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The Board of Commissioners~ forthe County of Cabarrus, North Carolina, convened in regular session
<br />at lO:O0 o'clock, A. M., June 4, 1951, at the Courthouse, in Concord, North Carolina, the usual
<br />place of meeting.
<br />
<br /> Present: Chairman J. Lee V~hite and Commissioners P. E. Stallings, Homer L. Fink
<br />
<br /> L. Bowman Barrier s~d M. S. Lyles.
<br />
<br /> Absent; None
<br />
<br />Commissioner Homer L. Fink introduced the following resolution which was read:
<br /> RESOLUTION PROVIDING FOR THE
<br /> ISSUANCE OF $467,000 SCHOOL
<br />
<br /> BUILDING BOI~D ANTICIPATION
<br />
<br /> NOTES.
<br />
<br />BE IT RESOE. VED by the Board of ~.=tasioners f~r the County of Cabarrus:
<br />
<br /> Section 1. That the Board of Commissioners has determined and does hereby find ~d deC,are:
<br /> (a) That an order authorizing $870,000 School building bonds of Cabarrus County was
<br /> finally ~ssed by the Board of Commissioners for the County of Cabarrus on May 20,
<br /> 1946, which order was approved by the ~te of a majority of the qualified voters of
<br /> said county who voted at an election duly ca±led and held on July 2, 1946.
<br />
<br /> (b) That an order authorizing $1,467,000 school building bonds of said COunty was
<br /> finally ~assed by said Board on April 19, 1948, which order was approved by the Vote
<br /> of a majority of the qualified voters of said County who voted at an election d~ly
<br /> called andheld on June 30, 1948.
<br />
<br /> (c) That by aresolution passed by said Board on August 2, 1948, said $870,000 school
<br /> building bonds and said $1,467,000 school building bonds were consolidated into an
<br /> issue of $2,337,000 school building bonds, which resolution also fixed the details
<br /> and form and manner of execution of said $2,33~,000 bonds and is entitled: "RESOLUTION
<br /> FIXING THE DETAILS AND FORM AND NANNER OF EXECUTION OF $2,337,000 SCHOOL BUILD~G
<br /> BONDS".
<br />
<br /> (d) That $1,870,000 of said $2,337,000 bonds have heretofore been issued, under date
<br />
<br /> of September 1, 1948, as follows:
<br />
<br /> $870,000 bonds, designated "School Building Bonds,
<br />
<br /> Series A"
<br /> ,
<br />
<br /> $500~000 bonds, designated "School Building Bonds,
<br />
<br /> Seried B", and
<br />
<br /> $500,000 bonds, designated "School Building Bonds,
<br /> Series C".
<br /> (e) That it is deemed to be for the best interests of the County to defer the issuance
<br /> of the unissued $467,000 bonds at this time and to provide for a temporary loan of
<br /> $467,000 in anticipation of the receipt of the proceeds of said unissued bonds.
<br /> Section 2. That in'order to anticipate the receipt of the proceeds of said unissued $467,00~
<br /> school building bonds, a temporary l~an of $467,000 is hereby authorized to be evidenced by
<br /> negotiable notes of the County of Cabarrus, designated "School Bhilding Bond Anticipation
<br /> Notes", w~ich notes shall be dated June 20, 1951, shall mature on December 20, 1951, without
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