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HomeMy WebLinkAboutMinutes - 19501218`~!~ Minutes of the Board of Commissi oners Monday, December 18, 1950 The Hoard of Commissioners for the County of Orange, North Carolina, con- vened Sn adjourned regular ee scion at 10:00 o'clock A.M., December 18, 19$0, at the Courthouse, in Hillsboro, North Carolina, the usual place of meeting. Present: Chairman Collier Cobb, Sr. and Commissioners H. G. Laws and Sim j L. Efland. I_! Absent: None Thereupon Cammissi oast Efland introduced the following resolution which was read; RESOLUTION PROVIDING FOR THE ISSUANCE OF ~y2$0,000 SCHOOL BUILDING BOND ANTICIPATION NOTES. HE IT RESOLVED by the Board of Commis ions ra Tor the County of Orange: Section 1. That the Board of Commissioners has determined and does hereby find and declare: (s) That nn order authorizing X1,000,000 School Building Honda was finally passed on October 17, 1949, which order wee approved by the vote of a majority of the qualified voters of said County who voted thereon ¢t an ale ctlon dssly called and held on November 22, 1949• (b) That none of the said bands has bean issued and that it is necessary to Issue S2$0, 000 notes in anticipation of the receipt of the proceeds of a like amount of said bonds. Section 2. That in order to antlcipa to the receipt of the proc eeda of a lka amount of said School Building Bonds a temporary loan of $2$0,000 is hereby uthortzad to be evidenced by negotiable notes of the County of Orange desig- ated "School Building Bond Anticip¢tl on Notes", which no tee shall be dated anuary 10, 19$1, shall mature on April 10, 19$1, without ontl on of prior pay- ent, shall bear interest at a rate to be determined by the Local Government ommf ssl on ¢t the time the notes are Bold, not exceeding 6~ per annum, erhich nterest shall be payable at the meturi ty of the notes to which no late re st oupons shall be attached. Tha number or numbers, the denomination or denomina- Sons, and the bank or trust company at which the principal of and the interest ^~ nthe notes shall be payable shall be fixed by the Chairman after the award f the notes by the Loc¢1 Government Commission. -~ Section 3• That said no tes. shall be signed by the Chairman of the Board of Commis si onors and by the Register of Deeds and ex officio Clerk of said Board, under the corporate seal of the Hoard, and shall have endorsed thereon the wrl ttan aporoval of the County Attorney, and the form of said notes shall ba substantially sa follows: No. Unl tad States of America State of North Carolina COUNTY OF ORANGE School Buildin Bond Antics ation Note The County of Orange, North Carolina, for value received hereby promises to pay to the bearer on the 10th day of April, 19$1, the principal sum of DOLLARS together with interest thereon from the date hereof at the rate of per centum per annum, payable upon the pre septa ti on and surrender of this note at its maturity. Both the orinclpnl of and the interest on this note are payable .. ¢t the , in For the prompt payment hereof, both prl ncin¢1 and interest as the same fall due, the full faith and credit of ea ld County of Orange are ha rebp irrevocably pledge -~ This note is issued by said County in anticipation of the race Spt of the proceeds of n like amount of School Building Bonds duly authors zed by an order finally passed on October 17, 1949, which order was approved by the vote of a ~~ majority of the cualified voters of said County who voted thereon ¢t an election duly called and held, and this note is issued pursuant to and in full compliance with The County Finance Act, as amended, and the Local Government Act, as amends , -' end a resolution duly passed by the Board of Commissioners for said County. It is hereby certified and recited that all acts, conditions and things required to hapoen, exist and be done by the Cone titution and laws of North Carolina precedent to and in the issuance of this note have happened, exist and have been done in regular and due form and time as so required, and that the total indebtedness of sold County, including this note, does not exceed any constitutional or statutory limitation thereon. Ili WITNESS WHEREOF, said County of Orange, pursuant to said resolution of Sts Board of Commissioners, h¢s caused this note to ba axecutsd by the Chairman of said Board and by the Register of Deeds and ez officio Clerk of said Board, under the corporate seal of the Board, all ae of the 10th day of January, 1951. Chairman, Board of Commi ssionera Register of Doede and ex officio Clerk, Board of Commissioners The issuance at the within note is he raby approved. - oun y Attorney (ON REVERSE OF NOTES) Local Government Commie si on Serial No....... The issuance of this note has been approved under the provisions of the Local Government Act of North Carolina. Yf. E. EASTERLING, Secretary, Local Government Commission By '', ~ Designated ssiatant Section 4. That the action of the County Attorney in ¢pplying to the Loca Government Commission to advertise and sell said notes, ba and the same is hereby r¢tifi ed. C ommiseioner Efland moved the passage of the foregoing re solo ti oa entitled "RESOLUTION PROVIDING FOR THE ISSUANCE OF $2$0,000 SCHOOL BUILDING HCND P.NTZCI- PATION NOTES" and Commissioner Laws seconded the motion and the resolution was passed by the following vote: Ay¢s: Commi se inners Cobbr Efland and Laws Noes: None The Board met in point se sai on with the Hoard of Welfare and discussed in general, Welfare problems and ways end means of reducing costa of the program Sn the future. The Board spent the remainder of the day investigating roads in the south- ern part of the County. There being no further business, upon motion, adjourned. J. E. Lews Clerk to Hord C oilier Cobb, Jr. Chairman of Board