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(C) That the maximum period of usefulness of the addi- tional school facilities in said County to be provided pursuant to said order is estimated as a period of forty years from May 1, 1980, the date of the bonds authorized hereby, and that such period expires on May 1, 2020. Section 2. For the purpose provided in said order, there shall be issued the negotiable coupon bonds of the County of Cabarrus in the aggregate principal amount of $5,000,000, designated "School Bonds, Series B", dated May 1, 1980, consisting of 1,000 bonds of the denomination of $5,000 each, numbered 1 to 1,000 inclusive. Said bonds shall mature annually, May 1, in numerical order, lowest n~mhers first, $100,000 1981 to 1988, inclusive, $225,000 1989, $375,000 1990 to 1994, inclusive, $400,000 1995 to 1999, inclusive, and $100,000 2000, and bear interest from their date at a rate or rates to be determined by the Local Government Commission of North Carolina at the time said bonds are sold, which interest to the maturity thereof shall be payable semiannually on the 1st days of May and November of each year, and both the principal of and the interest on said bonds shall be payable at First Union National Bank of North Carolina, in the City of Charlotte, North Carolina, or, at the option of the holder or registered owner, at The Chase Manhattan Bank (National Association), in the Borough of Manhattan, City and State of New York, in any coin or currency of the United States of America which, at the respective dates gf payment thereof, is legal tender for the payment of public ind private debts.