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<br />
<br />ORDER AUTHORIZING $49,000,000.00
<br /> SCHOOL BONDS
<br />
<br /> WHEREAS, The Cabarrus County Board of Education and The
<br /> Kannapolis City Board of Education have certified to the Board of
<br /> Commissioners for the County of Cabarrus, North Carolina,
<br /> resolutions passed by said boards of education showing that adequate
<br /> school facilities are not now available in their respective
<br /> administrative units to comply with the requirements of Section 2 of
<br /> Article IX of the Constitution of North Carolina for the maintenance
<br />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
<br /> Section 2 of Article IX of the Constitution, to provide additional
<br /> school facilities in said units by erecting additional school
<br /> buildings and other school plant facilities, replacing, remodeling,
<br /> enlarging and reconstructing existing school buildings and other
<br /> school plant facilities and acquiring any necessary land, rights-of-
<br /> way, furnishings and equipment therefor, the estimated aggregate
<br /> cost of which is approximately $49,000,000.00;
<br /> WHEREAS, said resolutions request said Board of Commissioners
<br /> to take all necessary steps, by the issuance of bonds or otherwise,
<br /> in order that funds for such school facilities may be provided; and
<br /> WHEREAS, said Board of Commissioners has carefully examined
<br /> the facts and has determined and does hereby find as a fact that the
<br /> statements made in said resolution are true and that it has become
<br /> the duty of said Board of Commissioners, acting as an administrative
<br /> agent of the State in providing a State system of public schools, to
<br /> order the issuance of bonds of the County of Cabarrus so that the
<br /> school facilities mentioned in said resolutions and in paragraph 1
<br /> of this order may be provided in order to maintain the nine months'
<br /> school term in the County of Cabarrus as required by Section 2 of
<br /> Article IX of the Constitution; now, therefore,
<br /> BE IT ORDERED by the Board of Commissioners for the County of
<br /> Cabarrus:
<br /> (a) That, pursuant to The Local Government Bond Act, as
<br /> amended, and in order' to maintain the nine months' school term in
<br /> the County of Cabarrus as required by Section 2 of Article IX of the
<br /> Constitution, the County of Cabarrus, North Carolina, is hereby
<br /> authorized to contract a debt, in addition to any and all other debt
<br /> which said County may now or hereafter have power or authority to
<br /> contract, and in evidence thereof, to issue School Bonds in an
<br /> aggregate principal amount not exceeding $49,000,000.00 for the
<br /> purpose of providing funds, with any other available funds, for
<br /> erecting additional school buildings and other school plant
<br /> facilities, replacing, remodeling, enlarging and reconstructing
<br /> existing school buildings and other school plant facilities and
<br /> acquiring any necessary land, rights-of-way, furnishings and
<br /> equipment therefor, in order to provide additional school facilities
<br /> in said County.
<br /> (b) That taxes shall be levied in an amount sufficient to
<br /> pay the principal of and the interest on said bonds.
<br /> (c) That a sworn statement of the debt of said County shall
<br /> be filed with the Clerk to the Board of Commissioners and be open to
<br /> public inspection.
<br /> (d) That this. order shall take effect when approved by the
<br /> voters of said County at a referendum as provided in The Local
<br /> Government Bond Act, as amended.
<br />
<br /> The Board of Commissioners thereupon designated the Finance Officer as the
<br />officer whose duty it shall be to make and file with the Clerk to the Board of
<br />Commissioners the sworn statement of debt of the County which is required by The
<br />Local Government Bond Act, as amended, to be filed after the bond order has been
<br />introduced and before the public hearing thereon.
<br />
<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 statement
<br />of debt as so required.
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