1972 - 10-02-72 Regular Meeting - Laserfiche WebLink

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BOOK PAGE I3 amount of $75, 000 pursuant to and in accordance with the bond order entitled "Bond Order authorizing the issuance of $1, 000, 000 Water Bonds of the County of Lee" adopted by the Board of Commissioners of the County on April 5, 1971. Said bonds shall be designated "Water Bonds, Series A". Acting pursuant to Section 153-80 of the County Finance Act of North Carolina, the Board of Commissioners has ascer- tained and hereby determines that the probable period of usefulness of the improvement for which said bonds are to be issued is a period of forty years computed from May 1, 1971. (2) The County shall issue its bonds of the aggregate principal amount of $275, 000 pursuant to and in accordance with the bond order entitled "Bond Order author- izing the issuance of $500,000 Sanitary Sewer Bonds of the County of Lee", adopted by the Board of Commissioners of the County on April 5, 1971. Said bonds shall be designated "Sanitary Sewer Bonds, Series A". Acting pursuant to Section 153-80 of the County Finance Act of North Carolina, the Board of Commissioners has ascertained and hereby determines that the probable period of usefulness of the improvement for which said bonds are to be issued is a period of forty years computed from May 1, 1971. (3) Said Water Bonds, Series A, shall consist of fifteen bonds of the denomination of $5, 000 each, numbered 1 to 15, inclusive, in the order of their maturity, and shall be payable in annual installments on May 1 in each year as follows: $5, 000 in each of the years 1974 to 1988, inclusive. (4) Said Sanitary Bonds, Series B, shall consist of fifty-five bonds of the denomination of $5, 000 each, numbered from 1 to 55, inclusive, in the order of their maturity, and shall be payable in annual installments on May 1 in each year as follows: $10, 000 in each of the years 1974 to 1978, inclusive, $20, 000 in each of the years 1979 to 1988, inclusive, and $25, 000 in the year 1989. (5) All of said bonds shall be dated November 1, 1972 and shall bear interest from their date until they shall mature at a rate which shall be hereafter determined upon the public sale thereof. Such interest shall be payable semi- annually on May 1 and November 1 in each year. (6) Said bonds shall be coupon bonds, registrable as to principal only, and shall bear the facsimile signatures of the Chairman and Clerk of the County Board of Commissioners. A facsimile of the corporate seal of the County shall be imprinted upon each of the bonds. Each of the interest coupons to be attached to the bonds shall be authenticated by the facsimile signature of said Clerk. (7) Both principal of and interest on the bonds J shall be payable at the principal office of The Carolina Bank, in the City of Sanford, North Carolina, or, at the option of the holder or registered owner at the principal office of The Chase Manhattan Bank (National Association) in the Borough of Man- hattan, City and State of New York, 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.