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HomeMy WebLinkAboutMinutes - 19510305;; ,_ { L7inutes of the Board of Commissioners 3~1 Ltondey, 6ierch 5, 1951 The Board of Commissioners for the County of OranF,e, North Cer oline, met in regular session on Ltarch 5, 1951, at 10 o'clock A.i;;,, at the County Court- house in Hillsboro, the usual place of meeting. ,- Present: Chairmen Collier Cobb, Jr. end Commissioners H. G. Letts and Sim - L. Efland. Absent: None Commissioner Legs introduced the follorring resolution tin ich was reed: AESOLIITI ON PR OVIDIivG FOR THE ISSIIANCE OF $15,000 SCHOOL BUILDING B077D5 r- BE 2T RESOLVED by the Bcard of Cammissi one rs for the County of Orenga: Section 1. That the Hoard of Commissi onors has determined end does hereby find and declare: (a) That en order authorizing ~i15,000 School Building Bonds r+as finally passed on October 30, 1950. (b) Thet no bonds have been issued pursuant to said order, and that a x15,000 note has been issued in anticipation of the receipt of the proceeds of said bonds, which note is designated "School 3uilding Hond Ant iclnat ion 4lote", is detect December 10, 1950 end metur es on Apr11 10, 1951, which note ores delivered to end paid Tor by the purchaser theraoi on December 18, 1950. (c) Thet it is necessary that Orange County, acting es ¢n edministreti ve agent of the State in providing a State system of oublic schools, issue et this time all of said bonds, G15r 000 of the proceeds of which shall be used to nag said note et Its maturity. (d) Thet the period of the life of the school building to which an addi- tion has been erected from the proceeds of said note, or will be erected from the proceeds of said 'oonds, is e period of thirty years from October 30, 1951, being a date not later than one ye er otter the final passage of said order, and that said period exni res October 30, 1981. Section 2. That for the nurn ose of nrovi dint the school improvement our- suant to said order> said school improvement being necessary in order to main- tain the constitutional six months' school term in Orange County, there shall be issued the negotiable coupon bonds of the County of Orange in the ergregete principal amount of $15,000, which bonds shall be designated "School Building Bonds", shell consist of 15 bonds of the denomineti on of u1,000 each, numbered 1 to 15, inclusive, dated December 1> 1950, maturing annually, June 1, in numerical order, lowest numbers Sirst, u1, 000 1953 to igb'j, inclusive, without option of prior payment, and bearing interest eta rate or rates not exceeding 6;~ per annum to be determined by the Local Government Commission et the time the bonds are sold, nhich interest shell be payable semi-annually on the first days of June end December of each year, both the pri ncipel of end the interest on said bonds to be payable et the Central Hanover Benic end Trust Company, in the 3orough of h[enhatt¢n, City end State of New Yor1c, in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender Tor the payment of oublic end private debts. Section 3. That said Sche of Building Bonds shall be signed by the Che irmex of the Board of Commt ssi onors and the Register of Deeds and ex officio Cleric of said Hoard, under the Corporate seal of aeid Board, end the interest coupons to be attached to said bonds shall be executed with the Pecs imilo signature of said Register of Deeds end ex officio Clerk. Said bonds and coupons and the endorsements to be printed anon the reverse of said bonds shall be in substan- tially the follorring forma: No. IIai tad States of America State of North Caroline COUNTY OF ORA37C-E C~ School BulldinR Bond ,y"1, 000 The County of Orange, in the Stets of North Carol ins, is ,justly indebted and for value rec eivad hereby promises to nay to the bearer or, if this bond be registered, to the registered owner hereof, on the first day of June, 19_ the principal sum of ONE THOUSAND DOLLARS end to pay interest thereon from the date hereof et the rate of per centum per annum until payment of such nr incin el sum, such interest to the maturity hereof being payable semi-annually on the first days of June end December in each year upon the