1969 - 08-22-69 Special Meeting - Laserfiche WebLink

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BOOK 7 PnGE 345 MINUTES OF THE SPECIAL MEETING OF THE BOARD OF COMMISSIONERS FOR LEE COUNTY, NORTH CAROLINA Friday, August 22, 1969 The special meeting of the Board of Commissioners for the County of Lee, held pursuant to a call issued under the authority of General Statute 153-8, convened in the Commissioners' Room at the County Office Building at the corner of Steele and Wicker Streets in the City of Sanford, at 9 o'clock m., on Friday, August 22, 1969, the same being the time, date and place specified, Those present were Chairman John E. Dotterer and Commissioners A. E. White, Perry White, Franklin D. Wicker and Gordon A. Wicker. Chairman John E. Dotterer presided and the following business was transacted: Commissioner A. E. White presented the following resolution and moved that it be adopted: WHEREAS, the $35, 000 School Bond Anticipation Note dated March 6, 1969, payable September 5, 1969, issued in anticipation of the issuance of bonds authorized by the bond order hereinafter described will become due on September 5, 1969, and the Board of Commissioners desires to provide for the renewal of said note as herein- after set forth; NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the County of Lee as follows: (1) Said outstanding note shall be renewed by the issuance of a $35, 000. 00 School Bond Anticipation Note pursuant to The County Finance Act of North Carolina, as amended, for the purpose for which bonds are authorized to be issued by the bond order entitled "Bond Order authorizing the issuance of $35, 000 School Bonds of the County of Lee", adopted by the Board of Commissioners of the County on December 4, 1967, in anticipation of the receipt of the proceeds of the sale of the bonds authorized to be issued by said bond order. (2) A negotiable note of the County of the aggregate principal amount of $35, 000 shall be issued for all moneys borrowed pursuant to this resolution. Said note shall be designated "School Bond Anticipation Note", and shall be dated September 5, 1969, and shall be payable September 4, 1970, and shall bear interest at the rate of five and ninety hundredths per centum (5. 90%) per annum. Such interest shall be payable at the maturity of the note. (3) The Chairman and Clerk of the Board of Commiss- ioners are hereby authorized and directed to cause said note to be prepared and to execute said note. (4) The Chairman and Clerk of the Board of Commissioners are authorized to make application to the Local Government Commission of North Carolina for its approval of said note in the manner prescribed by the Local Government Act, and