BC 1942 01 05 - Laserfiche WebLink

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Commissioner ~orrison introduced the following resolution, which was rea, ~.' ~esolut~ on authorizing $1~,500 ~ond Anticipation Notes. Be It Resolved by the Board of Commissioners of Cabarrus County Section 1. That in order to anticipate the sale of $60,000 School Build. lng Bonc~ of Cabarrus County authorized by a bond order finally passed Sept 15, ~41, which order i~ not over two thirds of Bonds retired in the last prceeding fiscal year none of whit! bonds has been issued and no,notes being outstanding which were issued .n anticip~ tion of the sale of said bonds) and for the purpose for which said bonds were ~o auth~.rized, there~e issued the negotiable bond anticipation notes of Cabarrus ~o~mty .n the aggregate sum of $13,500. Section 2. That said notes shall, be disign~ted "Bond Anticipation Notes' , shall ~e dat :d F~bruary ~, 1942, mature February 20, 1943, and bear interest at a rate t~ ....... ~e deter'mined by the Local. Government Commission at the time the notes are sold, not · ~xceedi~~ 6% per annum which interest shall be payable at maturity of notes to which ~o inte~ est coupons shall be attached. Said notes shall be payable as to princi~.al ~nd int~ ~est at such bank or tr~st company and shall have such demonination and ~ ear ~.uch nu~ ~ers as may be determined by the Chairman after the award of the notes ~. the ~ocal G~ ~ernment Commission. Section 3. That said notes shall be signed by the Chairman of the Board of ]ommiss'~ oners and by the Clerk of said Board under the corporate seal of the Cou~ty, and ~hall h~ ye endorsed thereon the written approval of the County Attorney. Section 4. That the form of said notes shall i~m subst~antially as follovm: ~o ............ $ ............ United States of America State of North Carolina~ County of Cabarrus Bond Anticipation Note ~The Co~unty.0f Cabarrus, North Carolina, for value received hereby promi~ sd to ~ $%0 ~ m~ ~bg~r~r on. the 2Oth daY of Febr~ary 1943, the principal sum of .............. )o~l_ar~'~s..~th.~nterest thereon at the rate of ........ per denture per annum, pay~ ble APOn pr, sentation and surrender of this note at its maturity. Both principal an¢ intere ~t ~f~this_.note are payable at the ......... inthe City of ...................... For~the prompt payment hereof, both principal and interest as the same iue the Full faith and credit of said County are hereby irrevocably pledged. This note is issued by said County, acting as an administrative agent c the ~tate o~ North Carolina in providing a State system of public Schools, in antici~ ation ,f the ~ceipt of the proceeds of a like amoutn of School Building ~onds, du~y s thorize ! ~y an o der finally passed September 15, 1941, which has taken effect, and which order .s not cver two thirds of Bonds ~~din the last proceeding fiscal and his ~ote is issued pursuant to and i n full compliance with tho County Finance Act o North ',arolins, as amended, and the Local Government Act of North Carolima, as amended ~d resolution duly adopted by the Board of Commissioners of said County. It is hereby certified and recited that all acts, conditions and things requir~ to tappen, ~xist and be done by the laws and constitution ortho State of North ,Caro~ ~a