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A regular meeting of the Boar~ of County Commissioners for the County of Cabarru
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<br /> conven. ~d at the County Courthouse in Concord, North Carolina,. the reguAar place of ~
<br /> meetim b at 10500 o'clock A. M.~ August 2, 1948.
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<br /> - Present: Chairman J... Lee White., and Commissioners C. M. Crowell, R. W. Clin~,
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<br /> H. L. ~ink and P. E. Stallings.
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<br /> Absent~ None
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<br /> Commissioner _R. N. Cllne introduced the following resolution which was read;
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<br /> ~ESOLUTION FIXING THE DETAILS AND FORM AND MANNER OF EXECUTION
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<br /> OF $2,337,000 SCHOOL BUILDING BONDS.
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<br /> BE IT. R~ by the Board of Ccm~issioners for the County of Cabarrus,
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<br /> Section 1. That the Board of ~ommissioners has determir~d and does herel~y find
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<br />and de.:lares.
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<br /> (a) That an &rder authorizing $870,000 school building bonds of Cabams County
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<br />was filmlly passes on May 20, 1946, which order was approved by the ~ of a m~Jority
<br />of the qualified voters of said County who voted at an election duly called and held cz
<br />July 2~ 1946.
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<br /> (b) That an prder authorizing $1,467,000 school .building bonds of said O~unty
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<br />was finally passes on April 19, 1948, whic~ocrder was approved by the vote of a maJorit
<br />of the qualified v~ters of said County who voted at an election duly called and held or.
<br />June 3 I, 1948.
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<br /> (c) That the period of the life of the school buildings to be enlarged ~d erect
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<br />pursum~t to .the bond order finally passes on May 20, 1946 is estimated as a per:,od of
<br />thi.rty years from May 2~., 1947, being % date not later than one year after the ~inal
<br />passag of said order; that the period of the life of the school buildings to b enlar~ ~d
<br />and er. cted pursuant to the bond order finally passes oh April 19, 1948 is est ated as
<br />a peri ~d of thirty years from April 19, 194~, being a date not later than one y,,ar afte
<br />the fi~al passage of said order; and that the average of said two periods takiz into
<br />consid. ,ration the amount of bonds authorized under each order, is a period expi ing Jul
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<br />25, 19' '8.
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<br /> (d) That said $870,000 school building bonds and said $1~467,000 school ~uilding
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<br />bonds :hall be consolidated into' an issue of $2,337,000 school building bonds.
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<br /> Section 2. That for $~e purpose of providing the sc~hool improvements p~'suant
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<br />to sai bond or~ers, such school improvements being necessary in order to maint~dn the
<br />consti' ational six months' school term in Cabarrus County, the negotiable coupox.- bonds
<br />of Cab~ ~rus County .shall be issued in the aggregate principal amount of $2,337,(00 con-
<br />sistiz of 2,337 bonds of the denomination of $1, OOO each, dated September 1, 1(.~48, ma-
<br />turin~ annually, March 1, $50,000, 1950~ $47,000, 1951; $47,000, 1952; $42,000, 1953;
<br />$40,00 1954; $43,000 1955; $43,000 1956; $50,000 1957; $50,000 1958; $60,000 1'.
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<br />$75,00 1960; $95,000 1961; $95,000 1962; and $1OO,O00 1963 to 1978, inclusive, without
<br />option of prior payment, and bearing interest at a rate of rates not exceeding ;% per
<br />annum .~ be determined by the Eocal Government Commission at the time the bonds are sold~
<br />which ~nterest shall be payable semi-annually on the first days of March and Se ~tember of
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