|
passed on May 20, 1946, which order was approved by the vote of a majoril.y
<br /> of the qualified voters of said County at an election duly called and
<br /> held on July 2, 1946.
<br /> (b) That none of said bonds has been issued and that a $75,000 School
<br /> Bond Anticipation note is now outstanding which was issued in anticipati( n
<br /> of the receipt of the proceeds of a like amount of said bonds,~ said note
<br /> being dated April l, 19~ and maturing April l, 1948.
<br /> (c) That the holder of said $75,000 note has consented to accept a new
<br /> note in exchange therefor, which new note will mature on August l, 1948,
<br /> and has been authorized by a resolution passed by this Board on March l,
<br /> 1948.
<br /> (d) That it is necessary at hhis time to provid~ for a further temporary
<br /> loan of $67,600 in anticipation of the receipt of the proceeds of a like
<br /> amount of said bonds.
<br /> Section 2. That in order to anticipate the receipt of the pr~oceeds of a
<br /> like amount of said school building Bonds, a temporary loan of $67,600 is
<br /> hereby authorized to be evidenced by a neget&~bt~note of the County of
<br /> Cab~:~rus, designated "School Building Bond Anticipation Note", which note
<br /> shall be dated April l, 1948, shall mature on August l, 1948, without
<br /> Ioption of prior payment, shall be numbered 2, and shall bear interest at
<br /> la rate bo be determined by the Local Government Commission at the time t?.e
<br /> note is sold, not exceeding 6% per annum, which interest shall be payable
<br /> at thee maturity of the note to which no interest coupons shall be attach, d.
<br /> Said note shall be payable as to both principal and interest at such baz.k
<br /> or trust company as may be fixed by the Chairman after the award of the
<br /> note by the Local Government Commission.
<br /> Section 3. That said note shall be signed by the Chairman of the Board o~
<br /> CommiSsioners and by the ~egister of ~eeds and ex officio Clerk of said
<br /> Board, under the corporate seal of the County, and shall have endorsed
<br /> thereon the written approval of the CoUnty Attorney, and the form of sai~
<br /> note shall be substantially as follows:
<br /> No. 2 $67,600
<br /> United Stat es of America
<br /> State of North Carolina
<br /> COUNTY OF CABAHRUS
<br /> SCHOOL BUILDING BOND ANTICIPATION NOTE
<br />
<br />The Co~nty~,f Cabarrus, North Carolina, for value received here~y premises to p~ ¥ te th,
<br />bearer on the 1st day of August, 1948, the principal sum of
<br /> SIXTY-SEVEN THOUSAND SIX HUNIRED DOLLARS
<br />together with intereet thereon at the rate of __% per annu~., payable upon the pre-
<br />sentatdon and surrender of this note at its maturity. Both theprincipal of and the in-
<br />terest on this note are payable at in~ ·
<br />For the prompt payment hereof, both principal and interest as' t'~esame fall due, the fuL.
<br />faith and credit of said County are hereby irrevocably pledged.
<br />This ncte is issued by said County in anticipation of the receipt of the proceeds of a
<br />like amount of School Ouilding Bonds duly authorized by an order finally passed on May
<br />20, 1946, which order was approved by the ~ote of a majority of the qualified voters of
<br />said Ccunty at an election duly called andheld, and this note is issued pursuant to a~d
<br />in full compliance with The County Fir~anc~ Act, as amende~, and the Local Governnent ~c-
<br />as amended, and a resolution duly passed by the Board of Commissioners for said county.
<br />It is ~ereby certified and recited that all acts, conditions and things required to
<br />happen , exist and~be done by the Constitution and laws of North Carolina precedent to
<br />and in ~he issuance of this note, have happened, exist and have been done in regalar
<br />and due form and time as so required, and that the total indebtedness of said County,
<br />includi ~g this note, does not exceed an~ constitutional or statutory limitation bhereon~
<br />IN ¥~IT~ ~SS WHER~F, said County of Cabarrus, pursuant to said resolution of its Board o:
<br />Commiss ~oners, has caused this note to be executed by the Chairman, of said Board and
<br />by the ~gister of .Deeds and ex officio Clerk of said Board, under the corporate seal
<br />the Cou ~ty, all as of the 1st day of April, 1948.
<br /> J Lee White ~
<br /> Chairman, Ooard of Commissioners
<br /> John R Boger
<br /> He~iste~ of ~eeds and ex officio
<br /> CIer, card of Commissioners
<br />The iss ~ance of the within note is hereby approved.
<br /> ......... 'County At'torney
<br /> Section 4. That the action of the County Accountant'in applying to the
<br /> Local Government Commission for t~s approval and sale of the ~chool
<br /> Building Bond Anticipation Note herein ~uthorized, be and the same is
<br /> hereby ratified.
<br /> Co~m.m$.'~ssi~o,n,e~r W. M. Morrison ~ed the passage of the foregoing resot_utio~
<br /> en~i~±e~ ~es~l~b~n p~-~vlding ~or the imsu~nce of a $67,600 School ~uil~ing
<br /> Bond Anticipation No~e" and Commissioner H. L. Fink seconded the motion ~nd
<br />
<br />
<br />
|