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HomeMy WebLinkAboutMinutes - 19640512Minutes of the Board of Commissioners 349 May 12, 1964 The Board of Commissioners for the County of Orange, North Carolina, met in adjourned regular session at the County Courthouse in Hillsboro, the regular place of meeting, at 10 o'clock, A.M., on May 12, 1964. Present: Chairman Donald M. Stenford,.and Commissioners Harvey Bennett and Henry S. Walker. Absent: Commissioners Gordon B. Cleveland and Carl M. Smith. The Chairman announced that this was the date and hour fixed by the Board for the public bearing upon the order entitled: "ORDER AUTHORIZING $40,000 COUNTY COURTHOUSE BONDS", and that the Board would immediately beer any and all citizens and taxpayers who might desire to protest again the issuance of said bonds. No citizen or taxpayer of the County appeared, either in person or by attorney, to protest against the issuance of any of said bonds, and the clerk announced that no protest in writing, signed by any citizen or taxpayer, bad been presented. Thereupon, upon motion of Commissioner Bennett, seconded by Commissioner Walker and carried, the order introduced and passed on first reading on April 29, 1964, entitled: "ORDER AUTHORIZING $40,000 COUNTY COURTHOUSE BONDS", was read a second time and placed upon its final passage. The vote upon the final passage of said order was: Ayes: Commissioners Bennett, Walker and Stanford. Noes: None The Chairman then announced that the order entitled: "ORDER AUTHORIZING $40,000 COUNTY COURTHOUSE BONDS", had passed. The Clerk was thereupon directed to publish said order in The News of Orange County, once in each of two successive weeks, and to publish at the foot of said order the appended note as required.by The County Finance Act, as amended. Thereupon Commissioner Bennett introduced the following resolution which was read: RESOLUTION PROVIDING FOR THE ISSUANCE OF $40,000 COUNTY COURTHOUSE BOND ANTICIPATION NOTES BE IT RESOLVED by the Board of Commissioners for the County of Orange: Section 1. That the Board of Commissioners has determined and does hereby find Tend declare: (a) That an order authorizing $40,000 County Courthouse Bonds of.Orange County was finally passed May 12,-1964. (b). That no bonds have been issued pursuant to said order and it is necessary to issue $40,000 notes in anticipation of the receipt of the proceeds of a like amount of said bonds. Section 2. In anticipation of the receipt of the proceeds of a like amount of said bonds a temporary loan of $10,000 is hereby authorized to be evidenced by negotiable notes of the County of Orange designated "County Courthouse Bond Anticipa- tion Notes", which notes 'shall consist of 4 notes of the denomination of $10,000 each, numbered 1 to 4, inclusive, dated Xune 10, 1964, shall mature annually June 10, in numerical order, lowest numbers first, $10,000 1966 to 1969, inclusive, without option of prior payment, and shall bear interest from their date at a rate not exceeding 6% per annum to be determined by the Local Government Commission at the time the notes are sold, which interest to the maturity thereof shall be payable annually on the lOtb day of June of each year. Said notes shall be payable as to principal and interest at such bank or trust company as may be fixed by the Chairman after the award of the notes by the Local Government Commission, and both the principal of and the interest on said notes shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. Section 3. Said notes shell be signed by the Chairman of the Board of Commissioners and by the Register of Deeds and ex officio Clark of said Board, and the corporate seal of said Board shall be affixed to the notes, and the interest coupons to be attached to said notes shall be executed with the manual signature of said Register of Deeds and ex officio Clerk. Said notes and coupons and the endorse- ment to be placed upon the reverse of each note shall be in substantially the following forms: No. $10,000 United States of America State of North Carolina COUNTY OF ORANGE County Courthouse Bond Anticipation Note 3 50 The County of Orange, in the State of North Carolina, for value received hereby promises to pay to the bearer on the 10th day of.June, 19_, the principal sum of TEN THOUSAND DOLLARS and to pay interest thereon from the date hereof at the rate of per centum ( %) per annum until payment of such principal sum, such interea a maturity hereof being payable annually on the 10th des of June in each ees upon the reatQnt' ation and'.surrander of the oupona representing such interest s t e-same •re pso xvely fall due. Both the principal-of and the inter-eat on this note are payable at in .; .-in any coin - or currency o he United States o er caw c , 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 same shall fall due, the full faith and credit of said County of Orange are hereby irrevocably pledged. This note is issued by said County in anticipation of the receipt of the proceeds of the sale of a like amount of County Courthouse Bonds, duly authorized by an order finally passed on May 12, 1964, which order has taken effect, and this note is issued pursuant to and in full compliance with The County Finance Act, as amended, and the Local Government Act, as amended, and 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 by the Constitution and laws..of North Carolina to happen, exist and be performed prece dent to and in the issuance of this note have happened, exist and have been performed i in regular and due form and time as so required, and that the total indebtedness of. said County, including this note and all other.indebtedness heretofore contracted in the fiscal year in which this note is issued, does not exceed any donstitutional or statutory limitation thereon. IN WITNESS WHEREOF, said County of Orange, by order of its Board of Commissioners has caused this note 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 bereto, and has caused the interest coupons attached hereto to be axecuted with the manual signature of said Register of Deeds and ex officio Clerk, all as of the 10th day of June, 1964. a men of oar o Commissioners Register of 15eeds and ex officio Clerk of Board of Commissioners The issuance.of the within note is hereby approved. County Attorney (On reverse of notes) Local Government Commission Serial No. The issuance of this note has been approved under the provisions of the Local Government Act of North Carolina. W. E. EASTERLING Secretary, Local Government Commission By: Designated Assistant (Form of coupons) No. On the lOtb day of June, 19 the County of Orange, Northarrolins, will pay to bearer at in , upon the presentation an surrender bereo the sum o Dollars in any coin or currency of the United States of America w c at e e of payment is legal tender for the payment of public and private debts, as provided in and for the annual interest then due upon its County Courthouse Bond Anticipation Note, dated June 10, 1964, numbered eg s er o Deeds an ex o c o Clerk of Board of Commissioners Section 4. Said $40,000 County Courthouse Bond Anticipation Notes and all .351 other indebtedness heretofore contracted-in the current fiscal year do not exo'eed two-thirds of the amount by which the outstanding indebtedness of the County of orange was reduced in the preceding fiscal year. ' Section 5. The action of the County in requesting the Local Government Commission to advertise and sell sold , ounty Courthouse Bond Anticipation Notes be and the same is hereby ratified and confirmed. Upon motion of Commissioner Bennett, seconded by Commissioner Walker, the fore- going resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $40,000 COUNTY COURTHOUSE BOND ANTICIPATION NOTES" was passed by the following vote: Ayes: Commissioners Bennett, Walker and Stanford Noes: None The following letter, addressed to the Board by L. J. Phipps, was read by Chairman Stanford: "I have recently been appointed Judge-of the Chapel Hill Recorder's Court and for that reason hereby tender my resignation as Vice Recorder of the Orange County Recorder's Court. I hold three days of court for Judge Smith while he was out of the country, and I believe I can be of more service to the citizens of Orange County by serving out the unexpired term of Judge Stewart than I could as Vice Recorder of the Orange County Recorder's Court, because the chances are that Judge Smith will be able to hold practically all of the sessions of the Orange County Court." Chairman Stanford read to the Board a letter of appreciation from Mrs. Albert L. Stanback. Juries-were drawn for the following terms of court: June 16, 1964, Civil Term 60 names June 22, 1964, Civil Term 60 names There being no further business to come before the board, the meeting was adjourned. Donald Stanford Chairman Betty June Hayea Clerk