presentation end surrender of the coupons representing such interest es the same resnec tively fall due. Both the orinci pal o_" and the ~5~ interest on this bond ere payable at the Central Hanover Banlt end Trust Company in the 9orough of hfanhettan, City and State of New York, in any coin or current of the United States o-' America which, ¢t the respective dates of payment there is legal tender for the payment of nubl is and pr ivete debts. For the prompt payment hereof, both nrinc ipal and interest as the same shall fail due, the ful faith and credit of said County of Orange are he rebp irrevocably pledged. This bond is one of a series issued by seid County, acting as ¢n adminis- trative anent of the State of North Carolin¢ in oroviding a State system of public schools, for the purpose of erecting end eeulpning an addition to en existing school building in order to maintain the six monthsr school term in said County es recuir ed by the Constitution, end this bond is issued under and pursuant to The County Finance Act, as amended, and the Loc a1 Government Act, ss amended, and an order end resolutions duly passed by the Hoard of Commis- sioners for seid County. It is hereby cartif ied and recited that all acts, conditions and things required to happen, exist and be performed precedent to and 1n the issuence of this bond by the Constitution end laws of North Carolina have henpene d, exist end have been performed in regular end duo form end time as so re ~Uire n; that nrovis ion h¢s been medo for the levy and collection of a direct annual tax upon all taxable nreoerty within seid County sufficient to peg the nrlncinel of end the interest on this bond es the same shell fall due; and that the total in- debtedness of said County, including the indebta due ss evidenced by this 'oond end all other indebto dness thoretofore con t: acted in the fiscal year in erhich the indobte dness evidenced by this bond Tres contrac tad, does not exceed any constitutional or statutory limltat ion thereon. This bond may be regia to red es to nrinc inel elope in accordance with the provisions endorsed hereon. ITi '71ITidESS "!HEREOF, said County of Orange, by order of its Hoard of Com- missioners, has caused this bond to be signed by the Chairman o: seid Hoard end by the Register of Deeds and ex officio Clerk of seid Hoard, under the cornorat se el of said Hoard, and has caused the interest coupons attached hereto to be executed with the facsimile si gnetura o_^ seid Register of Deeds and ex officio Clerk, all as of tho first day o_' December, 1950. Chairman of Board of Commissioners Rah s er o llee s and ez off cio Clerk of Board of Commissioners (Endorsements upon Hon ds) CERTIFICATE OF LOCAL GOVERIRSCSiT COS.II,tI SSI ON The issuence of the within bond has been approved under the provisions of the Loc el Government Act of North Carolina. Y7, E. EABTERLING, Secretary, Local Government Commission By Desi gn¢tod Assl stant PROM BI OPIB FOR REGr gTRATI ON This bond may be registered es to orincipel el one in the Bond Register of the County of Orange by the County Accountant es Hond Registrar, or by such other Bond Registrar es may be legal ly ennointed by the governing bodg of seid County, upon presentation hereof to the Bond Registrar who shall make notation of such registration in the registration blank below, and this bond may there- after be transferred only upon a duly executed assignment of the ragi stared acmer or his ¢t tornoy in such form ae shell be satisfactory to the Bond Regis- trar, such trnn afar to be made on such Hond Register end en aorsed hereon by the Bond Registrar. Such transf ar may be to bearer end thereby transferebili ty by delivery shall be rest or ad, but this bond shall again be sub fact to successive registrations and transfers as before. The nr incinel o' this bond, if re gisteri unless registered to 'Deere r, shall be payable only to or upon the order of the registered ocmer or his legal representative. Tlotwiths tending the registration of this bond as to nrinci Dal clone, the coupons shall remain neyeble to bearer end shell continue to be transferable by delivery. Date of Name of Signature of Rersistration Registered