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<br /> (c) That it is necessary to issue at this time all of said Public Building
<br />Bonds, all of the proceeds thereof to be applied to the payment of said notes at
<br />their maturity.
<br />
<br /> (d) That an order authorizing not exceeding $115,000 Public Building Bonds
<br />was adopted by the Board of Commissioners for the County of Cabarrus on August
<br />22, 1978, which order has taken effect.
<br />
<br /> (e) That none of said Public Building Bonds authorized by said order
<br />adopted on August 22, 1978 has been issued and that no notes have been issued
<br />in anticipation of the receipt of the proceeds of the sale of said Public
<br />Building Bonds authorized by said order adopted on August 22, 1978.
<br />
<br /> (f) That it is necessary to issue at this time all of said Public
<br />Building Bonds authorized by said order adopted on August 22, 1978.
<br />
<br /> (g) That it is convenient to consolidate for the purpose of their
<br />issuance said $340,000 Public Building Bonds authorized by said order adopted
<br />on April 17, 1978 and said $115,000 Public Building Bonds authorized by said
<br />order adopted on August 22, 1978 into a single issue of $455,000 Public
<br />Building Bonds.
<br />
<br /> (h) That the maximum period of usefulness of the office building to be
<br /> constructed with the proceeds of said bonds is estimated as a period of forty
<br /> years from November 1, 1978, the date of said bonds as provided in Section 2
<br /> of this resolution, and that such period expires on November 1, 2018.
<br />
<br /> Section 2. For the purpose provided in said orders, there shall be
<br /> issued the negotiable coupon bonds of the County of Cabarrus in the aggregate
<br /> principal amount of $455,000, designated "Public Building Bonds", dated
<br /> November 1, 1978, and consisting of 91 bonds of the denomination of $5,000
<br /> each, numbered 1 to 91, inclusive. Said bonds shall mature annually, May 1, in
<br /> numerical order, lowest numbers first, $15,000 1980 to 1984, inclusive,
<br /> $20,000 1985 to 1988, inclusive, and $50,000 1989 to 1994, inclusive,~without
<br /> option of prior payment, and bear interest from their date at a rate or rates
<br /> to be determined by the Local Government Commission of North Carolina at the
<br /> time said bonds are sold, which interest to the respective maturities thereof
<br /> shall be payable semi-annually on the 1st days of May and November of each
<br /> year, and both the principal of and the interest on said bonds shall be payable
<br /> at the First Union National Bank of North Carolina, in the City of Charlotte,
<br /> North Carolina, or, at the option of the holder or registered owner, at The
<br /> Chase Manhattan Bank (National Association), in the Borough of Manhattan,
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