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HomeMy WebLinkAboutMinutes - 19510409An ad Journed regular meeting of the Board of Commis ai onera of Orange Count xae held on the 9th day of April: 1951, at 10 o~clock A. M. in the Covrthouae in Hillsboro, North Carolina, the regular place of men tang. Present: Chairman Collier Cqbb, Sr., H. G. Laws and Sim L. Efland, Com- '^ missioners. I! Abe ant: None. Zt was brought to the attention of the Board that it wee its duty to ap- point three members to the Zoning Commission Enlarged of the Town of Chapel A111 with their terms of office running one, two and three yearn respectively. - Now, therofore, upon motion of Commissioner Laws, duly seconded by Com- missioner Efland, and by a unanimous vote, the following citizens were appointee Mr. A1¢stair Muirhead - One Year Mr. D. W. Loomio - Txo Yearn Dr. Lucy S. Morgan - Three Ye are IIpon motion of Commi ssloner Lawa, seconded by Commissloner Efland, it is hereby requested that House Hill ]10. 1162 be withdrawn. RESOLtTfION The following rasoluti oa was duly offered by Commissioner Laws, and se- conded by Commissioner Efland, and unanimously adopted, with all members being present and voting Sn the affirmative: &'fD:REAS, Ssct ion 15.E-135 of the Gene rnl Statutes of North Carolina autho- ri zee, empowers and direc to the Hoard of County Conmisai onera to select and de aignate annually by recorded resolution some bank or trust company in thin State as an offSclal depository of the funds of the County: N091, THEREFORE, IT IS ACCORDINGLY ORDERED that the Durham Bank & Trust Com~ pony, Hillsboro Branch, ba, and the said Bank is hereby specifically designated ae the of tl ciel depository of the funds of Orange County for the period begla- _ ping ea of this data and ending on the first day of December, 1951. I`.~ It is 1lirther ordered that said doe ignation ie conditioned anon the execu- tion and delivery of a depository agreement by tho Durham Bank 4 Trust Company with Orange County, under the terms end provisi one of which said Durham Hank & Trust Company will place wl th The Fidelity Bank of Durham, North Carolina, es Trustee, United Staten Government finds, North Carolina State Bonds, County or Munlcipel Bonds approved by Local Government Commission, in the amount of not leas then $175,000 par value. It ie further ordered that the Chairman of thls Board, together with the Clerk to said Board, be, and they are hereby ¢uthorizad to execute said dapoai- tory agreement in the name of Ornnge County, and to affix the aenl of said Count to the agreement. After said agreement Sa duly executed is triplicate, copy thereof shall be recorded as a part of the minut ea of this Board, a__^ter which - snid copy shall be carefully preserved by County Accountant. It ie further ordered that Ira A. Ward, County Accountant, and E. id. Lynch Clerk of the Superior Court, are hereby directed to deposit daily in the afore-', said Durham Bank & Trust Company, Hillsboro Branch, any and all funds or money '.. belonging to the County of Orange, or any subdivision thereof, received or ', _ collected by them ns reaudred under the provSa Sons of Section 153°135 of the ''.. ' General Statutes of North Carolina. '. Conunissi onar H. G. Lowe tendered hie resignation, affective as of April 10 1951. IIpon motion duly made and seconded, the following resolution was adopted by the vote of Commi ssioaera Cobb and Efland: ., ^WHEREAS, H. G. Lawn hen tendered his re signs tS on as a member of the Board of Commissioners, effective ae of April 10, 1951; and 9HiGREA1 dir. Laws hen served ea ¢ member of acid Board continuously since December, 19t{z, re adoring at all ttmea faithful and conscientious service, L' NOW, THEREFORE, HE IT RESOLVED: That the Board, wlth regrets, accepts the resignation of Mr. Laws and exnre ease its appreciation for the coopsreti on, loyalty and effi cSancy of Mr. Laiea during his tenure of dffice, given unselfishly for the welfare of hie County.° It is ordered that n certified copy of this resolution be mailed to the said Mr. Lama. - There being no further business, noon motion, adJourned. 