HomeMy WebLinkAboutMinutes - 1961102321'2
Minutes of the Board of Commissioners
October 23, 1961
An adjourned regular meeting of the Hoard of Commissioners for the County of
Orange, North Carolina, was held at the County Courthouse in Hillsboro, North Car
the regular place of meeting, at 10 o!clock A.M. on October 23, 1961.
Present: Chairman Donald Stanford, and Commissioners Harvey Bennett, Donald
McDade, Clarence Jones and Henry Walker.
Absent: None
Commissioner McDade introduced the following resolution which was read:
RESOLUTION PROVIDING FOR THE ISSUANCE
OF $1,500,000 SCHOOL BUILDING BONDS
BE IT RESOLVED by the Board of Commissioners for the County of Orange:
Section 1. The Board of Commissioners has determined and does hereby find
and declare:
(a) That an order authorizing $1,500,000 School Building Bonds of the County
of Orange was finally passed on February 6,1961, which order was approved by the
vote of a majority of the qualified voters of said County who voted at an election
duly called and held on March 18, 1961.
(b) That none of said bonds has been issued and no notes have been issued in
anticipation of the receipt of the proceeds of said bonds.
(c) That is is necessary that the County of Orange, acting as an administrative
agent of the State in providing a State system of public schools, issue all of said
$1,500,000 School Building Bonds.
(d) That the period of the life of the school buildings and other school plant
facilities to be erected, remodeled, enlarged and reconstructed pursuant to said
order is estimated as a period of thirty years from February 6, 1962, a date not
later than one year after the final passage of said order, and that such period
expires on February 6, 1992.
Section 2. For the prupose of providing the school improvements pursuant to
said order, such school improvements being necessary in order to maintain the six
months' school term in the County of Orange as required by Section 3 of Article
IX of the Constitution of North Carolina, there shall be issued the negotiable
coupon bonds of the County of Orange in the aggregate principal amount of $1,500,000,
designated "School Building Bonds" consisting of 1,500 bonds of the denomination of
$1,000 each, numbered 1 to 1,500, inclusive, dated December 1, 1961, maturing annually
June 1, in numerical order, lowest numbers first, $45,000 1963, $45,000 1964,
$65,000 1965 to 1985, inclusive, and $45,000 1986, without option of prior payment,
and bearing interest from their date at a rate or rates not exceeding 6% per annun
to be determined by the Local Government Commission at the time the bonds are sold,
which interest to the maturity thereof shall be payable semi-annually on the 1st
days of June and December of each year, and both the principal of and the interest
on said bonds shall be payable at Manufacturers Hanover Trust Company, in the
Borough of Manhattan, City and State of New York, in any coin or currency of the
United States of America which, at the respective dates of payment thereof, is
legal tender for the payment of public and private debts.
Section 3. Said School Building Bonds shall be signed by the Chairman of the
Board of Commissioners and by the Register of Deeds and ex officio Clerk of said
Board, and the corporate seal of said Board shall be affixed to the bonds, and the
interest coupons to be attached to said bonds shall be executed with the facsimile
signature of said Register of Deeds and ex officio Clerk. Said bonds and coupons
and the endorsements to be printed upon the reverse of said bonds shell be in sub-
stantially the following forms:
No.
$1,000
United States of America
State of North Carolina
COUNTY OF ORANGE
School Building Bond
The County of Orange, in the State of North Carolina, is justly indebted and
for value received hereby promises to nay to the bearer or, if this bond be registered
to the registered owner hereof, on the lst day of June, 19?1 the principal sum of
ONE THOUSAND DOLLARS
and to pay interest thereon from the date hereof at the rate of per centum
( %) per annum until payment of such Drincipal sun, such interest to the maturity
hereof being payable semi-annually on the lst days of June and December in each year
upon the presentation and surrender of the coupons representing such interest as
the same respectively become due. Both the princippl of and the interest on this
bond are payable at Manufacturers Hanover Trust Company, in the Borough of Manhattan,
City and State of New York, in any coin or currency of the United States of America
10
which, at the respective dates of payment thereof, is legal tender for the payment
of public and private debts. For the prompt payment hereof, both principal and
interest as the some shall become due, the full 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 administrative
agent of the State of North Carolina in providing a State system of Dublic schools,
for the purpose of Droviding funds, with any other available funds, for erecting
additonal school buildings and other school plant facilities, remodeling, enlarging
and reconstructing existing school buildings and other school plant facilities,
and acquiring necessary land and equipment therefor, in order to provide additional
school facilities in the County of Orange to maintain the six months' school term
in said County as required by Section 3 of Article IX of the Constitution of North
Carolina, and this bond is ussued under and pursuant to The County Finance Act,
as amended, and the Local Government Act, as amended, and an order which was
approved by the vote of a majority of the qualified voters of said County who voted
at an election duly called and held, and resolutions duly passed by the Board of
Commissioners for said County.
