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The following Bond was passed.
<br />
<br /> The Board of Commissioners forthe County of Cabarrus, North Carolin~, convened in
<br />regular session at 10=00 o'Clock, A. M. December 3, 1951, at the Courthouse, in Concord, North
<br />Carolina, the usual piece of meeting.
<br />
<br /> Present= Chariman J. Lee ¥~te, and Commission, s P. E. Stallings, H. L. Fink,
<br />
<br /> M. S. Lyles and L. Bowman Ba~ier.
<br />
<br /> Absent; None
<br />
<br /> Commissioner L. Bowman Barrier introduced the following resolution which was. read:
<br /> RESOLUTION P~0VIDING FOR THE
<br /> ISSUANCE OF $467,000 SCHOOL
<br />
<br /> BU]~_ ~ING BOND ANTICIPATION NOTES.
<br />
<br /> BE IT ~SOLVED by the Board of Comm~osioners for the County of Caharrus~
<br /> Section 1. That the Board of Co.w-~ssion~rs has determined and does hereby find and
<br />declare:
<br />
<br /> (a) That an order a~thorizing $870~000 school b,,~l:~-~ bonds of Cabarrus County was
<br />
<br />finally passe~ by the Board of Commissioners for the Coun~ .of Cabarrus on May 20, 1946~ which or~
<br />was approved by the ~ote of majority of the qualified voters of said County who voted at an electi~
<br />duly called and held on July 2, 1946.
<br />
<br /> (b) That an irder authorizing ~1,467,000 school building bonds of said Co::~_.y was finallY.
<br />passed by said Boar~ on April 1~, 1948, whida order was approved by the vote of a majority of the
<br />qualified voters of said County who voted at an election duly called and held on June 30, 1948.
<br />
<br /> (c) That by a resolution passed by said Board on August 2, 1948, said $870,000 school
<br />building bonds and said $1,467,000 school b~ilding bonds were c c~solidated into an iss~l of
<br />$2~337,000 school building bonds, which resolution also fixed the details and form and manner of
<br />
<br />execution of said $2,337~000 bonds and is entitled= "RESOLUTION FIXING THE DETAILS AND FORM AND
<br />MANNER OF EXECUTION OF $2,337,000 SCHOOL BUILDING BONDS".
<br />
<br /> (d) T hat $1,870,000 of said $2,337,000 bonds have heretofore been i's~ued, under date of
<br />September 1, 1948, as follows=
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<br /> $870,000 bonds, designated "School
<br />
<br /> Building Bonds, Seriel~A"
<br />
<br /> $500,000 bonds, designated "School
<br />
<br /> Building Bonds, Series B", and
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<br /> $500~000 bonds, Aesignated "School
<br />
<br /> Building Bonds, Series
<br />
<br /> (e) That $467,000 notes have been issued in anticipation of th~ receipt of the proceeds
<br />of the unissued $467,000 bond~ which notes are designated "School ~,~n~ Bond Anticipation Notes"
<br />
<br />are dated June 20, 1951, and mature on December 20, 1951.
<br />
<br /> Section 2. That in order to anticipate the receipt of the proceeds of the unissued
<br />$46?,000 .school building bonds, and for the particular purpose of paying said $467,000 School
<br />Bn~ ~ng Bond Anticipation Notes, a temporary loan of $467,000 is hereby authored to be evi-
<br />
<br /> denced by negotiable notes of the County of Cabarrus Designated "School Building Bond Anticipatio~
<br />
<br />
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