1990 - 06-25-90 Regular Meting - Laserfiche WebLink

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U011 is Section 1. Tie) Board of Commissioners of he Countv of Lee has ascertained and hereby determines that it is necessary to improve public school facilities in Lee County, including without limitation the construction of an elementary school and including the acquisition and installation of furnishings and equipment necessary therefor, in order to maintain public schools in the County for the school term prescribed by Law pay capital costs of such improvements. Section 2. In order to raise the money required to pay capital costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other source, bonds of the County of Lee are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of said bonds authorized by this bond order shall be $650,000. Section 3. A tax sufficient to pay the principal of and interest on said bonds when due shall be annually levied and collected. Section 4. A sworn statement of the County debt has been filed with the Clerk of the Board of Commissioners 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 of the amount of such debt and of all other debt contacted 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 the County and shall be approved by a majority of those who vote thereon. Section 6. This bond order shall take effect thirty days after its publication following adoption, unless it is petitioned to a vote of the people within thirty days after the date of its publication as introduced as provided in G.S. 159-60, and in such latter event, it shall take effect when approved by the voters of said County. Commissioner Stafford moved that the following resolution be adopted: WHEREAS, the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $650,000 SCHOOL BONDS OF THE COUNTY OF LEE," has been introduced at the meeting of the Board of Commissioners held on June 25, 1990 and the Board of Commissioners desires to provide for the holding of a public hearing thereon and the submission of a statement of debt in connection therewith as required by The Local Government Bond Act; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of Lee, as follows: 2