BC 1948 05 03 - Laserfiche WebLink

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40P2 Barringer, J.T. T-7 Lippard, ~. A. W-1 Boger, Lerpy 4-2 Henry, C. Miller, Mrs ~.~. Y. W-5 Carpenter, P. ~. T-3 Hopkins, J.T. 4-4 Emerson, ~ason A. Bruton, V. Y1 W-2 Moss, R. G, T-8 The Board of Commissioners for the County of Cabarrus, North Carolina, convened in roi ~lar session at lO:C0 o'clock, A. ~. May 3, 1948, at the Courthouse, in Concord, North Carolina, the usual place of meeting. Present: Chairman, J. Lee ~1~i~e and Commissioners, W. M. Mo~.rison, Home~ L. Fink, ~. N. Crowell, and Ray W. Cline. Absent: None Thereupon Commissioner Ray W. Cline introduced the following resolution ~hich was read: RESOLUTION PROVIDING FOR THE ISSUANCE OF A $97,800 SCHOOL BUILDING BOND ANTICIPATION NO~E BE IT RESGLI~D by the Board of Commissioners for the County of Cabarrus:I Secti¢ a 1. That the Board of Commissioners has determined and does hereby find and de clax : (a) That an order authorizing $870,000 School Building Bonds was finally passed on M~2 20, 1946, whioh order was approved by the vote of a majority of the qua~ ified voters of said county at an election duly called and held on July 2, 1946. (b) That none~of said bonds has been issued and that the following bonck~ntici- patior notes have been issued in anticipation of the 'receipt of the proceeds o~ a like amoun~ of said bonds: (i) $75,000 School Building ~ Bond anticipation Note dated April l, 1948 ~d maturin~ August l, 1948.~ (ii) $67,600 School Building ~ond ~nticipation Note dated April l, 1948 and maturing August l, 1948. ~ (c) That it is necessary~ at this ti~ to provide for a further temporat~ loan of $97 800 in anticipation of the .receipt of the proceeds of a like azount of s~id bon, .s. Sectio 2. That in order to~'anticipat~ the receipt of the proceeds of a like ~unt of said S~hool Ouilding Bonds, a temporary loan of $97,800 is hereby authorized tot be evidenced by a negotiable note of the County of Cabarrus, designated "School ~lding Bond Aaticipation Note", which note shall be dated June l, 1948, shall mature o~ August 1, 1948 without option of prior pa~ent, shall be numbered 3, and shall 0ear i ~ ime the ~utere t at a rate bo be determined by the Local Gow~rnment Commission at the t noteLi~ sold, not exceeding 6% per annum which interest shall be 'payable at theI maturiSy of the! note to which no interest coupons shall be attached. Said note shall bet payabl~ as to ~oth principal and interest at such bank or trust company as may be fixed by the Chair%n after the award of the note by the Local Government Commission.