'r:~2 Collier Cobb, Jr. Chairman of Honrd J. E. Lawn Clerk to Board NORTR CAROLINA ORANGE COONTY ME6fORANDUId OF AGREE6fENT, Mada and entered into this the 9th day of April, 19$1, by and between the Board of County Commissi onara of Orange County, North Carolina, party of the first part, and the Durham Bank & Trust Compnny, of Durham, North Carolina, party of the second part; WITNESSETH, That whereas, the Durham Bank & Trust Company, Rillaboro Branch, has been designated as the official depoe itory bank for the iliads of Orange County, as will appear by resolution oT the Board of Cpuaty Commiaei onara this day duly adopted and recorded in the minutes of sold Board; and whereas, a part of the consideration for snid act on the part of the Board of County Commis sl veers was an offer and agreement by the Durham Sank & Trust Compeay to deposit satis- factory collateral in escrow, said collateral to consist of bonds of the United States, bonds of the State of North Carolina, or bonds of counties or cities within said State which have been duly approved by the North Carolina Local Government Commis Sion as satisfactory collateral to an amount of not lass then $175,000 par value. Now, therefore, it is hereby agreed that the said Durham Bank & Trust Company, of Durham, North Carolina> does deposit in escrow with The Fidelity Sank of Durham, North Carolina, bonds to the amount of not less than $175,000 par value, as shown by the attached inventory, which inventory is made a part of this agreement lust as if same had been herein set forth in itemized form, which dap oslt is made under and in accordance with the provisions of Secti vas 153-135 and 159-28 of the General Statutes of North Caroline, and amendments those to, said bonds to be held by Tha Fidelity Bank of Durham, North Carolina, for the sole benefit of Orange County, sub sect to the order of the Board of County Commissioners oP said County in the event of say default or loss suf- fered by said Orange County caused or occasioned by any failure or default on the part of the snid Durham Bank & Trust Company. It Ss further hereby agreed that the nasty of the second part shall have the right from time to time to make such changes and sub stitutl one in the collateral herein provided for as it may desire, providing only that said collateral at all times amount to not less than $175,000 pnr value of bonds as above specified and provided for. ZN TESTIMOCIY OF THIS AGREELLNT, the nartp of the first part has caused these pre aents to be signed in Sts co roorate name 6y the Chairman of the Hoard of County Commissioners, duly attested by the Secretary to said Board, and the seal of the County to bo affixed, all by authority of the resolution of the Board of County Commissioners duly passed and entered in the minutes of said Hoard. And the party of the second part has caused this agreement to be signed in its corporate name by a Vice Preaid en t, duly attested by its Secretary, and its corporate seal to be affixed, by authority of its Bonrd of Directors. (Corporate Seal) ORANGE COUNTY (SEAL) Attest: By, Collier Cobb, Sr. (SEAL) J. E. Laws Cha Srman, Hoard of County Secretary to the Board Commissioners. at: (Corporate Seal) DURAAM BANA : TRIIST COMPANY (SEAL) R. B. Reads By, W. Sf. Woodly, Jr. (SEAL) Secretary Vice President ACCEPTANCE The foregoing Agreement between Orange County, North Carolina, and the Durham Bank & Trust Company, of Durham, North Carol inn, having first been care- fully read, the undersigned Bank does hereby accept the trust reposed in it by said Agreement, and does further acknowledge the receipt of bonds to the par value of not lass than §°175,000, ns are shown in detail by the attached inven- tory; and snid Basile does Shrther hereby covenant and agree to hold said bonds in escrow for the sole benefit of Orange County in accordance with the terms of the foregoing ogre ament. The foregoing acceptance of this trust and the acknowledgment of the re- ceipt of the bonds as shown 1n detail by the attached inventory is in lieu of, suporaedea, and cancels all other sail former accaotanc es, acknowledgments, and i,. v r ~. ...~ _. .. .,..~_..__ .._, ,, _._.. ~. ... i I .^ Ji ~ ~ ~ ~ . . receipts here tofora executed by The Fidelity Bank in connection math any bonds or securities heretofore in Sts possession pursuant to the terms of any egrea- ment here tofora existing be tmaen Orange County and Durham Bank & Trust Company. ~-. IN TESTItdONY OF THE ABOVE ACCEPTANCE, the underaignad Hank hen caused ' the ee presents to ba signed by Sts President or Vica Pre sidant, duly attested ~ ; by its Secretary or Ass is tent Cashier, and its corporate seal to be ¢ffized, _ this the 10 dap of April, 1951. - Attea t: (Corporate Seal) THE FIDELITY BANK (SEAL) J. F, W11y, Jr. Hy, E. S. Booth (SEAL) Secretary Vice President INVENTORY OF BONDS DEPOSTTED BY DDF?AAM BANK & TRDST COIAPANY 2N ESCROW WITH THE FIDELITY HANK OF DNRHAM, NORTH CAROLINA, TRIISTEE FUR ORANGE COIINTY. ~ 1,000.00 -Orange County School Bonds 3~ 11-1-$1 3,000.00 - orange county Highway Improvement 5 ~ 4-1-53g 3,000.00 - Orange County Jail 5 ~ 10-1-54 3,000.00 -Chapel Hill Seiner Bonds 4 .3/4~ 12-1-~1/ 3 10,000.00 - II. S. Tre esury 2 ~ 9/15/$13 12,500.00 - II. S. Treasury 2 ~, 9/1$ $1 3 T /8~ 5 550 3-1 70,000.00 - D. S. reasury 2 7 - 100,000.00 - II. S. Treasury Notes 1~ 10-1$-51 50,000.00 - II. S. Treasury Bonds z~R 9-15-56-59 The receipt of the above lie tad bonds is hereby acknowledged. This the 10 day of April, 1951 THE FIDELITY BANK Hy, E. 5. Booth Vice President C.