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of public schools, issue aC this time $3,000,000 of the bonds au-
<br />
<br /> thorized by said order.
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<br /> (d) That =he period of =he life of the school buildings
<br />
<br /> and other s6hool plant facilities to be erected, remodeled, en-
<br /> lar§ed and reconstructed pursuant to said order is estimated as a
<br /> period of thirty years from June 22, 1965, being a date ~o= la=er
<br /> than one year after the final passaEe of said order, and that such
<br /> period expires on June 22, 1.995.
<br />
<br /> Sec=ion 2. For the purpose of providing =he school im-
<br />
<br /> provements pursuant to said order, such school improvements bein8
<br />
<br /> necessary in order to main=sin the constitutional six months'
<br />
<br />"school.=erm in Cabarrus County as required by Sec=ion 3 of Article
<br /> IX of =he Constitution, =here shall be issued the negotiable cou-
<br /> pon bonds of =he Ooun=y of Cabarrus in the a§§regate principal
<br /> amount of $3,000,000, designated "School Buildin§ Bonds, Series A"
<br /> dated December 1, 1964, consisting of 3,000 bonds of =he denomi-
<br /> nation of $1,000 each, numbered 1 Co 3,000, inclusive, unless, put.
<br /> suan= Co 'the provisions of =he no=ice 'of sale for said bondg pub-
<br /> lished by the Local GoVernment Commission. =he successful bidder
<br /> for said bonds shall request $5.000 denominations, in which even=
<br /> said bonds shall consist of 600 bonds of =he denomination of $5.00C
<br /> each, numbered 1 Co 600, inclusive. Said bonds shall ma=ute annu-
<br /> ially, June 1, in numerical order, lowest numbers firs=, $200.000
<br />
<br /> 1966, $90,000 1967 Co 1972, inclusive, $100,000 1973, $115,000
<br />
<br /> 1974 to 1978, inclusive, $130,000 1979 Co 1984, inclusive, $160,00C
<br />!!1985 ~o 1988,. inclusive, and $165,000 1989, without option of PriOz
<br /> paymen=, Shall bear interest from =heir date ac a rate or rates not
<br />
<br /> exceeding 6% per annum Co be de=ermined by =he Local Government
<br />
<br /> Commission aC =he time the bonds are sold, which interest Co =he
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