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The Board of Commission, s for the County of Cabarrus, North Carolina, convened in
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<br /> regular session at the County Courthouse in Concord, the regular place of meeting, at 10 O'clock
<br />A. M. , August 3, 1953.
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<br /> Present; J. Lee White, Chariman and
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<br /> Commissioners Homer L. Fink, P. Ernest Stallings, L. SmootLyles, and L. Bowman Barrier.
<br /> Absent; None
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<br /> Commissioner Homer L. Fink, introduced the following resolution which was read:
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<br /> · ESOLI~fION PROVIDING FOR THE
<br /> ZSSUANCE 0F. $7,2,p00 REFUNDING
<br /> SCHOOL BONDS AND $~4,000 GENERAL
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<br /> REFUNDING BONDS :
<br /> BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus:
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<br /> Section 1. That the Board of Commissioners has determined and' does hereby find and
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<br />declare: . ~ ~ ~
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<br /> (a) That an o~der authorizing $96,000 refunding bo nds of Cabarrus County was finally
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<br />passed on July 27, 1953.
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<br /> (b) That none of said bonds bas been issued and no notes have been issued in
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<br />of the receipt of the proceeds of sa~d bonds.
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<br /> Section 2. That for the purpose of refunding the bonds describe~ in paragraph 3 of said
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<br />order 1inhere shall be issuedt~ negotiable coupon bonds of the County of Cabarrus in the aggregate
<br />principal amount of $72,~OO, designated "Refunding School Bonds"~ consisting Gf 72 bonds of the
<br />denomination of $1,000 each, numbered 1 to 72, inclusive, dated September 1, 1953, maturing
<br />annually, ~rch 1, in numberican order, lowest numbers first, $5,000 1955 to 1964, inclusive,
<br />$7,000 1965, $7,000 1966, and $8,000 1967, without option of prior payment.
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<br /> Section 3, That forthe purpose of refunding the bonds described in paragraphs 1 and 2
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<br />of said order there shall be issued the negotiable coupon bonds of the County of Cabarrus in the
<br />the aggregate principal amount of $24,000~ designated "General Refunding Bonds" consisting of 24
<br />bonds of the denomination of $1,0OO each, numbered 1 to 24 inclusive , dated September 1, 1953,
<br />maturing annually, March 1, in numerica~ order, lowest numbers first, $8,000 1965 to 1967,
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<br />without option of prior payment.
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<br /> Section 4, That said $72,000 Refunding School Bonds and $24,000 General Refunding Bonds
<br />shall bear interest at a rate or rates not exceeding 6% per ~mnum to ~e determined by the Local
<br />Government Commission at the time the bonds aresold, mbich interest shall be payab]s semi-annually
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<br />on the first d~ys of ~arch a~d September of each year, both t~e principal of ~d the interest on
<br />said bonds to be payable at The Chase National Bank of the City of New York, in the Borough of
<br />Manhattan, City and State of New York, in any coin or currency of the United States of America~
<br />which, at the respective dates of payment thereof, is legal tender for the pa~nent of public and
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<br />private debts.
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<br /> Section 5, That said $72,000 Refunding School Bonds and $24,000 General Refunding Bonds
<br />shall be signed by the Chairman of the Board of Commissioners and by the Register of Deeds and ex
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<br />officio Clerk of said Board, under the corporate seal of said county, and the interest coupons to
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<br />be attacheR to sa~ d bonds shall be executed with the facsimile signature of said Register of Deeds
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