BC 1959 05 04 - Laserfiche WebLink

Home Browse Search

517 in antici~ation of the receipt of the proceeds of said bonds. (c) Thattt is necessary that t~ County of Cabarrus, acting as an administrative agent of the State in providing a State system of public schools, issue all of said $12~,000 bonds. (d) That the period of the life of the school buildings to be enlarged pursuant to said order is estimated as a period of thirty years fromSeptember 22, 1959, a date not ]ater than one year after the final passage of mid order, and that said period expires on September 22,1989. Section 2. That for the purpose of providing the school facilities pursuant to said order, such school facilities being necessary in order to maintain the six months' school term in said COunty as required by Section 3 of Article IX of the Constitution, there shall be issued the negotiable coupon bounds of the County of Cabarrus, in the aggregate principal amount of $12~,000; designated "School Building Bonds," consisting Of 12~ bounds of the denomination of $1,000 each, number i to 12~, inclusive, dated June l, I 9~9, maturing annually, June l, in numerical order, lowest~numbers first, $10,000 1960 to 1967, inclusive, $~,000 1968 and $10,000 1969 to 1~72, inclusive, without option of prior payment and bering interest from their date at a rate or rates not exeeeding 6% per annum to be determined by the LOcal Government Commission at the time the bnnds are sold, which interest to the maturity thereof shall b e payable semi-annually on the fi,r~t days of June and December of each year, and both the principal of and the interest on said bonds shall Oe payable at The Chase Manhattan Bank, in the BOrougl of Manhattan, City and State of New York, in any coin or currency of the United States of America which, at the respective dated of payment thereof, is legal tender for the payment of public and private debts. Section 3. That said School Building Bonds shallbe signed by the Chairman of the Board of Commissioners and by the Register of Deed and ex officio Clerk of said Board and the corporate seal of said County shall O e affixed to the bonds and the interst coupons to be attached' to said bonds shallbe executed with the facsimile signature of said Register of Deeds and ex officio Clerk~~ Said bonds and coupons and the endorsements to be printed upon the reverse of s aid bonds shall be in substantially the following forms: No. $1,000 United States of America State of North Carolina COUNTY OF CABARRUS School Building Bond The County of Cabarrus, in the State of North Carolina, is justly indebted and for value received hereby promises to pay to the bearer or, if this bond be registered, to the registered owner hereof, on the 1st day of June, 19 , the principal sum of ONE THOUSAND DOLLARS and to pay interest thereon from the date.hereof at the rate of .per centum (~~) per annum until payment of such Principal sum, such interest to the