1959 - 10-05-59 Regular Meeting - Laserfiche WebLink

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. 0 . • . The Clerk presented to the Board a copy of the resolution adopted by the Sanford City Board of Education requesting the • Board: of Commissioners to appropriate $51,000 •for a new elementary school building. 'The resolution was considered: , - CommissionersWinstead introduced. the following bond order which • •was read at length: BOND ORDER' AUTHORIZING THE' ISSUANCE OF $51,000 SCHOOL BONDS OF THE COUNTY OF LEE. . . WHEREAS, the Sanford City Board of Education has determined that it is necessary to provide additional school plant facilities . hereinafter -described, so that the public schools in the County of Lee maybe maintained, as a part of the system of Public schools of the State of North Carolina, for the nine months' school term . required by law, and that -it will be necessary to expend for such school plant facilities sums amounting in the aggregate to more than $51,000, 'in addition to other moneys .available therefor; NOW, THEREFORE, . BE IT ORDERED by the Board of Commissioners of the County of Lee as follows: . Section 1. The Board of Commissioners of- the County of Lee has ascertained and hereby determines- that it is necessary to er'ecr 'in' the Sanford City School Administrative _Unit a new building to • be used as an elementary school, in order to enable the County of . Lee; as an administrative agency of.•.the public school system of the State of North Carolina, to maintain public schools in the Sanford City School Administrative Unit for the nine months' school. term prescribed by law, and that it :will be necessary to expend for such'purpose not less than $51,000, 'in addition to other moneys which ,have .been made available therefor. Section 2. Bonds of the County Of Lee are hereby authorized • and:shall be issued pursuant to the County Finance Act of North Carolina to erect said new school building. , The maximum aggregate . ' amount of said bonds shall be 'Fifty-One Thousand Dollars ($51,000) . . Section 3. A tax sufficient to pay the' principal of and interest on said bonds when due shall be annually levied and collected. • Section 44.' A statement of the County 'debt of the County of Lee has been filed with the Clerk of the Board of Commissioners of said County and is open to public inspection. . Section 5. . No debt shall be contracted, during any fiscal year ' by the issuance of bonds, pursuant to-this bond order if the amount . , of such debt and of'all other debt .contracted during such fiscal • year' shall 'exceed two-thirds of the amount by which the outstanding indebtedness of said County shall have .been reduced during the next''preceding 'fiscal year, unless the incurring of such debt shall be submitted to a vote of the -people .of said County and shall be approved, by; a majority of those 'who vote 'thereon. Section .6. 'This bond'Order shall takeeffect thirty days after its first publication after final passage, unless, in the meantime, a':petition for its submission to the' voters is filed under the . County Finance Act, and in such event, it shall take effect when ! approved by the voters of said County -at an election as provided ! in said Act. .