1980 - 05-05-80 Regular Meeting - Laserfiche WebLink

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BOOK 9 Pact 676 (1) The sum of $1, 000, 000 will be borrowed by the County of Lee in anticipation ofthe receipt of the proceeds of the sale of $7, 700, 000 bonds authorized to be issued by the school bond order, adopted by the Board of Commiss- ioners of the County on September 5, 1979, for the purpose for which said bonds are authorized to be issued. Negotiable notes, each designated "School Bond Anticipation Note", shall be issued for said sum so borrowed. (2) Said notes shall be dated May 27, 1980, shall be payable July 30, 1980, and shall bear interest from their date at a rate which shall not exceed twelve per centum (12%) per annum. Such interest shall be payable at the maturity of the said notes. Each of said notes shall be signed by the Chairman and Clerk of the Board of Commissioners of the County and the seal of the County shall be affixed to each of said notes. (3) The power to fix the rate of interest to be borne by said notes and to determine the denomination or denomi- nations of the notes and the place of payment of the notes is hereby delegated to the Chairman and Clerk of the Board of Commissioners who are hereby authorized and directed to cause said notes to be prepared and to execute said notes when they shall have been sold by the Local Government Commission of North Carolina. (4) The Chairman and Clerk of the Board of Comm- issioners are hereby authorized to make application to the Local Government Commission of North Carolina for its approval of said notes in the manner prescribed by The Local Government Finance Act. Said Local Government Commission is hereby requested to sell the notes in the manner prescribed by said Act. Said notes, when they shall have been sold by said Commission in the manner provided by law and when they shall have been executed in the manner prescribed by this resolution, shall be turned over to the State Treasurer of the State of North Carolina for delivery to the purchasers to whom they may be sold by said Commission. The motion having been duly seconded and the resolution having been considered, it was adopted by the following vote: AYES: Jack D. Funderburke, K. S. Harmon, Lila P. Nielsen, Clyde J. Rhyne, and Gordon A. Wicker. NAYS: None Mrs. Beatrice Fields, Finance Officer, appeared before the Board and discussed the procedures applicable to disbursement of local public funds by Central Carolina Technical College. After discussion, Commissioner Clyde J. Rhyne moved that in lieu of countersignature by the County Finance Officer as provided by law, the Lee County Board of Commissioners designate either Elbert Price, J. F. Hockaday or Jackie Pearce or any two of them as the parties to countersign warrants for the dis- bursement of the local public funds appropriated by said board, provided, however, as follows: (1) Two of the three parties so designated must countersign each warrant;