BC 1971 11 01 - Laserfiche WebLink

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The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session at the County Courthouse, in Concord, Norih Carolina, the usual place of ~eeting, at 10 o'clock A.M., November 1, 1971. Present: Chairman S. Glenn Hawfield, Jr., and Commissioners Charles Gallimore, John Hammett, C. Frank James, and Robert A. McClary. Absent: None. Commissioner McClary introduced the following resolution which was read: RESOLUTION PROVIDING FOR THE ISSUANCE OF $365,000 SCHOOL BUILDING BONDS BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The Board of Commissioners has determined and does hereby find and declare: (a) That an order authorizing $220,000 School Building Bonds of the County of Cabarrus was finally passed on April 19, 1971, that none of said bonds has been issued, that $220,000 School Building Bond ~Anticipation Notes are outstanding, which notes were issued in anticipation of the receipt of a like amount of the proceeds of said bonds and which notes are dated June 17, 1971 and mature on December 17, 1971, and that it is necessary that the County issue all of said bonds at this time, the proceeds thereof to be used to pay the principal of said notes. (b) That an order authorizing $145,000~School Building Bonds of the County of Cabarrus was finally passed on August 16, 1971, that none of said bonds has been issued, that no notes have been issued in anticipation of the proceeds of a like amount of said bonds and that it is necessary that the County issue all of said bonds at this time~ (c) That the total indebtedness of said County, including the bonds the issuance of which is provided for by this resolution and all other indebtedness contracted in the fiscal year in which such bonds are being issued or in the fiscal year in which the indebtedness evidenced by any of such bonds was contracted, will not exceed any constitutional or statutory limitations thereon. (d) That the period of the life of the school buildings to be erected, remodeled, enlarged and reconstructed pursuant to said orders is estimated as a period of thirty years from April 19, 1972, being a date not later than one year after the final passage of said first order, and that such period expires on April 19, 2002. Section 2. For the purpose of providing the school improvements pursuant to said orders there shall be issued the negotiable coupon bonds of the County of Cabarrus in the aggregate principle amount of $365,000, designated "School Building Bonds", dated December 1, 1971, consisting of 73 bonds of the denomination of $5,000 each, numbered 1 to 73, inclusive. Said bonds shall mature annually, December 1,