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<br />qualified voters of said County who voted thereon at a special referendum duly called and held <br />on November 2,2004. <br /> <br /> <br />(b) That none of said bonds have been issued, that no notes have been issued in <br /> <br /> <br />anticipation of the receipt of the proceeds of the sale of said bonds and that it is necessary to <br /> <br /> <br />issue at this time $50,000,000 of said bonds in accordance with the provisions of Section 2 of <br /> <br /> <br />this resolution. <br /> <br /> <br />(c) That the maximum period of usefulness of the capital project(s) to be financed <br /> <br />with the proceeds of said School Bonds, Series 2005 to be issued is estimated as a period of 40 <br /> <br />years from [March 8, 2005], 'the date of said School Bonds, Series 2005 as hereinafter provided, <br /> <br />and that such period expires on [March 8], 2045. <br /> <br />Section 2. Pursuant to said orders, there shall be issued bonds of the County in the <br /> <br />aggregate principal amount of $50,000,000 designated "School Bonds, Series 2005" and dated <br /> <br />[March 8], 2005 (the "Bonds"). The Bonds shall be stated to mature (subject to the right of <br /> <br />pnor redemption as hereinafter set forth) annually, [February] 1, <br /> <br />, and shall bear interest at a rate or rates <br /> <br /> <br />to be determined by the Local Government Commission of North Carolina at the time the Bonds <br /> <br /> <br />are sold, which interestto the respective maturities thereof shall be payable on [August] 1,2005 <br /> <br /> <br />(or such other date as is designated by the County Manager or Finance Officer in connection <br /> <br /> <br />with the sale of the Bonds) and semiannually thereafter on [February 1 and August 1] of each <br /> <br /> <br />year (or other semiannual dates designated by the County Manager or Finance Officer in <br /> <br /> <br />connection with the sale of the Bonds) until payment of such principal sum. <br /> <br />2 <br /> <br />G..-4-, <br />