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0900K D PP,u Li 3 <br />the Board of Commissioners and local business, civic, and <br />human services leaders. <br />Commissioner Cox moved to approve the requests. <br />Commissioner Stafford seconded the motion, and upon a vote, <br />the results were as follows: <br />Aye: Cox, Dossenbach, Stafford, and Wicker <br />Nay: None <br />The Chairman ruled the motion carried unanimously. <br />The Board considered a grant award from the North <br />Carolina Land Records Management Program in the amount of <br />$3,000.00. A copy of this agreement is attached to these <br />minutes, and by this reference, made a part hereof. <br />Commissioner Dossenbach moved that the Board accept this <br />grant award. Commissioner Cox seconded the motion, and upon <br />a vote, the results were as follows: <br />Aye: Cox, Dossenbach, Stafford, and Wicker <br />Nay: None <br />The Chairman ruled the motion carried unanimously. <br />Commissioner Stafford presented the following <br />resolution and moved that it be adopted: <br />WHEREAS, the bond order hereinafter described has taken <br />effect and the Board of Commissioners of the County of Lee <br />desires to borrow money for the purpose for which bonds are <br />authorized to be issued by said bond order in anticipation of <br />the receipt of the proceeds of the sale of said bonds, as <br />hereinafter provided; NOW, THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of the <br />County of Lee (the "Issuer"), as follows: <br />(1) The sum of $650,000 will be borrowed by the Issuer <br />in anticipation of the receipt of the proceeds of the sale of <br />bonds authorized to be issued by the school bond order <br />adopted by the Board of Commissioners of the Issuer on August <br />6, 1990 for the purpose for which said bonds are authorized <br />to be issued. Negotiable notes, each designated "School Bond <br />Anticipation Note" (hereinafter referred to as the "Notes"), <br />shall be issued for said sum so borrowed. <br />(2) The Notes shall be dated November 27, 1990, shall <br />be payable May 15, 1991 and shall bear interest from their <br />date at a rate which shall not exceed twelve per centum (12%) <br />per annum. Such interest shall be payable at the maturity of <br />the Notes. Each of the Notes shall be signed by the chairman <br />and the Clerk of the Board of Commissioners of the Issuer and <br />the seal of the Issuer shall be affixed to each of the <br />Notes. <br />8 <br />