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1989 - 03-09-89 Regular Meeting
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1989 - 03-09-89 Regular Meeting
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Minutes
Committee
Board of Commissioners
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BOOK 12 N-GE 677 <br />installation of furnishings and equipment necessary therefore, in order <br />to maintain public schools in the county for the school term prescribed <br />by law and to pay capital costs of such improvements. <br />Section 2. In order to raise the money required to pay capital <br />costs of providing the improvements as set forth above, in addition to <br />any funds which may be made available for such purpose from any other <br />source, bonds of the County of Lee are hereby authorized and shall be <br />issued pursuant to The Local Government Finance Act of North Carolina. <br />The maximum aggregate principal amount of said bonds authorized by this <br />bond order shall be $610,000. <br />Section 3. A tax sufficient to pay the principal of and <br />interest on said bonds when due shall be annually levied and collected. <br />Section 4. A sworn statement of the County debt has been filed <br />with the Clerk of the Board of Commissioners and is open to public <br />inspection. <br />Section 5. No debt shall be contracted during any fiscal year <br />by the issuance of bonds pursuant to this bond order if the amount of <br />such debt and of all other debt contracted during such fiscal year shall <br />exceed two-thirds of the amount by which the outstanding indebtedness of <br />said County shall have been reduced during the next preceding fiscal <br />year, unless the incurring of such debt shall be submitted to a vote of <br />the people of the County and shall be approved by a majority of those <br />who vote thereon. <br />Section 6. This bond order shall take effect thirty days after <br />its publication following adoption, unless it is petitioned to a vote of <br />the people within thirty days after the date of its publication as <br />introduced as provided in G. S. 159-60, and in such latter event, it <br />shall take effect when approved by the voters of said County. <br />Commissioner Bertha L. Matthews moved the adoption of the <br />following resolution: <br />WHEREAS, the bond order entitled, "BOND ORDER AUTHORIZING THE <br />ISSUANCE OF $610,000 SCHOOL BONDS OF THE COUNTY OF LEE" has been <br />introduced at the meeting of the Board of Commissioners held on March 9, <br />1989 and the Board of Commissioners desires to provide for the holding <br />of a public hearing thereon and the submission of a statement of debt in <br />connection therewith as required by The Local Government Bond Act; <br />NOW, THEREFORE, BE IT RESOLVED BY THE Board of Commissioners <br />of the County of Lee, as follows: <br />- 7 - <br />
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