BC 1945 09 17 - Laserfiche WebLink

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(b) That the period of the life of said improvements has been and is estimated by this Board as a period of ten years, such period being computed from September 17, 19&6, being a date one year after the final passage of said bond order, and that such period expires September 17, 19 i6. Section 2. That for the purpose of providing the school improvements set forth in said bond order, which have become absolutely necessary in order to maintain the constitutional six months' school term as by the state system of public schools, the negotiable coupon bonds of Cab- arrus County shall be issued in the aggregate principal amount of $42,000, designated "School Building Bonds,,, consisting of A2 bonds of the denomination of $1,0OO each, numbered i to 42, inclusive, dated Nov~nber l, 1945, and maturing annually, May l, in n,,,erical order, lowest numbers first, ~'~ithou~ option of prior payment, as follows: $~,OO0 19~8 to 1953 and $6,000 195~ to 1956, all inclusive. Section 3. That said School Build~ Bonds shall bear interest at a rate or rates not exceeding 6% per annum to be ~eterm~ned by the Local ~overnment Commission at the time the bonds are sold, ~vhich interest shall be payable semi-annually on the first days of ~ay and November in each year, both the principal of and the interest on sa~d bonds to be payable at the Chase National Bank of the City of New York, in New York City, ia any coin or currency of the United States of America which, at the respect- rive dates of payment thereof, is legal tender for public and private debts. Section ~. That said School ~Building Bonds shall be signed by the ~hairman of the Board of Commissioners and the ~egister of Deeds and ex ~fficio Clerk of said Board,~ and sealed with the corporate seal of the ~ounty, and the interest coupons thereto attached sh~mll be executed with ~he fadsimile signature of said Register of Deeds and ex officio Clerk. ~he said bonds and coupons amd the endorsements to be printed upon the :everse thereof shall be in substan$ially the following forms: ~o ..... ~1,000 UNITED STA~S OF AMERICA STATE OF NORTH CAROLINA COUNTY OF CABARRUS SCHOOL BUILDING BOND The County of Cabarrus,.in the State of North Carolina, is justly h~debted and for value received hereby promises to pay to the bearer, or, if this bond be registered to the registered owner hereof, on the first iay of May 19 .... , the principal sum of ONE THOUSAND DOLLARS ~ogether with interest thereon at the rate of .... % per annum, payable ~emi-annually on the first days of May and November in each year, upon