Osmer 9ond Regi stray i J 388 (Form of Coupons) z on 1, 19 the County of Orenge, North Carolina, will nay to bearer at the Central Renover Hank and Trust Company, in the Borough of i."renhatt¢n, City and State of New York, anon the pre sap tat ion and surrender hereof, the sum of Dollars in any coin or currency of the United States of America rhich at the time of oeyment is legal tender for the peyment of oublic and private debts, ns provided in end for the semi-annual interest then due upon its School Bu11d- ing Hond, dated December 1, 1950, numbered rtegis ter of Deeds end ex officio Clerk of Hoard of Commissi onere Section 4• That said bonds shall be re gister able es to principal alone in ¢cc ordence with the nrovi sions for registretion he re inabove in this resolution provided to be endorsed upon said bonds, and the County Accountant is hereby appointed Bond Regis trar for the purpose of such registration, subject to the ~. ri ght of the Hoard of Commissioners hereefter to appoint mother Hond Registrar. ~'. No charge shall be made to ang bondholder for the privilege of registration herein granted. Section 5. T'nat the action of the County Attorney to applying to the Locel Government Commission to advertise end se 11 szid 515,000 School Huil ding Bonds, end the action oS the Local Government Commission in asking for se Bled bids for seid bonds (by publ isM1aing a sale notice and printing and distribut ing circulars), be and the seme is hereby ratified and confirmed. Upon motion of Comm~.ssioner Laws, seconded by Commissioner Efland, the foregoing resolution entitled: "RESOLUTION PRDV IDIIdG FOR Tim ISBUA1dCE OF '.. 515,000 SCHOOL BUILDING BONDS", was passed by the following vote: ', Ayes: Commiss ionors Cobb, Leers and Ef1¢nd I I' Hoes; None. Thereupon Commissioner Eflend introduced the following resolution which reed: RE90LIITION FIXING THE DETAS LS nND FOR?d AeiD LSAli3iER OF EXECUTIOIQ Or' 51,000,000 SCHOOL HUILDIPiG BONDS, A.PID PROVIDING FOR THE REGI STRATIOlt THEREOF C 'BS IT RESOLVED by the Hoard of Commissioners for the County of Orange: Section 1. That the Hoard of Commissioners has determined and does hereby find and declare: (a) That an order authorizing 51,000,000 school building bonds of Orenge County rrea finally passed on October 17, 19L; 9, which order was eoproved by the vote of a majority of the anal ified voters of seid County who voted thereon at en election duly celled end held on November 22, 19119. (b) Thet no bonds heve been issued pursuant to said order, and that a $250,000 note has been issued in anti cipetion of the re ce int of tl:e proceeds of a like emount of seid bonds, which note is desl5nated "School Huildi ng Hond Anticipation Note", 1s dated Januery 10, 1951, end matures on April 10, 1951. (c) That it is necessary to fix the deteils end form and manner of execu- tion of the 51,000,000 bonds authorized by seid order. (d) Thet the period of the life of the school buildings to be erected, remodeled end enl¢rgod pursuant to said order is estimeted as a period of thirt; years from October 17> 1950, being a date not later than one yeer after the finE pessage of said order, and that said period expires October 17, 1980. Section 2. Thet for the purpose of providing school improvements nursuent to said order, such school improvements being nece ss¢ry in order to maintain the constitutional six months school term in Orange County, there shall be issued the negotiable coupon bonds of the County of Orange in the eggregete principal amount of 51,000,000, consisting of 1,000 bonds of the denomineti on of .:1,000 each, dated December 1, 1950, maturing annually, Tune 1, 516,000 1953, $20,000 1951,. to 1956, inclusive, 535,000 1957 to 1961, inclusive, 537.000 1962, 540,000 1963 to 1979, inclusive, end $32,000 1980, vri thout option of prior peyment, and bearing interest at e rate or rotes not exceeding 6~S per ennvm to be determined by the Locel Government Conmil ss ion at the time the bonds ero sold, which interest shell be payable semi-annually on the first drys of June and December of each year, both the principal of and the interest on said bonds to be payable at the Central Renover HenFc and