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time $49,000,000 of said bonds in accordance with the provisions of <br />Section 2 of this resolution. <br /> <br /> (c) That the maximum period of usefulness of the capital <br />project(s) to be financed with the proceeds of said School Bonds, <br />Series 1997 to be issued is estimated as a period of 40 years from <br />February 1, 1997, the date of said School Bonds, Series 1997 as <br />hereinafter provided, and that such period expires on February 1, <br /> <br />2037. <br /> <br /> Section 2. <br /> <br />bonds of the <br /> <br />$49,000,000 designated "School <br />February 1, 1997 (the "Bonds"). <br /> <br /> Pursuant to said orders, there shall be issued <br /> <br /> Issuer in the aggregate principal amount of <br /> <br /> Bonds, Series 1997" and dated <br /> <br />The Bonds shall be stated to <br />mature (subject to the right of prior redemption as hereinafter set <br />forth) annually, February 1, $1,700,000 1998 to 2008, inclusive, <br />$1,800,000 2009, $2,500,000 2010, $3,400,000 2011 to 2017, <br />inclusive, and $2,200,000 2018, and shall bear interest at a rate <br />or rates to be determined by the Local Government Commission of <br />North Carolina at the time the Bonds are sold, which interest to <br />the respective maturities thereof shall be payable on August 1, <br />1997 and semiannually thereafter on February 1 and August 1 of each <br />year until payment of such principal sum. Each Bond shall bear <br />interest from the interest payment date next preceding the date on <br />which it is authenticated unless it is (a) authenticated upon an <br />interest payment date in which event it shall bear interest from <br />such interest payment date or (b) authenticated prior to the first <br />interest payment date in which event it shall bear interest from <br />its date; provided, however, that if at the time of authentication <br /> <br /> <br />