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289
<br />
<br />WHEREAS, the Cabarrus County Board of Commissioners is informed and believes
<br /> that a planning meeting, pursuant to the direction of the North Carolina
<br /> State Highway Commission (District 10) will be held at the Stanley
<br /> County Courthouse, February 15, 1979;
<br />
<br />NOW THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Commissioners
<br /> that the highway project for the construction of an access highway
<br /> along the western portion of the Town of Kannapolis known as the Western
<br /> By-Pass Project, in its concept, be, and hereby is, favorably endorsed
<br /> by said Board of Commissioners; and it is
<br />
<br />FURTHER RESOLVED, that members of the North Carolina State Highway Commission
<br /> and North Carolina General Assembly are encouraged to lend their support
<br /> to this worthy project to the end of attaining our county's full poten-
<br /> tial in growth, development and prosperity.
<br />
<br />This the 12th day of February, 1979.
<br />
<br />CABARRUS COUNTY BOARD OF COMMISSIONERS
<br />/s/ TroM R. Cook
<br />
<br />/s/ Ralph C. Bonds
<br />
<br />/'s/ Marcelle Milloway
<br />
<br />/s/ James W. Lentz
<br />
<br />/s/ J. Ray Allen
<br />
<br /> Mr. James Allred, President of the Cabarrus County Veterans Council,
<br />was present to request the addition of a full time secretary for the Cabarrus
<br />County Veterans Service as the present CETA secretary will be terminated
<br />due to the cut-back in CETA positions.
<br /> Commissioner Lentz introduced the following resolution which was read:
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE
<br />OF $3,000,000 SCHOOL BONDS, SERIES A
<br />
<br /> BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus:
<br /> Section 1. The Board of Commissioners has determined and does hereby
<br />find and.declare:
<br /> (B) That an order authorizing $8,000,000 School Bonds was adopted by
<br />the Board of Commissioners for the County of Cabarrus on August 22, 1978,
<br />which order was approved by the vote of a majority of the qualified voters
<br />of said County who voted thereon at a referendum duly called and held on
<br />November 7, 1978.
<br /> (b) That none of said bonds has been issued, that. no notes have been
<br />issued in anticipation of the receipt of the proceeds of the sale of said
<br />bonds, and that it i~s necessary to issue at this time $3,000,000 of said
<br />bonds.
<br /> (c) That the maximum period of usefulness of the additional school
<br />facilities in said County to be provided pursuant to said order is estimated
<br />as a period of forty years from April 1, 1979, the date of said bonds as
<br />provided in Section 2 of this resolution, and that such period expires on
<br />April 1, 2019.
<br /> Section 2. For the purpose provided in said order, there shall be
<br /> issued the negotiable coupon bonds of the County of Cabarrus in the aggre-
<br /> gate principal amount of $3,000,000, designated "School Bonds, Series A",
<br /> dated April 1, 1979, consisting of 600 bonds of the denomination of $5,000
<br /> each, numbered 1 to 600 inclusive. Said bonds shall mature annually, April
<br /> 1, in numerical order, lowest numbers first, $125,000 1980 to 1988, inclu-
<br /> sive, $200,000 1989 to 1997, inclusive, and $75,000 1998, without option
<br /> of prior payment, and bear interest from their date at a rate or rates to
<br /> be determined by the Local Government Commission of North Carolina at the
<br /> time the.bonds are sold, which interest to the maturity thereof shall be
<br /> payable semi-annually on the 1st days of April and October of each year,
<br /> and both the principal of a~d the interest on said bonds shall be payable
<br /> at 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,
<br /> City and State of New York, in any coin or currency of the United States of
<br /> America which, at the respective dates of payment thereof, is legal tender
<br /> for the payment of public and private debts.
<br /> Section 3. Said bonds shall be executed with the facsimile signatures
<br /> of the Chairman and the Clerk of the Board of Commissioners for said County,
<br /> and a facsimile of'the corporate seal of said County shall be imprinted on
<br /> said bonds, and the interest coupons to be attached to said bonds shall be
<br /> executed with the facsimile signature of said Clerk. Said bonds and coupons
<br />
<br />
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