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392
<br />
<br /> TheBoard of CabarrusCounty Commissioners met at their regular meeting on
<br />
<br /> April 1, 1957 at the Courthouse inConcord,, N.C. at 10 o'clock with the following
<br />
<br /> members present:
<br />
<br /> Chairman: J. Lee White
<br />
<br /> = Commissioners: L BowmanBarrier, P E~ne~tStallings, andW. Frank McCray
<br /> Absent: M Smoot Lyles
<br />
<br /> TheBoard of Commissioners for theCounty of Cabarrus, NorthCarolina, met in
<br /> regular session at 10:00 o'clockA M. onApril 1, 1957 at the Courthouse inConcord
<br /> NorthCarolina, the usual place of meeting.
<br />
<br /> Present:Chairman J. Lee White, and Commissioners P Ernest Stallings, L.
<br /> BowmanBarrier and W. Frank McCray
<br /> Absent: M Smoot Lyles.
<br />
<br /> Commissioner L BowmanBarrier introduced the following resolution which was
<br /> read:
<br />
<br /> RESOLUTION PROVIDIN~ FOR 1HE ISSU~dXICE OF $2,630,000
<br /> SCHOOL ~B'MILDING BONDS
<br />
<br /> BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus:
<br />
<br /> Section 1. That the Bm rd of Commissioners has determined and does hereby
<br /> find and declare:
<br /> (a) That an order authorizing $2,630,000 School Building Bonds of theCounty
<br /> of Cabarrus was final ly.~assed on July 18, 1955, which order was approved by the
<br /> vote of a majority of the qual tfied voters of said County who voted at an election ~
<br /> duly called and held onSeptember 10, 1955.
<br /> (b) That none of said bonds has been issued ;md that $115,000 notes are
<br /> outstanding which were Issued in anticipation of the receipt of the proceeds of
<br /> a like amount of said bonds, which notes are designated "SchoolButldtng Bond
<br /> Anticipation Notes", are dated January 17, 1957, and mature on July 17, 1957.
<br /> (c) That it is necessary that the County of Cabarrus, actin§ as an administa'.ive
<br /> agent of theState in prov~din9 a State system cf public schools, issue all of saiC
<br /> $2,630,000School Building Bonds,S115,000 of tl~. proceeds of which are to be used
<br /> to pay said noted at their maturity.
<br /> ) (dC That'%he period of the life of the school building and additional schoo
<br /> plant facilities to be erected, remodeled and enlarged pursuantnto said order is
<br /> estimated as a period of thirty years from July 18,. 1956, a date not later than os.
<br /> year after the final passage of saia order, and that said period expires July 18,
<br /> 1986.
<br /> Section 2. That for the purpose of providing the school improvements pursua~ t
<br /> to said order, such school J improvements being necessary in order to maintain the
<br /> six months' school term in said County as required by Section 3 of Article IX of
<br /> the Cons t i tut i on, there shall be issued the negotiable, coupon bonds of theCounty o~'
<br /> Cabarrus, in the aggregate.~principal amount of $2,630,000, designated "School
<br /> Building Bo~ds", consisting of 2,630 bonds of the denominati n of $1,000 each,
<br /> numbered 1 to 2,630,'~inclusived, dated May 1, 1957, maturing annually, May 1, in
<br /> numerical order, lowest numbers first, $70,000 1958 to 1967, $80,000 1968 to 1978
<br /> and $175,000 1979 to 1984 all inclusive, wi~out option of prior payment, and
<br /> bearin9 interest from their date at a rate. of rates not exceeding 6% per annum to
<br /> be determined by the. Local Government Commission at the time the bonds are sold,
<br /> which interest to the'maturi__tjf~ _t_h_e_r__e_o_f_.s_h_a_l_!__b~e_.paya_b./e s__e.m_t_-_anD.u.a!!y_ .on th.e.firs~t ..... . .....
<br /> days of May a-r{d-N~;~mb~r'~ each year, and both the principal of and the interest
<br /> on said bonds shall be payable at The Chase Manhattan Bank, in the Borough of
<br /> Manhattan, City andState of New York, in anyjcoin or currency of the United States
<br /> of America which, at the respective dates of payment thereof, is legal tender for
<br /> the. payment of. publtc and private: debts. ~
<br /> Section ~. That said School Buildin9 Bonds shall be signed by tt~Chairman
<br /> of The Board of Commissioners and by the. Register of Ueeds and ex offtcto Clerk
<br /> of satdBoard, under the corporate seal of said County, and the interesthcoupons
<br /> to be ttttached to said bonds shall be executed with the facsimile signature of sai
<br /> Register of Deeds and ex officio Clerk Said bonds and coupons and the endorsements
<br /> to be pti nted upon the reverse of said bonds shall be in subsdtanttally the foil. Nin9
<br /> forms:
<br />
<br /> No. $1,000
<br /> United States of America
<br />
<br /> State of NorthCarolina
<br />
<br />
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