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W <br />"RESOLUTION PROVIDING FOR THE ISSUANCE OF <br />$10,000,000 SCHOOL <br />BONDS OF THE COUNTY OF LEE" <br />A <br />WHEREAS, the bond order hereinafter described has <br />been adopted, and it is desirable to make provision for the <br />issuance of bonds authorized by said bond order; NOW, THERE- <br />FORE, <br />BE IT RESOLVED by the Board of Commissioners of <br />the County of Lee, North Carolina (the "Issuer"), as fol- <br />lows: <br />1. The Issuer shall issue its bonds of the aggre- <br />gate principal amount of $10,000,000 pursuant to and in <br />accordance with the school bond order adopted by the Board <br />of Commissioners on September 3, 1985. The bonds shall be <br />designated "School Bonds". The period of usefulness of the <br />capital project being financed by the issuance of the bonds <br />is a period of forty years, computed from August 1, 1986. <br />2. Said bonds shall be issuable in the denomina- <br />tion of $5,000 each or any integral multiple thereof, shall <br />be numbered so as to uniquely designate each bond and such <br />numbering shall be in accordance with the system of the <br />hereinafter designated bond registrar of the Issuer, and <br />shall be payable in annual installments on June 1 in each <br />year as follows: <br />