It is hereby certified and recited that all acts, conditions and things re-
quired by the Constitution and laws of North Carolina to happen, exist and be
performed precedent to and in the issuance of this bond have happened, exist and
have been performed in regular and due form and time as so required; that pro-
vision has been made for the levy and collection of a direct annual tax upon all
taxable property within said County sufficient to pay the principal of and the
interest on this bond as the same shall become due; and that the total indebtedness
of said County, including this bond, does not exceed any constitutional or statutory
limitation thereon.
This bond may be registered as to principal alone in accordance with the pro-
visions endorsed hereon.
IN WITNESS WHEREOF, said County of Orange, by order of its Board of Commissioners
has caused this bond to be signed by the Chairman of said Board and by the Register
of Deeds and ex officio Clerk of said Board, and the corporate seal of said Board
to be affixed hereto, and has caused the interest coupons attached hereto to be
executed with the facsimile signature of said Register of Deeds and ex officio
Clerk, all. as of the let day of December, 1961.
Chairman of oar of Commissioners
agister o Deeds an ex officio
Clerk of Board of Commissioners
(Endorsements upon bonds)
CERTIFICATE OF LOCAL GOVERNMENT COM11ISSION
The issuance of the within bond has been approved under the provisions of the
Local Government Act of North Carolina,
W. E. Easterling,
Secretary, Local Government Commission
By: _
Designated Assistant
PROVISIONS FOR REGISTRATION
This bond may be registered as to principal alone in the Bond Register of
the County of Orange by the Register of Deeds and ex officio Clerk of the Board
of Commissioners of said County as Bond Registrar, at his office in Hillsboro,
or by such other Bond Registrar as may be legally appointed by the governing body
of said County, upon presentation hereof W the Bond Registrar who shall make
notation of such registration in the registration blank below, and this bond
may thereafter be transferred only upon a duly executed assignment of the regis-
tered owner or his attorney, in s ch form as shall be satisfactory to the Bond
Registrar, such transfer to beI Lch Bond Register and endorsed hereon by the
Bond Registrar. Such transfer may be to bearer and thereby transferability by
delivery shall be restored, but this bond shall again be subject to successive
registrations and transfers as before. The principal of this bond, if registered,
unless registered to bearer, shall be payable only to or upon the order of the
registered owner or his legal representative. Notwithstanding the registration
of this bond as to principal alone, the coupons shall remain payable to bearer
and shall continue to be tranferable by delivery.
244
Date of NAME OF Signature of
'Registration Registered Owner Bond Registrar
(Form of coupons)
No, $
On 1, 19 ,
the County of Orange, North Carolina, will pay to bearer at Manufactu-
rers Hanover Trust Company, in the Borough of Manhattan, City and State of New York,
upon the presentation and surrender hereof, the sum of Dollars in
any coin or currency of the United State of America whic- et t tee of payment is
legal tender for the payment of public and private debts, as proveded in and for
the semi-annual interest then due upon its School Building Bond, dated December 1,
1961, numbered
Register o Deeds an ex o c o
Clerk of Board of Commissioners
Section 4. Said bonds shall be registrable as to principal alone in accordance
with the provisions for registration hereinabove in this resolution provided to be
endorsed upon said bonds, and the Register of Deeds and ex officio Clerk of the
Board of Commissioners of said County is hereby designated Bond Registrar for the
registration and transfer of said bonds, subject to the right of the Board of Comm-
issioners hereafter to designate another Bond Registrar, No charge shall be made to
any bondholder for the privilege of registration and transfer herein granted.
