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the resolution was passed by the following vote:
<br />
<br /> Ayes: Commissioners J. Lee ~ite, W. ~.[. ~,~orrison and H. L. Fink
<br /> Noes: None
<br />
<br /> * * * * * * * * * * * * * * *
<br /> I, John R. Boger, Register of ~eeds and ex officio Clerk of the Board of
<br /> Commissioners for the County of Cabarrus, North Carolina, DO HEREBY CERT£FY
<br /> that the foreoging is a true copy of so much of the proceedings of the
<br /> Board of Commissioners of said County at a regular meeting held ~Lmrch l,
<br /> 1948 as relates in any way to the authorization of a $67,600 School Bui] ~ing
<br /> Bond Anticipation Note of said County, and that said proceedings are re-
<br /> corded in Minute Book No. 12 of~the'minutes of said Noard, beginning a'
<br /> page 392 and ending at page 394.~ ' .
<br /> WITNESS my hand and the corporate seal of said County, this ]st day of
<br /> March, 1948.
<br /> John R Beser
<br /> Register of Deeds and ex officio
<br /> Clerk, Board of CommisSioners.
<br />
<br /> The Board of Commissioners for the Co'u~tY ~6f' Cabarrus, North Carolina,
<br /> convened in regular session at lO:O0 o'clock, A. M. March l, 1948, at th~
<br /> Courthouse, in Concord, North Carolina, the usual place of meeting.
<br />
<br /> Present: Chairman J. Lee White and Commissioners W. k~. Morrison and
<br /> H. L. Fink ~
<br /> Absent; C. ~. Crowell and R. W. Cline
<br />
<br /> Thereupon Commissioner W. M. Morrison introduced the following resolutio
<br /> which was read:
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE OF A
<br /> $75,000 SCHOOL BUILDING BOND ANTICIPATION NOTE
<br />
<br /> BE IT RESOLVEB by the Board of Commissioners for the County of Cabarrus:
<br /> Section 1. That the Board of Commissioners has determined and does hereb
<br /> find and declare:
<br /> (a) That an order authorizing $870,000 School Building Oondw was finally~
<br /> passed on May 20, 1946, which order was approved by the vote of a majority
<br /> of the qualified voters of said County at an elect~on duly called and he~d
<br /> on July 2, 1946.
<br /> (b) That none of the said bonds has been issued and that a $75,000 Sch0o~
<br /> Building Bond Anticipation Note dated April 1, 1947' As outstanding which/
<br /> was issuedin anticipation of t he sale of said bonds, which n~te matures
<br /> on April l, 1948.
<br />
<br /> Section 2. That in order ct anticipate the receipt of the proceeds of
<br /> like amount of said School Building B6~ds~'~and for the particular purpos~
<br /> of paying said $75,000 School Building Bond Anticipation Note, a temporary
<br /> loan of $75,000 is hereby authorized to be evidenced by a negotiable not~
<br /> of the County of Cabarrus designated "School Building B~nd Anticipation·
<br /> Nnte" which no~e shall be dated April l, 1948, shallrma~n~e on ~ugust. l,
<br /> 1948, without option of prior payment, shall be numbered l, shall bear i
<br /> terest at the rate of 65/lOOths of 1% per annum, payable at the maturity
<br /> of the note to which no interest coupons shall be attached, and the prir.
<br /> cipal of and the interest on s aid note shall be payable at the Cabarrus
<br /> Bank & Trust Company, in the ~lty of Concord, North Carolina.
<br />
<br /> Section 3. That said note shall be signed by the Chairman of the Beard c
<br /> Gommissioners and by the Re~ister of Deeds 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 cai
<br /> note shall be substantially as follows:
<br />
<br /> No. i $75,000
<br /> United States of America
<br /> State of North Carolina
<br /> COUNTY OF CABA~%RUS
<br /> School Building Bond..~nticipat.ion Note
<br />
<br />The Cou ~ty of Cabarrus, North Carolina, for value received hereby promises to p~y to
<br /> the hearer on the 1st day of August~ 1948, the principal sum of
<br /> SEVENTY-FIVE THOUSAND DOLLARS
<br /> together with interest thereon at the rate of 65/1OOths of 1% per annum~ payabls upon
<br /> the presentation and surrender ~f this note at its maturity. Both the principal of~andl
<br /> the interest on this note are payable at the Cabarrus Bank & Trust Company in the City
<br /> of Concord, North Carolina. For the prompt payment hereof, both principal and interest
<br /> as the Same fall due, the full faith and credit of said Cou_uty are hereby irrevocably
<br /> pledged.
<br /> This note~is issued by said County in anticipation of the receipt of the proceeds of a
<br /> like anount of School Building Bonds duly authorized by an order finally passed on
<br /> May 2~, 1946, which order was approved by the vote of a majority of the qualified voters
<br /> of sai~ County at an election duly called and held, and this note is issued pursuant t~
<br /> and i~full compliance with The County Finance Act, as amended, and tks Local ~vernmeSt
<br />
<br />
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