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396
<br />
<br /> UPON MOTION of Commissioner Bonds, seconded by Commissioner Allen and
<br />unanimously carried, the Board moved to amend the budget of the Cabarrus
<br />County Health Department to accept an additional $2,119.00 in State funds
<br />for mosquito control work.
<br /> UPON MOTION of Commissioner Milloway, seconded by Commissioner Lentz
<br />and unanimously carried, the Board agreed by resolution to inform Mr.
<br />Don'T. Howell, Director of Utilities, Board of Light and Water Commissioners,
<br />by letter that the Chairman of the Board of Commissioners has reviewed
<br />Volumes I through V of the revised 201 Facility Plan.
<br /> Commissioner Milloway introduced, the following resolution which was
<br />read:
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE
<br /> OF $5,000,000 SCHOOL BONDS, SERIES B
<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 /> (a) 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, which
<br />order was approved by the vote of a majority of the qualified voters of said
<br />County who voted thereon at a referendum duly called and held on November 7,
<br />1978.
<br /> (b) That $3,000,000 of said bonds have been issued, which bonds are
<br />designated "School Bonds, Series A" and ~ated April 1, 1979, that no notes
<br />have been issued in anticipation of the receipt of the proceeds of the sale
<br />of the balance of said bonds, and that it is necessary to issue at this time
<br />the balance of said 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 as
<br />a period of forty years from May 1, 1980, the date of the bonds authorized
<br />hereby, and that such period expires on May 1, 2020.
<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 aggregate
<br />principal amount of $5,000,000, designated "School Bonds, Series B", dated
<br />May 1, 1980, consisting of 1,O00 bonds of the denomination of $5,000 each,
<br />numbered 1 to 1,000 inclusive. Said bonds shall mature annually, May 1,
<br />in numerical order, lowest numbers first, $100,000 1981 to 1988, inclusive,
<br />$225,000 1989, $375,000 1990 to 1994, inclusive, $400,000 1995 to 1999,
<br />inclusive, and $100,000 2000, and bear interest from their date at a rate
<br />or rates to be determined by the Local Government Commission of North
<br />Carolina at the time said bonds are sold, which interest to the maturity
<br />thereof shall be payable semiannually on the 1st days of May and November of
<br />each year, and both the principal of and the interest on said bonds shall be
<br />payable at First Union National Bank of North Carolina, in the City of
<br />Charlotte, North Carolina, or, at the option of the holder or registered owner,
<br />at The Chase Manhattan Bank (National Association), in the Borough of
<br />Manhattan, City and State of New York, in any coin or currency of the United
<br />StateSof America which, at the respective dates of payment thereof, is
<br />legal tender for the payment of public and private debts.
<br /> Section 3. Said bonds shall be executed with the facsimile signatures of
<br /> the Chairman and the Clerk of the Board of Commissioners for said County, a
<br /> facsimile of the corporate seal of said County shall be imprinted on said bonds,
<br /> and the interest coupons to be attached to said bonds shall be executed with
<br /> the facsimile signature of said Clerk. Said bonds and coupons and endorsements
<br /> to be printed upon the reverse of said bonds shall be in substantially the
<br /> following forms:
<br />
<br /> No ....... $5,000
<br /> United States of America
<br /> State of North Carolina
<br />
<br />COUNTY OF CABARRUS
<br />
<br /> School Bond, Series B
<br /> The County of Cabarrus, in the State of North Carolina, is justly indebted
<br />and for value received hereby promises to pay to the bearer or, if this bond
<br />be registered, to the registered owner hereof, on the 1st day of May,
<br />(or earlier as hereinafter referred to), the principal sum of
<br />
<br />FIVE THOUSAND DOLLARS
<br />
<br />
<br />
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