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261
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<br />ORDER AUTHORIZING $25,000,000
<br /> SCHOOL BONDS
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<br /> WHEREAS, The Cabarrus County Board of Education and The Kannapolis City
<br />Board of Education have certified to the Board of Commissioners for the
<br />County of Cabarrus, North Carolina, resolutions passed by said boards of
<br />education showing that adequate school facilities are not now available in
<br />their respective administrative units to comply with the requirements of
<br />Section 2 of Article IX of the Constitution of North Carolina for the
<br />maintenance of schools nine months in every year and that it is necessary, in
<br />order to maintain such nine months' school term as required by said Section 2
<br />of Article IX of the Constitution, to provide additional school facilities in
<br />said units by erecting additional school buildings and other school plant
<br />facilities, replacing, remodeling, enlarging and reconstructing existing
<br />school buildings and other school plant facilities and acquiring any
<br />necessary land, rights of way and equipment therefor, the estimated aggregate
<br />cost of which is $25,000,000;
<br />
<br /> WHEREAS, said resolutions request said Board of Commissioners to take
<br />all necessary steps, by the issuance of bonds or otherwise, in order that
<br />funds for such school facilities may be provided; and
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<br /> WHEREAS, said Board of Commissioners has carefully examined the facts
<br />and has determined and does hereby find as a fact that the statements made in
<br />said resolution are true and that it has become the duty of said Board of
<br />Commissioners, acting as an administrative agent of the State in providing a
<br />State system of public schools, to order the issuance of bonds of the County
<br />of Cabarrus so that the school facilities mentioned in said resolutions and
<br />in paragraph 1 of this order may be provided in order to maintain the nine
<br />months' school term in the County of Cabarrus as required by Section 2 of
<br />Article IX of the Constitution; now, therefore,
<br />
<br />BE IT ORDERED by the Board of Commissioners for the County of Cabarrus:
<br />
<br /> 1. That, pursuant to The Local Government Bond Act, as amended, and in
<br />order to maintain the nine months' school term in the County of Cabarrus as
<br />required by Section 2 of Article IX of the Constitution, the County of
<br />Cabarrus, North Carolina is hereby authorized to contract a debt, in addition
<br />to any and all other debt which said County may now or hereafter have power
<br />or authority to contract, and in evidence thereof to issue School Bonds in an
<br />aggregate principal amount not exceeding $25,000,000 for the purpose of
<br />providing funds, with any other available funds, for erecting additional
<br />school buildings and other school plant facilities, replacing, remodeling,
<br />enlarging and reconstructing existing school buildings and other school plant
<br />facilities and acquiring any necessary land, rights of way and equipment
<br />therefor, in order to provide additional school facilities in said County.
<br /> 2. That taxes shall be levied in an amount sufficient to pay the
<br />principal of and the interest on said bonds.
<br /> 3. That a sworn statement of the debt of said County has been filed
<br />with the Clerk to the Board of Commissioners for said County and is open to
<br />public inspection.
<br /> 4. That this order shall take effect when approved by the voters of
<br />said County at a referendum as provided in The Local Government Bond Act, as
<br />amended.
<br /> The Board of Commissioners thereupon designated the Finance Officer as
<br />the officer whose duty it shall be to make and file with the Clerk to the
<br />Board of Commissioners the sworn statement of debt of the County which is
<br />required by The Local Government Bond Act, as amended, to be filed after the
<br />bond order has been introduced and before the public hearing thereon.
<br /> Thereupon the Finance Officer filed with the Clerk to the Board of
<br />Commissioners, in the presence of the Board of Commissioners, the sworn
<br />statement of debt as so required.
<br /> Thereupon the order entitled: "ORDER AUTHORIZING $25,000,000 SCHOOL
<br />BONDS" was passed on first reading.
<br /> On motion duly made, seconded and unanimously carried, the Board of
<br />Commissioners fixed 7:00 P.M., January 14, 1988, in the Commissioners'
<br />Meeting Room in the County Courthouse in Concord, North Carolina, as the hour,
<br />day and place for the public hearing upon the foregoing order and directed the
<br />Clerk to the Board of Commissioners to publish said order, together with the
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