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350 <br /> <br /> The Board of Commissioners for the County of Cabarrus, North Carolina, met in adjourned regul~r <br /> <br /> session at 1:30 o'Clock, P. M., May 14, 1956, at the Courthouse in Concord, North Carolina, <br /> <br /> the usual place of meeting. <br /> <br /> Present: Chairman J. Lee White, and Commissioners M. Smoot Lyles and W.Frank McCray <br /> <br /> Absent: P.Ernest Stallingsa nd L. BowmanBarrier. <br /> <br /> Commissioner W.Frank McCray introduced the following resolution which was read: <br /> <br /> RESOLUTION PROVIDING FOR THE ISSUANCE OF <br /> A $50,000 SCHOOL BUILDING BOND ANTICIPATION NOTE. <br /> <br /> BE IT RE~OLVED by the Board of Commissioners for the county of Cabarrus: <br /> <br /> Section 1. That the Boarder Commissioners has determined and does hereby find and declare: <br /> (a) That an order authorizing $2,630,000 School Building Bonds of the County of Cabarzus <br /> was finally passed on July 18, 1955, which order was approved by t'he vote of a majority of the <br /> qualified voters of said County who voted at an election duly called and held on .September lC, <br /> <br /> (b) That none of said bonds has beenissued and no notes have been issued in anticipation of <br /> <br /> ~he receipt of the proceeds of said bonds. <br /> <br /> Section 2. That in order to anticipate the receipt of the proceeds of a like amount of said <br /> <br /> bonds a temporary loan of $50,000 is hereby authorized to be evidenced by a negotiable nolo of <br /> <br /> the County of Cabarrus designated "School Building Bond Anticipation Note", which note shall be <br /> <br /> dated June 20, 1956 shall mature on December 20, 1956, without option of prior payment, shall <br /> <br /> be numbered 1, and shall bear interest at a rate to be determined by the Local Government Commissic <br /> <br /> at the time the note is sold, not exceeding 6% per annum, ~hich interest shall be payable at the <br /> maturity of the note to which no interest coupons shall be attached. Said note shall be payable <br /> as to principal and interest at such bank or trust company as may be fixed by the Chairman after <br /> the award of the noteby the Local Government Commission, and both the principal of and the interest <br /> on said note shall be payable in any coin or currency of the United States of America which at th, <br /> time of paymen~ is legal tender for the payment of public and private debts. <br /> <br /> Section 3. That said note shall be signed by the Chairman of the Board of Commissioners <br /> <br /> and by the Re~ister of Deeds and ex officio Clerk of said Board, under the corporate seal of <br /> said County, and shall have endorsed thereon the w~itten approval of the CounSy Attorney, and the <br /> form of said note shall be substantially as follows: <br /> <br /> ~o. United States of America $50,000 <br /> S~a~e of North Carolina <br /> <br /> COUNTY OF CABARRUS <br /> <br /> S_chool BuildinE Bond Anticipation Note <br /> <br /> The County of Cabarrus, North Carolina, for value received hereby promises to pay to t~ <br /> <br /> bearer on the2Oth day of December, 1956, the principal sum of <br /> <br /> FIFTY THOUSAND DOLLARS <br /> <br /> TOGETHER WITH INTEREST THEREON FROM THE DATE HEREOF AT THE RATE OF per centum per annum, <br /> <br /> payable upon the presentation and surrender of this note at its maturity. Both the principal <br /> <br /> of and the interest on this note are payable at the <br /> <br /> in ,in any coin or currency of the <br /> <br /> <br />