BC 1942 05 18 - Laserfiche WebLink

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(b) That the School building be constructed pursuant to said order shall be of non-fireproof constl-uctic~ as defined in the County ~mnce Act. (C) That the priod of the llfe of the school building described in said order has bee~and is est/mated by this Board as a period of thirty ~ears, said period beL~g computed from May 18, 1943, being a date one year after the final passage of said order, and that said period ex~ires May 18, 1973. Section.2. Tha~ ~mr the _purpose of providing-the school in~rom~en~m pursuant to said order, such ~chool improvements ha~ become at~olutel necessary in order to maintaAn the constAtutional six months.' ~chool term, the negotiable coupon bonds of Cabarrus. County shall be ismxad in the aggregate principal amount of $13,OOO, designated ."School Build- ing Ponds", consisting of 13 bonds of the denomination of $1, O00 each, n,-~ered 1 to 13, inclusive, dated June 1, 1942, maturing annually, June 1, in amaeri~a]2order, lo,est numbers first, $1,000 1943 to 19-55, inclusive, without option of pr'ior payment. Section 3. That said ~13,000 School Building Bonds shall boar interest at a rate or rates not exceeding 6% per .annum to be determined by the Local Government Commission at the time the bonds are sold, which interest shall be . .p~.yablu semi-annually on the first da~ of June and December of each year, both principal and interest to be payable at The Chase National Bank of the City of New York. in New York City in any coin or currency of the United States of America, ~hich, at the respective dates of payment thereof is legal tender for public and private debts. Section 4. That said School Building Bonds shall be si~ned by the Chal~ of the Board. of Commissioners and_ by the Register of Deeds and ex-officio Clerk of said Board, under the COrporate seal of the County, and the coupons attached thereto to evidenced installments of interest shall be executed with the facsim/le signature of said Register of Deeds and ex-officio Clerk. Said bonds and the coupons attached thereto~ and the endorsements to be printed upon the reverse thereof, shall be in substantially the following forms No....... $1,0OO UNITED STATES OF AMERICA STATE OF NORTH CARO.LINA COUNTY OF CABA.~RU~ The Countyof Cabarrus, in the State of t~orth Caroline, is Ju~t:l~ 2r~tebted and for ~al~e..received hereby promieee to pay to the bearer, er if this bond be relCstered, to the reCstered o~ner hereof,, on day o£ June, 19...o, the princil~l su~ of Ol~ T~O~SA~ DOLI~I~