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® BOOK 9 PAGE 53 1 0 <br />Section 2. In order to reaise the money required <br />to pay capital costs of providing the improvements as set <br />forth above, in addition to any funds which may be made <br />available for such purpose from any other source, bonds <br />of the County of Lee are hereby authorized and shall be <br />issued pursuant to the Local Government Finance Act of <br />North Carolina. The maximum aggregate principal amount <br />of said bonds authorized by this bond order shall be $7, 700, 000. <br />Section 3. A tax sufficient to pay the principal of <br />and interest on said bonds when due shall be annually levied <br />and collected. <br />Section 4. A sworn statement of the County's debt <br />has been filed with the Clerk of the Board of Commissioners <br />and is open to public inspection. <br />Section 5. This bond order shall take effect when <br />approved by the voters of the County of Lee at a referendum. <br />Commissioner Lila P. Nielsen moved the adoption of the following <br />resolution: <br />WHEREAS, the bond order entitled, "BOND ORDER <br />AUTHORIZING THE ISSUANCE OF $7, 700, 000 SCHOOL <br />BONDS OF THE COUNTY OF LEE", has been introduced at <br />the meeting of the Board of Commissioners held on August <br />23, 1979 and the Board desires to provide for the holding of <br />a public hearing thereon and the submission of a statement <br />of debt in connection therewith as required by The Local <br />Government Bond Act; NOW THEREFORE, <br />BE IT RESOLVED by the Board of Commissioners of <br />the County of Lee, as follows: <br />(1) The public hearing upon said bond order shall be <br />held on the 5th day of September, 1979, at 7:30 o'clock p. m. , <br />at Superior Courtroom, Lee County Court House in Sanford, <br />North Carolina. <br />(2) The Clerk of the Board of Commissioners is <br />hereby directed to cause a copy of the bond order to be <br />published with a notice of such hearing in the form pres- <br />cribed by law in a qualified newspaper no fewer than six <br />days prior to such public hearing. <br />(3) The County's Finance Officer is hereby directed <br />to file with the Clerk of the Board of Commissioners, prior <br />to publication of the bond order with the notice of such public <br />hearing, a statement setting forth the debt incurred or to be <br />incurred, the appraised value of property subject to taxation <br />by the County and the net debt of the County. <br />The motion was seconded by Commissioner Clyde J. Rhyne and <br />was adopted by the following vote: <br />AYES: Commissioners K. S. Harmon, Lila P. Nielsen and <br />Clyde J. Rhyne <br />NAYS: None <br />ABSENT: Commissioners Jack D. Funderburke and Gordon <br />A. Wicker <br />