0925193984
HARNETT COUNTY,NORTH CAROLINA
BOARD OF COMMISSIONERS
An adjourned regular meeting of the Board of Commissioners for the County
of Harnett, North Carolina, was held at the Court House in Lillington,North
Carolina, the usual place of meeting, on September 25, 1939, at 10 o'clock,
A.N.
Present: Chairman J.B.Ennis and Commissioners L.R. Byrd, A.A.Cameron,
F.D.Jackson and R.L.Pate.
Absent: None
September 25, 1939
The Chairman announced that this was the date and hour fixed by the Board for
the public hearing upon the following bond order:
ORDER AUTHORIZING 040,000 REFUNDING SCHOOL BONDS,
and that the Board would immediately hear any and all citizens and taxpayers who
might desire to protest against the issuance of said bonds.
No citizen or taxpayer of the.County appeared,either in person or by attorney,
to protest against. the issuance of any of said bonds and the Clerk announced.that
no protest. in writing, signed by any .citizen or taxpayer, had been presented.
It was moved by Commissioner L.R.Byrd that the order introduced on September
13,1939, entitled "Order Authorizing 040,000 Refunding School Bonds" be amended
by striking out the words and figures "015,000 Lillington School District School
Bonds, dated October 1, 1919, maturing October 1, 1939" in the first numbered
paragraph -of said bond order and inserting in lieu thereof the words and figures
"015,000 Lillington High School District School Bonds, dated October 1, 1919,
maturing October 1, 1939," and by striking out the words and figures "015,000
Coats School District School Bonds, dated October 1, 1919, maturing October 1,
1939" in the first numbered paragraph of said bond order and inserting in lieu
thereof the words and figures "$15,000 Coats School District School Building
Bonds, dated October 1, 1919, maturing October 1, 1939," so that said order as so
amended will read as follows:
"ORDER AUTHORIZING 040,000
_ REFUNDING SCHOOL BONDS
BE IT ORDERED AND RESOLVED BY THE BOARD OF COMMISSI'NERS -FOR THE COUNTY OF
HARNETT:
1. That bonds of Harnett County be issued pursuant to the County Finance Act,
as amended, in an amount not exceeding $40,000 for the purpose of refunding a like
amount of the principal of valid subsisting bonded indebtedness which was
lawfully incurred by the school districts hereinafter mentioned for erecting iand
equipping school buildings necessary for maintaining the constitutional six
months' school term and was thereafter assumed by Harnett County,which indebted-
ness is evidenced by the following'
$15,000 Lillington High School District School
Bonds, dated October 1, 1919, maturing October
1,1939.
015,000 Coats School District School Building
Bonds, dated October 1, 1919, maturing October
1,1939.
010,000 Coats School District School Bonds, dated
May 1, 1920, maturing May 1, 1940.
2. That a tax sufficient to pay the principal and interest of said 040,000
Refunding School Bonds herein authorized shall be annually levied and collected.
3. That a statement of the debt of the County has been filed with the Clerk
and is open to public inspection.
4. That the holders of said 40,000 Refunding School Bonds shall be
subrogated to all the rights and powers of the holders of the indebtedness so
refunded.
5. That this order shall take effect upon its passage and shall not be
submitted to the voters."
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The foregoing motion was seconded by Commissioner A.A.Cameron, was put
to vote and carried.
Thereupon, upon motion of Commissioner F.D.Jackson, seconded by
Commissioner R.L.Pate, and carried, the order introduced and passed on
first reading on September 13, 1939, authorizing $40,000 Refunding School
Bonds, as amended this day, was read a second time and placed upon its final
passage. The vote upon the final passage of said order was:
Ayes: Commissioners L.R.Byrd,A.A.Caneron,F.D. Jackson and R.L.Pate.
Noes: None.
The Chairman then announced that the order authorizing $40,000 Refunding
School Bonds had passed.
The Clerk was thereupon directed to publish in the Harnett County News,
once in each of two successive weeks, the bond order which was finally passed
this day, and to publish at the foot of said bond order the appended note as
required by Section 19 of the County Finance Act.
Commissioner R.L. Pate thereupon introduced the following resolution
which was read and is as follows:
RESOLUTION PROVIDING FOR THE ISSUANCE
OF $40,000 REFUNDING SCHOOL BONDS AND
PROVIDING FOR THEIR SALE.