Trust Company, in the Horovg of hianhetten, City and State of New York, in eny coin or currency of the United ~70f States of America which, at the respective dates of payment thereof, is legal tender for the oayment of public end pr ivete debts. Section 3. That seid $1,000,000 school building bonds may be issued from time to time in amounts as may be determined by resolution of the Board of Commissioners for the County of Orange end seid bands shell be des ignatad "School Building Bonds, Series " the bonds to be issssed et any one time to be designated by a different series letter. -~ Se ctlon l;. That said 51,000,000 school building bonds shall be signed by the Chairman of the Board of Commissions rs and the Register of Deeds and ex officio Clerlt of seid Board, under the corporate reel of said Board, and the interest coupons to be attached to said bonds shall be executed rii th the f¢csi- mile signature of said Register of Deeds and ex officio Clerk. Said bonds and coupons and the endorsements to be printed uoon the reverse of seid bonds shall be in sub stanti ally the following forms: No. $1,000 United States of America Steto of Liortn Cerolin¢ COUNTY OP ORANGE School Building Bond, Series . The County of Orange, in the State of North Carolina, is ,justly indebted and for value received hereby promises to pay to the bearer or, 1f this bond be registered, to the raga stared onner hereof, on the first day of June, 19_, the princi.pel sum of ONE THOUSAND DOLLARS and to pay interest thereon from the date hereof at the rate of per centwn oar annum until payment of such print ipel sum, such interest to the maturity hereof being pey¢ble semi-annually on the first days of June and December in each gear uoon the presentation end surrender of the coupons renre renting such interest es the same respectively fall due. Both the principal of find the interest on this bond ere payable at the Central Hanover Ban]: and Trust Company, in the Borough of M1tanhat t¢n, City and State of New Yorh, in any coin or current of the United States of America which, et the respective dates of payment there t, _, is legal tender for the payment of public end private debts. For the prompt payment hereof, both principal end interest es the same shell fell due, the ful faith and credit of said County of Orange are hereby irrevocably pledged. This bond is one of a series issued by said County, acting as an adminis- trative agent of the State of Slorth Caroline in nrovi di ng a State system of public schools, for the nurno se of erecting additional school buildings, re- ' modeling and enlarging existing school build ings end aceuiring any no cessery lend and equipment therefor, in order to maintain the ,six months' school term in said County as rocuired by the Constitution, end this bond is issued under and piu•suant to The County Finenca Act, as emended, and the Local Government Act, as amended, ¢nd an order •ahich ores apnr oved by the vote of e me,jori ty of the qualified voters of said County vtho voted thereon at an election duly - called end held, and resolutions duly passed by the Board of Commissioners far seid County. It is hereby certified and recited that all ec ts, conditions and things required to happen, exist and be oe rformed pro cadent to and 1n the issuance of this bond by the Constitution end larvs of North Carolina have happened, oxi st end have 'Doan performed in regular end due form end time as so reaulred; that provision has been made fbr the levy and collection of a direct annual t¢x upon ell tereble property vii thin said County sufficient to nay the principal of end the interest on this bondas the same shell fell due; and that the total in- debtedness of seid County, incl ud3 ng this bond, does not exceed any constl tuti o: or statutory limitation thereon. This bond m¢y be registered as to pri nc ioel alone in accordance e+i th the orovis ions endorsed ha reon. N 'tiITT1ES5 G1dP;RBO°, said County of Orange, by order of its Board pf Com- missioners, has caused this bond to bo signed by the Chairmen of seid Board end _ by the Register of Deeds and ex off is to Clerk of seid Board, under the corpor¢te seal of satd Board, and has