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an administrative agent of the State in providing a State system
<br />of public schools, issue at this time the remaining $3,000,000 of
<br />the bonds authorized by said order.
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<br /> (d) That the period of the life of the school buildings
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<br />and other school plant facilities to be erected, remodeled, en-
<br />larged and reconstructed pursuant to said order is estimated as a
<br />period of thirty years from June 22, 1965, being a date not later
<br />than one year after the final passage of said order, and that such
<br />period expires on June 22, 1995.
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<br /> Section 2. For the purpose of providing the school im-
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<br />provements pursuant to said order, such school improvements being
<br />necessary in order to maintain the constitutional six months'
<br />school term in Cabarrus County as required by Section 3 of Article
<br />IX of the Constitution, there shall be issued the negotiable cou-
<br />pon bonds of the County of Cabarrus in the aggregate principal
<br />amount of $3,000,000, designated "SchooI Building Bonds, Series B#,
<br />dated June 1, 1966, consisting of 3,000 bonds of the denomination
<br />of $1,000 each, numbered 1 to 3,000, inclusive, unless, pursuant
<br />to the provisions of the notice of sale for said bonds published
<br />bY the Local Government Commission, the successful bidder for said
<br />bonds shall request $5,000 denominations, in Which event said bonds
<br />shall consist of 600 bonds of the denomination of $5,000 each,
<br />numbered 1 to 600, inclusive. Said bonds shall mature annually,
<br />June 1, in numerical order, lowest numbers first, $110,000 1967 to
<br />1984, and $255,000 1985 to 19'88, all inclusive, without option of
<br />prior payment, shall bear interest from their date at a rate or rates
<br />not exceeding 6% per annum to be determined by the Local Government
<br />Commission at the time the bonds are sold, which interest to the
<br />maturity thereof shall be payable semi£annually on 'the 1st days of
<br />June and December of each year, and both the principal of and the
<br />in~eres~ on said bonds shall be payable at The Chase Manhattan Bank
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<br /> MITCHEi.~ PIBIHINO, BHA'TT88hY · MIT~HI~ ~?H ~iOORo 80 BROAD lTllK'l', NK%Y YOR~* Mo Y, ,~04
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