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The Board of Commissioners for the Countyof Cabarrus, North Ca, cithara convened in
<br />adjourned regular session at the County Courthouse in Concord, the regular place of meeting,
<br />at 9:30 o'clock, A. M. January 16, 1956.
<br />
<br /> I~esent: J. Lee White,Chairman, and
<br />Commissioners P Ernest Stallings, M.Smoot Lyles, L.Bowman Barrier, and kr. Frank McCray
<br />
<br /> Absent: None.
<br />
<br /> Commissioner L.Bowman Barrier, introduced the following resolution which was read:
<br />
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE
<br /> OF $73,000~{DING SCHOOL BONDS AND
<br /> $34,000 GE~2RAL REFUNDING BONDS
<br />
<br /> BE IT RESOLVED by the Boa~d of Commissioners for the County of Cabarrus:
<br />
<br /> Section 1. That the Board of Commissioners has determifled and does hereby find and
<br />declare:
<br /> (~'a) That an order authorizing $107,000 refunding bonds of Cabarrus COunty was finally
<br />passed on August 1, 1955.
<br /> (b) That none of said bonds has been issued and that a $25,000 note has been issued
<br />an anticipation of the receipt of the proceeds of a like amount of said bonds, which note is
<br />designated "Refunding School Bond Anticipation Note", is dated September 26, 1955, matures on
<br />March 1, 1956, and vas issued to refund $15, O00 School Building Bonds dated December 1, 1937 due
<br />December 1, 1955, and $10,000 School Bonds dated October 1, 1927 and due October 1, 1955.
<br />
<br /> Section 2. That for the purpose of refunding the remaining $48,000 bonds described in
<br />paragraph 3 of said order and for paying the $25,000 Refunding School Bond Anticipation Note at
<br />its maturity there shall be issued the negotiable coupon bonds of the County of Cabarrus in the
<br />· aggregate principal amount of $73,000 designated "Refunding School Bonds", consisting of 73 bonds
<br />of the denomination of $1,000 each, numbered 1 to 73, inclusive, dated December 1, 1955, maturing
<br />annually, June 1, in numerical order, lowest numbers first, without option of prior payment,
<br />$3,000.00, 1968, $5,000.00, 1969 to 1974, inclusive; and $10,0OO.00, 1975 to 1978 inclusive.
<br />
<br /> Section 3. That for the purpose of refunding the bonds described in paragraphs 1 and
<br />2 of said order there shall be issued the negotiable coupon bonds of the County of Cabarrus in
<br />the ag~regate.~'~ principal amount of $34,000, designated "General Refunding Bonds" consisting of
<br /> '
<br />34 bonds Of ~he denomination of $1,000 each, numbered 1 to 34, inclusive,da~ed December 1, 1955,
<br />maturing aanually, June 1, in numberical order, lowest numbers first, without option of~prior
<br />payment $4,000.00, 1968; and $5,000.00, 1969 to 1974 inclusive.
<br /> .
<br /> Section 4. That said ~$73 ,000 Refunding School Bonds, and $34,000 General Refunding
<br />Bonds shall bear interest from their date at a rate or rates, not exceeding 6% per annum to be .
<br />determined by the Local Government Commission at the time ~he bonds are sold, which interest to the
<br /> matumity thereof shall be payable semi-annually on the f/mst days of June and December of each
<br />year, and both the principal of and the interest on said bunds shall be payable at The Chase
<br />Manhattan Bank, in the Borough of Manhattan, City and State of New York, in any coin or currency
<br />of the United States of America which, at the respective dates of payment thereof, is legal
<br />tender for the payment of public and private debts.
<br />
<br /> Section 5. That said bonds shall be signed by the Chairman of the Board of Commissioners
<br />and by the Register of Deeds and ex officio Clerk of said Board, under the corporate seal of said.
<br />County, and the interest coupons to be attached to said bonds shall be executed with the
<br />facsimile signature of said Register of Deeds ard ex officio Clerk. Said bonds and coupons and
<br />the endorsements to be printed upon the reverse of said bounds shall be in substantially %he
<br />following forms:
<br />
<br />No. $1,000
<br /> ........... Un-i~ed Sta~es- of- America- - - -
<br /> State of North Carolina
<br />
<br /> COUNTY OF CABARRUS
<br />
<br /> ......................... Bond
<br />
<br /> The County of Cabarrus, in the State of North C~rolina, is justly indebted and for
<br /> value received hereby promises to pay to the bearer or, if this bend be registered, to the
<br /> registered owner hereof, on the 1st day of June, 19 the principal sum of
<br /> ONE ~ DOTJARS
<br /> and'to pay interest thereon from the date hereof at the rate of per ~entum per annum
<br /> until payment of such principal sum, such interest to the maturity hereof being payable
<br /> semi-annually on the first days of June and December in each year upon the presentation and
<br /> surrender of the coupons representing such interest as the same respectively fall due.
<br /> Both ..'the principal ~f and the interest on this bond are payable at The Chase Manhattan Bank,
<br /> in the Borough of. l/anhattan, City and State of New York, in any coin or currency of the United
<br /> States of America Which, at the respective dates of payment thereof, is legal tender for the
<br /> payment of public and private debts. For the prompt paymen~ hereof, both principal and interest
<br /> as the same shall fall due, the full faith andcredit of said County of Cabarrus are hereby
<br /> irrevocably pledged.
<br />
<br /> This bond is one of a series issued by said CoUnty under and pursuant to The County
<br /> Finance Act, as amended, and the Local Government Act, as amended, and an order and a resolution
<br />
<br />
<br />
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