caused the interest coupons attached hereto to be executed erl th the facsimile signature of seid Regi star of Deeds end ex officio Clerlt, ell es of the first day of December, 1950. Chei rmen of Board of Co;maissiorers Register of Uee ds and ex officio Clerlt of Board of Conuni ssi oners f~;` ~i~~ (Endorsement ssnon Bonds) CERTIFICATE OF LOCAL GOVERNhiE11T COTd;.iISSION The issuznce of the within bond has been approved under the provisions h of the Local Government Act of Il orth Caroline. ~ Vf. E. EASTERLIIVG Secretary, Loc el GovernmenC Commission Sy De signeted Assistant PROVISSO?1S FOR REGISTRATION This bond may be registered es to print inel alone in the Bond Register of the County of Orange by the County Accountant es 3ond Ragistra r, or by such other Hond Registrar es may be legally appointed by the governing body of . said County, upon presentation hereof to the Hond Registrar who shall make notation of such registration in the rog istrati on 'olank below, and this bond may thereafter be tr¢nsferred only anon e duly executed assi.rnment of the ' registered ovrner or his attorney in such form es shell be sati sfec fogy to the Hond Registrar, such transfer to be made on such Hond Register end endorsed hereon by the Bond Registrar. Such transfer may be to bearer end thereby transferability by dolive ry shall be restored, but this bond shell again be sub,j act to successive ragis tretions and trap sfers es before. The principal of this bond, if registered, unless registered to bearer, shell be payable only to or upon the order of the registered owner or his legal repreaentetive. IPot- withstanding the registration of this bond es to principal alone, the coupons shall remain pageble to bearer and shell continue to be trensfer¢b1e by deliver . D¢te of Neme of Signe£ure of Rezistr¢tion Re¢i ste red Ocaer Bond Registrar (F f C ) orm o oupons No. on 1, 19_, the County of Orange, North Cer oline, grill p¢y to bearer at the Central Hanover Benk and Trust Comoany, in the Borough of 1Cenhatt¢n, City and State of New York, noon the presentation and surrender hereof, the sum of Dollars in any coin or currency of t're IInlted States of Ama ri ca crhich et the time of payment is legal tender for the payment of public and private debts, as provided in ¢nd rog the semi-annual interest then due uaon its School Huild- ing Bond, Sari ea , dated Decsmber 1, 1850, numbered ' Register of Deeds and ex officio Clerk of Board of Co:mnis si oners Section 5, That said bonds shall be ragis terable es to nrincinel alone in actor Bence vrith the orovisi ons for registration hereinabove in this resolution provided to be endorsed upon said bonds, end the County Acc ountent is hereby appointed Hond Registrar for the purpose ,of such registration, subject to tho right of the Hoard of Commissioners hereafter to appoint another Bond Registrar. tvo charge shall be made to any bondholder for the privilege of registration herein granted. - Upon motion of Commissioner Eflend, seconded by Commissioner Laws, the _ foregoing resolution entitled: "RESOLUTI Oif FIXISiG THE DETAI LB, AiVD r^ORid APiD 1dA1P.dER OR EXECUTION OF 51,000,000 SCHOOL BUILDING BONDS, AND PROVIDiliO FOR THE AEGI STRAT I041 THEREOF", was na ssed by the follorri ng vote: Ayes: Conmmissi oners Cobb, Eflaad end Lerrs ~ Noes: None. - The reunon Commissioner Eflend introduced the following resolution which was read: RESOLUTI OP7 PROVIDiRG FOR T.RE ISSUANCE OF 5735,000 SCHOOL BUILDING B@IDS, SERIES A. BE IT li/SOLVED by the Board of Corsnissionars for the County of Orange: Section 1. That the Board of Commissioners has de to rmined end does hereby find and declare: 380 (s) Thet on ?:Sarch 5, 1951 the Board of Commissioners for the Ceunty of Or¢n ;e passed a resolution entitled: "HESOLUTI OSI FIXI?iG THE DETAILS, A?