Section 5. The action of the County Attorney in applying to the Local Govern-
ment Commission for the advertisement and sale of said $1,500,000 School Building
Bonds be and the same is hereby ratified and confirmed.
Upon motion of Commissioner McDade, seconded by Commissioner Walker, the
foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,500,000
SCHOOL BUILDING BONDS" was passed by the following vote:
Ayes: Commissioners Harvey Bennett, Donald McDade, Clarence Jones, Donald
Stanford and Henry Walker.
Noes: None
reed:
Thereupon Commiasioner Bennett introduced the following resolution which was
RESOLUTION AUTHORIZING THE PRINTING OF
THE LEGAL OPII4ION ON THE $1,500,000
SCHOOL BUILDING BONDS DATED DECEMBER
1, 1961
BE IT RESOLVED by the Board of Commissioners for the County of Orange:
Section 1. There shall be printed on the reverse of each of the $1,500,000
School Building Bonds to be issued by the County of Orange under date of December
1, 1961, the legal opinion of Mitchell, Pershing, Shetterly & Mitchell, Bond Counsel
to the County of Orange, with respect to the validity of said bonds, and there shall
be printed immediately following such legal opinion a certificate signed with the
facsimile signature of the Chairman of the Board of Commissioners for the County
of Orange, said certificate to be in substantially the following form:
I HEREBY CERTIFY that the foregoing
is a true and correct copy of the legal
opinion on the bonds therein described
which was manually signed by Mitchell
Pershing, Shetterly & Mitchell, New York,
N. Y„ and was dated as of the date of
delivery of and payment for said bonds.
(Facsimile Signature)
rman,Bo-ear of Co?rs o r the
County of Orange, North Carolina
245
Section 2. This resolution shell take effect upon its passage.
Upon motion of Commissioner Bennett, seconded by Commissioner Jones, the
foregoing resolution entitled: "RESOLUTION AUTHORIZING THE PRINTING OF THE
LEGAL OPINION ON THE $1,500,000 SCHOOL BUILDING BONDS DATED DECEMBER 1, 1961"
was passed by the following vote:
Ayes: Commissioners Hervey Bennett, Donald McDade, Clarence Jones, Donald
Stanford and Henry Walker.
Noes: None.
The following road petitions were approved and the Clerk was directed to
forward them to the Highway Commission.
1. Piney Mountain Road
2. East Longview Street
3. Kay Street
• 20 G
A letter from Mrs. Myrtle Blackman, Route 2, Chanel 'Hill, to this board dis-
cussing the proposed plan to run a connecting road from Highway #87 to Highway
P56 was read. Mrs. Blackman opposed the construction of this road as its con-
struction would cause the Highway Commission to take over part of her farm land,
The Chairman directed the Clerk to forward this letter to the Highway Commissioner
in Greensboro and to advise Mrs. Blackman of this action.
Commissioner Jones made the following motion. That the Board of Commissioners
of Orange County call to the attention of the citizens that on November 7, 1961,
there is to be a state wide Bond Issue election. The board would like to call
particular attention to that portion of the Bond Issue dealing with higher education.
This would not only be of benfit to higher education in North Carolina, it would
be of considerable ecomonic benefit to Orange County, in as much as the new facili-
ties built at Chanel Hill would provide an additional payroll to Orange County
in the amount of approximately one and one-half million dollars per year,
This motion received a second from Commissioner Bennett and upon a vote there
were five ayes and no noes.
Don Matheson, Farm Agent, Ed Barnes, Assistant Farm Agent and Archie R. Davis,
Architect, were present. They presented the plans for the proposed additon to the
Agriculture Building. The Commissioners examined the plans and various details
were discussed. The specifications for the addition are almost complete and the
Commissioners were informed that the bid could soon be let on said building.
There being no further business this meeting was adjourned.
Donald M. Stanford
Chairman, oar o Commissioners
for the County of Orange, North Carolina
Betty June Hayes
_
C16