina, there shall be issued the negotiable
<br />coupon bonds of the County of Orange in the aggregate principal amount of $1,500,000,
<br />designated "School Building Bonds" consisting of 1,500 bonds of the denomination of
<br />$1,000 each, numbered 1 to 1,500, inclusive, dated December 1, 1961, maturing annually
<br />June 1, in numerical order, lowest numbers first, $45,000 1963, $45,000 1964,
<br />$65,000 1965 to 1985, inclusive, and $45,000 1986, without option of prior payment,
<br />and bearing interest from their date at a rate or rates not exceeding 6% per annun
<br />to be determined by the Local Government Commission at the time the bonds are sold,
<br />which interest to the maturity thereof shall be payable semi-annually on the 1st
<br />days of June and December of each year, and both the principal of and the interest
<br />on said bonds shall be payable at Manufacturers Hanover Trust Company, in the
<br />Borough of Manhattan, City and State of New York, in any coin or currency of the
<br />United States of America which, at the respective dates of payment thereof, is
<br />legal tender for the payment of public and private debts.
<br />Section 3. Said School Building Bonds shall be signed by the Chairman of the
<br />Board of Commissioners and by the Register of Deeds and ex officio Clerk of said
<br />Board, and the corporate seal of said Board shall be affixed to the bonds, and the
<br />interest coupons to be attached to said bonds shall be executed with the facsimile
<br />signature of said Register of Deeds and ex officio Clerk. Said bonds and coupons
<br />and the endorsements to be printed upon the reverse of said bonds shell be in sub-
<br />stantially the following forms:
<br />No.
<br />$1,000
<br />United States of America
<br />State of North Carolina
<br />COUNTY OF ORANGE
<br />School Building Bond
<br />The County of Orange, in the State of North Carolina, is justly indebted and
<br />for value received hereby promises to nay to the bearer or, if this bond be registered
<br />to the registered owner hereof, on the lst day of June, 19?1 the principal sum of
<br />ONE THOUSAND DOLLARS
<br />and to pay interest thereon from the date hereof at the rate of per centum
<br />( %) per annum until payment of such Drincipal sun, such interest to the maturity
<br />hereof being payable semi-annually on the lst days of June and December in each year
<br />upon the presentation and surrender of the coupons representing such interest as
<br />the same respectively become due. Both the princippl of and the interest on this
<br />bond are payable at Manufacturers Hanover Trust Company, in the Borough of Manhattan,
<br />City and State of New York, in any coin or currency of the United States of America
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