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The Beard of Commissioners for the County of Cabarrus, North
<br /> ~arolina, convened in regular session at 10:00 o'clock, A. M., March
<br /> 3, 1947, at the ~ourthouse, in Concord, North Carolina, the usual
<br /> ~lace of meeting.
<br /> Present: Chairman J. Lee Wl~ite and Commissioners W. M. Morrison,
<br /> ~. W. Ciine, C. M. Crowell, and H. L. Fink
<br /> Aba ent: None
<br />
<br /> Thereupon Commissioner H. L. Fink introduced the following
<br /> resolution which was read;
<br /> RESOAU~ON PROVIDING FOR THE ISSUANCE OF $75,000 SCHOOL
<br /> BUILDING BOND ANTICIPATION NOTES,
<br /> BE IT RESOLVED by the Board of Commissioners for the County of
<br /> abarrus:
<br /> Section 1. That the Board of Commissioners has determined and
<br /> ioes hereby find and declare:
<br /> (a) That an order authorizing $870,000 School Building Bonds was
<br /> finally passed on Nay 20, 1946, which order was approved by the vote
<br /> ~f a majority of the qualified voters of said County at an election
<br /> duly called and held on July 2, 1946.
<br /> (b) That none of the said bonds has been issued and no notes are
<br /> ~utstanding which were issued in anticipation of the sale of sa~ bonds.
<br /> Section 2. That in order to anticipate the receipt of the
<br /> ~roceeds of a like amount of said ~chool Building BooMs, a temporary
<br /> .oan of $75,000 is hereby authorized to be evidenced by negotiable
<br /> ~otes of the County of Cabarrus designated "School Building Bond
<br /> ~nticipation Notes,', which notes shall be dated ~pril 1, 1947, shall
<br /> rotate on April 1, 1948, without option of prior payment, and shall
<br /> ~emr-~tA~est at a rate to be determined by the Local Government
<br /> ~ommission at the time the notes are sold, not exceeding 6% per annum,
<br />?hich interest shall be payable on October 1, 1947 and at the maturi~
<br />~f the notes, such interest being payable upon presentation ~nd surrende~
<br />~f interest coupons tobe attached to said notes. Said notes ~hall be
<br />~ayable as to principal and interest at such hank or trust company and
<br />~hall have such denominations and bear such numbers as may be fi~ed by
<br />the Chairman of the Board after the award of the notes by the Local
<br /> overnment Commission.
<br /> Sectiom 3. That said notes shall be signed by the Chairman of
<br /> he Board of Commissioners and by the Register of Deeds and ex officio
<br /> Iler~ of said Board, under the corporate seal of the Count~, and shall
<br /> rove endorsed thereon the written approval of the CouDty Attorney,
<br /> and the annexed interest coupons shall be executed with the manual
<br /> sig~mture of said Register of Deeds and ex officio Clerk, and the form
<br /> ~f said notes shall be substantially as follows:
<br />
<br /> UNITE9 STATES OF ANERICA
<br /> STATE OF NORTH CAROLINA
<br />
<br /> COUNTY OF CABARRUS
<br /> S0hool BuildLng Bond Anticipation Note
<br />/ The County of Cabarrus, North Carolina, for value received hereby
<br />~romises to pay to the bearer on the 1st day of April, 1948, the
<br />~rincipal sum of DOLLARS together with interest
<br />~herec~ at the rate of '~-~.:~, Pe'~ centum per annum, payable on
<br />pctober 1, 1947 and at the maturity hereof, upon presentation and
<br />~urrender of the annexed interest coupons as the same fall due. Both
<br />~he principal of and the interest on this note are payable at the
<br />
<br /> ?b~r 'the" prompt payment hereof, both principal ahd i~'ter~st as the
<br /> ~all due, the full faith and credit of said County are hereby irrevoc- !
<br /> ably pledged.
<br /> This note is issued by ~aid County in anticipation of the
<br /> ~eceipt of the proceeds of a like amount of School Building Bonds duly
<br /> authorized by an order finally passed on May 20~ 1946, which order was
<br /> approved by the vote of a majority ~ f the qualified voters of said
<br /> 3ounty at an election duly called and held, and this note is issued
<br /> pursuant to and in full compliance with the County Finance Act, as
<br /> amended, and the Local Government Act, as amended, and a resolution
<br /> duly passed by the Board of Commissioners for said County.
<br /> It is hereby certified and recited that all acts, coonitions and
<br /> ~hings required to happen, exist and be done by the laws ~d Constitutioz
<br /> ~orth Carolina precedent to and in the issuance of this note, have
<br /> ~appened, exist and have been done in regular the due form and time
<br /> as so required, and that the total indebtedness of said County,
<br /> including this note, does not exceed any constitutional or s&atutor~
<br /> limitation there~.
<br /> IN ~ITNESS WHEREOF, said County of Cabarrus, pursuant to said
<br /> ~esolution of its Board of Commissiomers, has caused this note to be
<br />lexecuted by the Chmirman of said Board and by the Register of Deeds
<br />~nd Ex Officio Clerk of .said Board, under the corporate seal of the
<br />ICounty, and the annexed interest coupons to be executed with the manual
<br /> ignature of said Register of Deeds and ex officio ClefS, all as of the
<br />
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