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409
<br />
<br /> VENDOR
<br />American Uniform Sales, Inc.
<br />Hub-Stinnette Uniforms, Inc.
<br />
<br />BID BOND TOTAL BID
<br />X $10,971.90
<br />X $11,733.25
<br />
<br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Moss with
<br />Commissioners Hamby, Moss, and Melvin and Chairman Lentz voting for, the Board
<br />awarded the Sheriff's Department clothing bid for Fiscal Year 1990-1991 to the
<br />low bidder, American Uniform Sales, Inc., in the amount of $10,971.90 as
<br />recommended by Sheriff Robert M. Canaday.
<br /> Commissioner Hamby introduced the following resolution, a copy of which
<br />had been provided to each Commissioner and which was read by title:
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF
<br />$8,000,000 SCHOOL BONDS, SERIES 1990
<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 find
<br />and declare:
<br /> (a) That an order authorizing not exceeding $25,000,000 School Bonds was
<br />adopted by the Board of Commissioners for the County of Cabarrus on January 14,
<br />1988, 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 March
<br />8, 1988.
<br /> (b) That $17,000,000 of said bonds have been issued, which bonds are
<br />designated "School Bonds, Series 1989" and dated March 1, 1989, that no notes
<br />have been issued in anticipation of the receipt of the proceeds of the balance
<br />of said bonds and that it is necessary to issue the balance of said bonds at
<br />this time.
<br /> (c) That the maximum period of usefulness of the additional school
<br />facilities to be provided pursuant to said order is estimated as a period of 40
<br />years from August 1, 1990, the date of said bonds as hereinafter provided, and
<br />that such period expires on August 1, 2030.
<br /> Section 2. Pursuant to said order, there shall be issued bonds of the
<br />County of Cabarrus, North Carolina (the "Issuer") in the aggregate principal
<br />amount of $8,000,000, designated "School Bonds, Series 1990" and dated August
<br />1, 1990 (the "Bonds"). The Bonds shall be stated to mature (subject to the
<br />right of prior redemption as hereinafter set forth) annually, February 1,
<br />$400,000 1992 to 2009, inclusive, and $800,000 2010, and shall bear interest at
<br />a rate or rates to be determined by the Local Government Commission of North
<br />Carolina at the time the Bonds are sold, which interest to the respective
<br />maturities thereof shall be payable on February 1, 1991 and semiannually
<br />thereafter on August 1 and February 1 of each year until payment of such
<br />principal sum.
<br /> Each Bond shall bear interest from the interest payment date next
<br />preceding the date on which it is authenticated unless it is (a) authenticated
<br />upon an interest payment date in which event it shall bear interest from such
<br />interest payment date or (b) authenticated prior to the first interest payment
<br />date in which event it shall bear interest from its date; provided, however,
<br />that if at the time of authentication interest is in default, such Bond shall
<br />bear interest from the date to which interest has been paid.
<br /> The principal of and the interest and any redemption premium on the Bonds
<br />shall be payable in any coin or currency of the United States of America which
<br />is legal tender for the payment of public and private debts on the respective
<br />dates of payment thereof.
<br /> The Bonds will be issued by means of a book-entry system with no physical
<br />distribution of Bond certificate to be made except as hereinafter provided. One
<br />Bond certificate with respect to each date on which the Bonds are stated to
<br />mature, in the aggregate principal amount of the Bonds stated to mature on such
<br />date and registered in the name of Cede & Co., a nominee of The Depository Trust
<br />Company, New York, New York ("DTC"), will be issued and required to be deposited
<br />with DTC and immobilized in its custody. The book-entry system will evidence
<br />ownership of the Bonds in the principal amount of $5,000 or any multiple
<br />thereof, with transfers of ownership effected on the records of DTC and its
<br />participants pursuant to rules and procedures established by DTC and its
<br />participants. The principal of and any redemption premium on each Bond shall
<br />be payable to Cede & Co. or any other person appearing on the registration books
<br />of the Issuer hereinafter provided for as the registered owner of such Bond or
<br />his registered assigns or legal representative at such office of the Bond
<br />Registrar mentioned hereinafter or such other place as the Issuer may determine
<br />upon the presentation and surrender thereof as the same shall become due and
<br />
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