•iD FORh1 Ai~ID )tANhfER OF EXECIJTIOi~1 OF :}"1,000,000 SCHOOL BUILDIPiG BOtIDS, AND PROV IDrdG FOR THE REGISTRATi 04I THEF.EOF", which bonds vrere authorized by an order finally nos sad on October 17, 19!49• ~ ' (b) Thet no bonds have been issued pursuant to seid resolution or said j order, and a 5250,000 note has been issued in anticineti on of the receipt of -" the proceeds of a like amount of said bonds, which note is de sign¢ted "School Building Bond Anticinati on Piota", is dated Jenuery 10, 1951 end matures on April 10, 1951. (c) Thet it is necessary that Orange County, acting as an administrative agent of the State in providing a State system of public schools, issue at this time 5735,000 of s¢id $1,000,000 school building bonds, 5250,000 of the proceed of which shall be used to pay seid note at Sts maturity. Suction 2. That there shall be issued at this time 5735,000 of-said 51,000,000 school building bonds, vrhich ?}735,000 bonds shall be designated "SChoo1 Building Bonds, Series A", shell cons lst of 735 bonds of the denomi- nation of 51,000 each, numbered 1 to 735, inclusive, and said bonds shall mature annually, Juno 1, in numerical order, lours st numbers first, 516,000 1953, $13,000 195!4 to 1956, inclusive, 523,000 1957 to 1962, inclusive, 530,000 1963 to 1979, inclusive, and $32,000 1980, rri thout option of prior payment. Section 3. That the action of the County Attorney in applying to the Local Government Commission to edvertisa and sell seid :1735,000 School Building Bonds, Senles A, and the action of the Local Government Commission 1n asking for sealed bids far s¢id bonds (by nub! lshing e sole notice and nr inting ¢nd distributing circulars), be and the same is hereby retif led ¢nd confirmed. Upon motion of Commissioner Eflend, seconded by Commissioner Laws, the forego'_ng resolution entitled: "RESOLGTIO;i PROVIDZSiG FOR Tii'; ISSUAPiCE OF 5735,000 SCHOOL BUILDPtO BO?dDS, SERIES A", was na ssed by the following vote: Ayes: Commissioners Cobb, Laws and Eflend Noes: No no hi^, Percy G. Allison presented z rued ne ti lion cvllna for n rozd running ~-~ from tdrs. Tim A111s on's home on Highnay iSo. 86 to the Cedzr Grcve-Pro snect Hill ~ Hoed et Cerl tope's niece. Tdr. P.te theson end lair. Harries eppeered and reported on t're work done through their office since thz rust of the yens, "~frs. Hamrlc?: and >,13 ss Cathay cope Bred and left their 1950 yearly report for the Hcard to to oh over. Dr. Garvitt and Sheriff Latl s. enps eyed end discus $ed plans for getting the dogs in the County vaccinated. Upon motion of Conmiss loner Eflend, seconded by Com::i ssi over Lzva, Ire .4. `hard is hereby ¢utt:orized to purci~eso S1000.00 Fire Inaur¢nce on the office eeuiamant in the County Agent's Office. The followinry ro ed ps ti flops were approved and ord_red sort to the State ::l ghwey 2. Public Clorks Commission for the i!• consideration: Hozd in Ceder Grove Tovrn ship running from old Hesse Pleca to Caswell County Line. Disten ce: .8 of a mile. Hoed in Chenel A111 Tovrnship running from Colmnbie Street E;clen- sion to Air_oort Road and knoem as Stinson Street. Dist once: .3 of e mile. Road in Chenel E111 Tosns hlo running from +/oodlend Avenue to ?i ttsb orc Roed, aad !mown as Val entins Len=, Length of roes: 6.78 feet, Roe,i in Chenel iii 11 Toy.^.+sh in run.ing :rum fii gL+!•ray 558 Eesty;erd, and is knovrn es Dogwood Drive. Lenrth of road: 3~!! ~nilas. Hoed in Che pal Hill Tocrnsh iP running from iieson Fern Hoad to South ~~~• P/hitehe ed Circle end around 7ihi tehead. Circle, and is ]moan as - l:iorgans Creek 3oed and iJi:i teheed Circle. Len.~th of roe d: 1803 feet. Road is C'napel Hill To~~mshi o, running from P.rroerne ad Roed to Green- vraod Roed, ~.d is kno;vn es Old i!ill Road, end Arrowhead Ro¢d from Grsenrrood Roed to Christopher Roed and from Arrowhead Road to Ra1elGit Eighv+ey. Length of road: 376 foot, (".. _ Roed in Cedar Grove Toemshin running from ~a1te:~ Nester's bp1 3ryent Hradsher's to ter son County Line, Lenr-,th of Roed: 1,. mi lea. Ro¢d in Che elca Tocm ahio running from Ceder-Grove Eflend Roed I Esst to Etland Hell's id+11 Roed, and ,norm es Community Road. ~-~ Length of Roed: .8$ miles. Roed in Ceder Grove Tovm ship running x7om ~. L. Pool's to ~1oyd +rui tt's. Length of roed: l.L miles. Ro¢d in Ceder Grove Toemshin running from Pi o. 52L. to ;V O. 5$7. Length of road: - mile. There being no further business, uoon motion, adjourned, to meet ifiarch lq, 19$1 as e Board of Eoualizati on ¢nd P,evi evi. T. n. Lairs C1e rk to 9o¢rd Collier Cobb, Sr. Chairman~of flonrd C!