HomeMy WebLinkAboutMinutes - 19501030,
~ 7d Minutes of the Hoard of Commissioners
Monday, October 30, 1950
The Beard of Commi ssionere for the County of Orange, North Carolina, met
Sn adfourned regular ae salon oa October 30, 1950, at 10 o'clock A.Lt., at the
Courthouse in Rill aboro, North Carol].na, the usual place of meeting.
Present: Chairman Collier Cobb, Jr., and Commi aeloners H. G. Laws and -'
Ben F. Vlilson. ~
Absent: None.
The Chairman announced that this was the date and hour flied by the Board
for the public hearing upon the bond order entitled:
"ORDER AUTHORIZING 1y15, 000 SCHOOL BUILDING HOiSDS°,
and that the Board mould immediately hear any and nil citizens and taxpayers
who might desire to protest against the issuance of said bonds.
No citizen or taxpayer of the County appeared, either in person or by
attorney, to prote at against the issuance of any of said bonds and the Clerk
announced that no protest in writing, slgaed by any citizen or taxpayer, had
been presented.
Thereupon, upon motion of Conmti saioner Vdilson, seconded by Commies loner
Lavrs and carried, the order introduced cad pasead on first reading oa October
16, 1950 entitled: ^ORDER AUTHORIZING #~15, 000 SCHOOL BUILDING BONDS", was
read a second time and placed upon its final passage. The vote upon the final
passage of said order was:
Ayes: Commissioners Cobb, Wilson and Lawa
Noes: None
The Chairman then announced that the order entitled: ^ORDER AUTRORIZING
$15,000 SCHOOL BUILDING BONDS7, had pas aed.
The Clerk was thereupon directed to publish said order in The News of
Orange County, once in each of two success iva weeks, and to publish ¢t the foot
of said order the appended note as required by The County Finanea Act, as amends .
Thereupon Commissioner Lawa introduced the following resolution which ftae i j
read: --1
RESOLUTION PROVIDING FOR THE ISSUANCE OF A X15, 000 SCROOL
BUILDING BOPiD ANTICIPATION NOTE
BE IT RESOLVED by the Board of Commies ionere Tor the County of Orange:
Section 1. That the Board of Commissi oaera has determined and does hereby
find and declare:
(a) That an order avthorl zing $15,000 School Building Bonds was finally
pasead on October 30, 1950.
(b) That it Se necos sary that Orange County, acting as an administrative
agent of the State in providing a State system of public schools, provide for
a temporary loan of X15,000 in anti clpatioa of the rece int of the proceeds of
said bonds.
Section 2. That in order to anticipate the receipt of the proceada of
said $15,000 School Building Honde a temporary loan of ."~15, 000 is hereby
authorized to be evidenced by a negotiable note of the County of Orange, desig-
nated "School Building Hond Anticipation Nota", which note shall be dated
December 10, 1950, shall be numbered 1, shall mature on April 10, 1951, with-
out option of prior payment, shall bear interest at a rata to be determined by
the Local Government Commission at the time the note is Bold, not exceeding 6~
per annum, which interest shall be payable at the maturity of the note to
erhf eh no interest coupons shall be attached. The principal of and the interest
on said note shall be payable at such bank or trust company as shall be fixed
by the Chairman after the award of the note by the Local Government Commission.
Section 3. That said note shall be signed by the Chairman of the Hoard of
Commissioners and by the Register of Deeds and ex officio Clerk of said Board, -~
under the corporate seal of the Board, and shall have endorsed thereon the i
written approval of the County Attorney, and tho form of said note shall ba '_!
substantially as follows:
No. 1 $15,000
United States of America
State of North Carolina
COUNTY OF ORANGE
Sch of Bulldina Hond Anticipation Note
,i
_ ., _. ..__ _ .
. _rf, ._ ~. ..,_ _ _.. ..
3~r
The Covntg of Orange, North Carolina, for value received hereby promises
to pay to the bearer on the 10th day ofApril, 1951, the principal sum of
FIFPEEN THODSAND DOLLARS
together with interest thereon from the date hereof at the rate of ~ par
--- cantum par annum, payable upon the pros antation and surrender of this note at
its maturity.
Both the principal of and the intoreat on this note are payeble at the
, For the prompt
payment hereof, both principal and interest ¢e the same fall due, the full
faith and credit of said County are hereby irrevocably Pledged.
Thin note is iaeued by said County in anticipation of the receipt of the
proceeds of a like amount of School Building Bonds duly authorized by an order
finally passed on October 30, 19$0, which order has taken effect, and this note
is lasued pursuant to end in i'ull compliance with The County Finance Act, ae
amended, and the Local Government Act, as amended, and a resolution duly Passed
by the Board of Commiasionera for said County.
It 1a hereby certified and recited that all acts, conditions and things
required to happen, exist and be done by the Cone ti tution and laws of North
Carolina precedent to and in the issuance of this note have happened, exist
and have been done Sn regular and due form and time as no required, and that
the total indabtedneae of said County, including this note and all other in~-
debtsdness heretofore contracted in the fiscal year in which this note is
is suod> does not exceed arty constitutional or statutory limitation thereon.
IN tYITNESS WHEREOF, said County of Orange, pursuant to said resolution of
its Board of Commissioners, has caused this note to be executed by the Che irmen
of said Board and by the Register of Deeds and ox officio Clerk of said Board,
under the corporate seal of the Board, all sa of the loth day of December, 1950.
Chairman, Board of Commissioners
I
L'
Register of eeda and ex officio Clark,
Board of Conmii eaionara
The issuance of the within note ie hereby approved.
Court q A torney
(ON REVERSE OF NOTE)
Local Government
Commission Serial No.....
The issuance of this note has been approved under the pravis ions of the
Local Government Act of North Carolina.
4', E. EASTERLING,
Becretaxg, Local Government Commission
By
Designated Assistant
Section l}. That the application of the County Attorney to the Local
Government Commission of North Carolina to advertise and sell said note be and '..
the same Se hereby ratified. '',.
Section 5- That said 515,000 School Building Bond Anticipation Note and '~,
all other indebtedness heretofore contrac tad in the currant faecal year does ''~..
not exceed two-thirds of the amount by which the outstanding indebtedness of
the County of Orange was reduced in the preceding fiscal year.
- Commissioner Lawe moved the passage of the foregoing resolution entitled:
l
•.. "RESOLDTZ ON PROVIDING FOR THE ISSDANCE OF A $15,000 SCHOOL BBILDIISG B017D ANTI-
C, CIPATION NOTE" and Comtnlseioner :Y11son seconded the motion and said resolution
wne psaeed by the following vote:
Aye a: Commiasi opera Cobb, Wilson and Laws.
Noes: Nona.
IIpon motion of Commissioner Lawe, seconded by Commissioner Wilson, it was
ordered that Curtis C. Scott ba granted the contract of painting the Production
fitarketing Adminlatrat ion basement office and the outside of the Agriculture
Building at the price of $1.50 per hour par painter, with the County furnishing
the paint.
~ih~
Terry B. Stone appeared and stated that be would not be a candidate for
reelection as Prosecuting Attorneq, and thanked the Board for tha co-operation
given him during his tenure of office.
There be Sng no further bue ineas~ upon motlon~ adjourned.
i
J. E. Laws
Clerk to Board
Collier Cobb, Jr.
Chairman of Board
i 1