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The Board of Commissioners for the ounty of Cabarrus, North Carolina, met in regular
<br />session at l0 o'clock A. M., December 3, 1956, at the Courthouse in Concord, North Carolina, the
<br />usual place of meeting.
<br /> Present: Chairman , and Commissioners M Smoot Lyles,P.Eznest Stallings,
<br /> L.Bowman Barrier and w.Frank Mccray
<br /> Absent: Chairman J Lee White.
<br />
<br />Commissioners W.Frank McCray introduced the following resolution which was read:
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE OF $115,000 SCHOOL BUILDING BOND
<br /> ANTICIPATION NOTES
<br />
<br /> BE IT RESOLVED by The Board of Commissioners for the County of Cabarras:
<br />Section 1. That t he Board of 0ommissioners has determined anddoes hsreby find and declar
<br />(a) That an order authorizing $2,630,000 School Building Bonds of the County c~ Cabarrus
<br />was finally passed on July 18, 1955, which 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 September l0 1955
<br /> (b) That none of said bonds has been issued and that a $50,000 note has been issued in
<br />anticipation of the receipt of the proceeds of a like amount of saidbonds, which note is
<br />designated "School Building Bond Anticipation Note", is dated July 18, 1956, and matures on Januar
<br />18, 1957.
<br /> (c) That it is necessary to borrow an additional $65,000 in anticipation of t~s receipt
<br />of the proceeds of said bonds, and to pay said $50,000 note at its maturity.
<br /> Section 2. That in anticipationof the receipt of the proceeds of a like amountof said
<br />bonds a temporary loan orS115,000 is hereby authorized to be evidenced by negotiable notes of the
<br /> Countyof Cabarrus designated "School Building Bond Anticipation Notes", which notes shall be
<br />dated January 17, 1957, shall mature on July 17, 1957, without optionof prior payment , shall bear
<br />interest at a rate to be determined by the Local Government Commission at the time the notes are
<br />sold , not exceeding 6% per annum, which interest shall be payable at the maturity of the notes
<br />to which no interest coupons shall be attached. Said notes shall bepayable as to principaland
<br />interest at such bank or trust company, add shall have such denominations, and bearsuch numbers
<br />as may be fixed byh the Chairman after the award of the notes by the Local Government Commission
<br />and boththe principal of and the interest on said notes shall be payable in any coin oz cttrzency
<br />of the United States of America which at the timeof payment is legal tender for the payment of
<br />public and p~ivate debts~
<br /> Section 3. That said notes shall be signed bythe Chairman of the oazd of Commissioners
<br /> and by t he Register of Deeds and ex officio Clerk of said Board, ~t~_der the' corporate seal of said
<br />County, and shall haveendorsed thereon t~s written approval of the ounty Attorney, and the form
<br />of said notes shall besubstantially as follows:
<br />
<br />No. Unite~ States of America $
<br /> State of North Carolina
<br />
<br /> County of Cabar ~ us
<br /> Spho0.1.BuildinE Bond Anticipation N~te
<br />
<br /> The Countyof Cabarrus, North ~arolina, for value received hereby promises to pay to
<br />the bearer on the 17th day of July 1957, the principal sum of
<br />
<br /> THOUSAND DOLLARS
<br />together with interest thereon fromthe date hereof at the rate of per
<br />centum per annum, payable upon the presentation and surrender of this note at its matulity. Both
<br />t~epzincipal of and the interest on t his note are payable at the , ~n
<br />.... , .... , in any coin or currency of the UniX'ed ~'tates of America Which, at
<br />the time of payment, is legal tender for ~he payment o public and private debts. Fo~ ths prompt
<br />payment debts. For the prompt payment hereof, both principal and interest as the same fall due,
<br />t~ full faith andc~edit of said County of Cabarrus are hereby izxevocably pledged.
<br /> This note is issued by said County in anticipation of the receipt of the proceeds of the
<br />sale of a like amount of School Building Bonds, duly authorized by an o~der finally passed on
<br />July 18, 1955, which order was approved by the vote of a majority of the qualified voters of said
<br />County who voted at ~an election duly called and held, and this note is issued puzsuantto andin full
<br />compliance wth The Uounty Financ§ Act, as amended, an the Local Government Act, as amended,
<br />a resolution duly .passed by the oazd of Commissioners for said Couniy.
<br />
<br /> It is hereb~ceztiliAd and recited that all acts, conditions an~ things requiled to
<br />happen, exist and be done by the Constitution and laws of North C~rolina precedent to and in the
<br />issuance of this note have happened, existand have been donein regular and due form and time as
<br />so requi~ed, an that the total indebtednes of said County, including this note, does not exceed
<br />any constitutional or statutory limitation thereon.
<br />
<br />IN ~ITNESS WHEREOF, said County of Cabarzus, pursuant to said resolution ofitsBoard of
<br />Commissioners has caused this note to be executed by the Chairman of sA&d Board and by the
<br />Register of Deeds and ex officio Clerk of said Board under the corporate seal of said County, all
<br />as of the 17th day of January, 1957.
<br />
<br /> Chairman of Doa~d' of Commissioners
<br />
<br /> Register ~f De. eds~ ~ nd ex officio
<br /> Clerk of oa~ om ~ommissioners
<br />
<br /> The issuance of the within note is hereby approved.
<br />
<br /> County Attorney
<br />
<br />
<br />
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