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Minutes of the Board of Commissioners 349
<br />May 12, 1964
<br />The Board of Commissioners for the County of Orange, North Carolina, met in
<br />adjourned regular session at the County Courthouse in Hillsboro, the regular place
<br />of meeting, at 10 o'clock, A.M., on May 12, 1964.
<br />Present: Chairman Donald M. Stenford,.and Commissioners Harvey Bennett and
<br />Henry S. Walker.
<br />Absent: Commissioners Gordon B. Cleveland and Carl M. Smith.
<br />The Chairman announced that this was the date and hour fixed by the Board for
<br />the public bearing upon the order entitled:
<br />"ORDER AUTHORIZING $40,000 COUNTY COURTHOUSE BONDS", and that the Board would
<br />immediately beer any and all citizens and taxpayers who might desire to protest again
<br />the issuance of said bonds.
<br />No citizen or taxpayer of the County appeared, either in person or by attorney,
<br />to protest against the issuance of any of said bonds, and the clerk announced that
<br />no protest in writing, signed by any citizen or taxpayer, bad been presented.
<br />Thereupon, upon motion of Commissioner Bennett, seconded by Commissioner Walker
<br />and carried, the order introduced and passed on first reading on April 29, 1964,
<br />entitled: "ORDER AUTHORIZING $40,000 COUNTY COURTHOUSE BONDS", was read a second
<br />time and placed upon its final passage. The vote upon the final passage of said
<br />order was:
<br />Ayes: Commissioners Bennett, Walker and Stanford.
<br />Noes: None
<br />The Chairman then announced that the order entitled: "ORDER AUTHORIZING
<br />$40,000 COUNTY COURTHOUSE BONDS", had passed.
<br />The Clerk was thereupon directed to publish said order in The News of Orange
<br />County, once in each of two successive weeks, and to publish at the foot of said
<br />order the appended note as required.by The County Finance Act, as amended.
<br />Thereupon Commissioner Bennett introduced the following resolution which was
<br />read:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF $40,000 COUNTY COURTHOUSE
<br />BOND ANTICIPATION NOTES
<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 hereby find
<br />Tend declare:
<br />(a) That an order authorizing $40,000 County Courthouse Bonds of.Orange County
<br />was finally passed May 12,-1964.
<br />(b). That no bonds have been issued pursuant to said order and it is necessary
<br />to issue $40,000 notes in anticipation of the receipt of the proceeds of a like amount
<br />of said bonds.
<br />Section 2. In anticipation of the receipt of the proceeds of a like amount of
<br />said bonds a temporary loan of $10,000 is hereby authorized to be evidenced by
<br />negotiable notes of the County of Orange designated "County Courthouse Bond Anticipa-
<br />tion Notes", which notes 'shall consist of 4 notes of the denomination of $10,000
<br />each, numbered 1 to 4, inclusive, dated Xune 10, 1964, shall mature annually June
<br />10, in numerical order, lowest numbers first, $10,000 1966 to 1969, inclusive, without
<br />option of prior payment, and shall bear interest from their date at a rate not
<br />exceeding 6% per annum to be determined by the Local Government Commission at the
<br />time the notes are sold, which interest to the maturity thereof shall be payable
<br />annually on the lOtb day of June of each year. Said notes shall be payable as to
<br />principal and interest at such bank or trust company as may be fixed by the Chairman
<br />after the award of the notes by the Local Government Commission, and both the
<br />principal of and the interest on said notes shall be payable in any coin or currency
<br />of the United States of America which at the time of payment is legal tender for
<br />the payment of public and private debts.
<br />Section 3. Said notes shell be signed by the Chairman of the Board of
<br />Commissioners and by the Register of Deeds and ex officio Clark of said Board, and
<br />the corporate seal of said Board shall be affixed to the notes, and the interest
<br />coupons to be attached to said notes shall be executed with the manual signature of
<br />said Register of Deeds and ex officio Clerk. Said notes and coupons and the endorse-
<br />ment to be placed upon the reverse of each note shall be in substantially the following
<br />forms:
<br />No. $10,000
<br />United States of America
<br />State of North Carolina
<br />COUNTY OF ORANGE
<br />County Courthouse Bond Anticipation Note
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