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303 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE OF <br />$7,271,000 WATER BOND ANTICIPATION NOTES <br /> <br /> BE IT RESOLVED by the Board of Commissioners for the County of <br />Cabarrus, as the governing body of the Water and Sewer District of <br />Cabarrus County, in Cabarrus County, North Carolina: <br /> <br /> Section 1. The Board of Commissioners has determined and does <br />hereby find and declare: <br /> <br /> (a) That an order authorizing not exceeding $7,275,000 Water Bonds <br />was adopted by the Board of Commissioners for the County of Cabarrus, <br />as the governing body of said District, on January 16, 1984, which <br />order was approved by the vote of a majority of the qualified voters of <br />said District who voted thereon at a referendum duly called and held on <br />March 20, 1984. <br /> <br /> (b) That none of said bonds has been issued and that no notes have <br />been issued in anticipation of the receipt of the proceeds of the sale <br />of any of said bonds. <br /> <br /> (c) That it is necessary to issue at this time $7,271,000 notes in <br />anticipation of the receipt of the proceeds of the sale of a like amount <br />of said bonds. <br /> <br /> Section 2. In anticipation of the receipt of the proceeds of the <br />sale of a like amount of said bonds, the issuance of $7,271,000 negotiable <br />notes of the Water and Sewer District of the County of Cabarrus, in <br />Cabarrus County, North Carolina, is hereby authorized, which notes shall <br />be designated "Water Bond Anticipation Notes", shall be dated October 1, <br />1985, shall mature on October 1, 1986, without option of prior payment, <br />and shall bear interest at a rate to be determined by the Local Government <br />Commission of North Carolina at the time said notes are sold, which interest <br />shall be payable at the maturity of said notes to which no interest coupons <br />shall be attached. Said notes shall be payable as to both principal and <br />interest at such bank or trust company, shall have such denomination or <br />denominations and shall bear such number or numbers as may be fixed by <br />the Chairman of the Board of Commissioners for the County of Cabarrus after <br />the award of said notes by the Local Government Commission of North <br />Carolina, and both the principal of and the interest on said notes shall <br />be payable in any coin or currency of the United States of America which, <br />at the time of payment, is legal tender for the payment of public and <br />private debts. <br /> <br /> Section 3. Said notes shall be signed by the Chairman of and <br />the Clerk to said Board of Commissioners and the corporate seal of <br />said District shall be affixed to said notes. The form of said notes <br />and the endorsements to be placed upon the reverse thereof shall be <br />substantially as follows: <br /> <br />No. $ <br /> <br />United States of America <br />State of North Carolina <br /> County of Cabarrus <br /> <br /> WATER AND SEWER DISTRICT <br /> OF CABARRUS COUNTY <br />WATER BOND ANTICIPATION NOTE <br /> <br /> Th~ Water and Sewer District of Cabarrus County, a body politic <br />and corporate in Cabarrus County, North Carolina, is justly indebted <br />and for value received hereby promises to pay to the bearer on the <br />1st day of October, 1986, the principal sum of <br />THOUSAND DOLLARS and to pay interest thereon from the date hereof at the <br />rate of per centum ( %) per annum, payable upon the presentation and <br />surrender of this note at its maturity. Both the principal of and the <br />interest on this noteare payable at , in <br />in any coin or currency of the United States of America which, at the time <br /> <br /> <br />