BE IT RESOLVED by the Board of Commissioners for the County of Harnett:
Section 1. That the Board of Commissioners, after careful consideration,
has ascertained and found and does hereby declare that it is necessary that
Harnett County issue all of the bonds authorized by an order finally passed
September 25, 1939, authorizing $40,000 Refunding School Bonds.
Section 2. That for the purpose of refunding the bonds described in
said order finally passed September 25, 1939, the negotiable coupon bonds of
the County of Harnett shall be issued in the aggregate principal amount of
$40,000, designated " Refunding School Bonds ", consisting of 40 bonds of the
denomination of $1,000 each, numbered 1 to 40, inclusive, dated September 1,
1939, and maturing on March 1 of each year, in numerical order, lowest numbers
first, $2,000 1941, $2,000 1942, $5000 1945 to 1948, both inclusive, $3,000
1949, y$3,000 1950, $5,000 1952 and 05,000 1953, without option of prior
payment.
Section 3. That all of said $40,000 Refunding School Bonds shall
bear interest at a rate or rates not exceeding 6% per annum to be determined
by the Local Government Commission at the time the bonds are sold, which
interest shall be payable semi - annually on the first days of March and
September of each year, both principal and interest to be payable at The
Chase National Bank of the City of New York in New York City in any coin or
currency of the United States of America which at the time of payment is legal
tender for public or private debts.
Section 4. That all of said $40,000 Refunding School Bonds shall be
signed by the Chairman of the Board of Commissioners and the Register of Deeds
and ex officio Clerk of said Board, under the corporate seal of the County,
and the annexed interest coupons shall be executed with the facsimile signature
of said Register of Deeds and ex officio Clerk. Said bonds and coupons and the
endorsements to be printed upon the reverse of each bond shall be in
substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF NORTH CAROLINA
COUNTY OF HARNETT
REFUNDING SCHOOL BOND..
$1,000
The County of Harnett, in the State of North Carolina, is justly
indebted and for value received hereby promises to pay to the bearer, or,
if this bond be registered, to the registered owner hereof, on the first day
of March, 19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of per centum per annum,
payable semi - annually on the first days of Mare and September of each year
upon the presentation and surrender of the annexed interest coupons as they
severally become due. Both principal and interest of this bond are payable
at The Chase National Bank of the City of New York in New York City in any
coin or currency of the United States of America which at the time of payment
is legal tender for public or private debts. For the prompt payment hereof,
both principal and interest as the same shall become due, the full faith and
credit of said County are hereby irrevocably pledged.
This bond is one of a series issued by said County under and pursuant to
the County Finane&n.F Act, as amended, and the Local Government Act, as amended,
and an order and resolution duly adopted by the Board of Commissioners of said
County for the purpose of refunding a like amount of the principal of valid
subsisting bonded indebtedness which was lawfully incurred by certain school
districts in said County for the maintenance of the constitutional six months'
school term and which has been assumed by said county.
It is hereby certified and recited that all acts, conditions and things
required to happen, exist and be performed precedent to and in the issuance
of this bond by the laws and Constitution of North Carolina, have happened,
exist and have been performed in regular and due form and time as so required;
that provision has been made for the levy and collection of a direct annual
tax upon all taxable property within said County sufficient to pay the principal
and interest of this bond as the same shall fallAg�t�1. he total
indebtedness of said County, including this bond, Jana that tie total
indebtedness of such school districts at the creation of the indebtedness
refunded hereby, did not then exceed any constitutional or ststutory limitation
thereon.
This bond is registerable as to principal alone in accordance with the
provisions endorsed hereon.
IN WITNESS WHEREOF, said County of Harnett by order of its Board of
Commissioners, has caused this bond to be signed by the Chairman of said Board
and by the Register of Deeds of said County and ex officio Clerk of said Board,
under the corporate seal of said County, and has caused the annexed interest
coupons to be executed with the facsimile signature of said Register of Deeds
and ex officio Clerk, all as of the first day of September, 1939.
Chairman, Board of Commissioners.
Register of Deeds and ex officio
Clerk of Board of Commissioners.
(ENDORSEMENTS ON BONDS)
This bond may be registered as to principal in the Bond Register of the
County of Harnett, by the Register of Deeds and ex officio Clerk of the Board
of Commissioners as Bond Registrar, or by such other Bond Registrar as may be
legally appointed by the governing body of said County notation of such
registry to be made hereon by such Bond Registrar, and this bond may
thereafter be transferred on said Bond Register only upon a written assignment
of the registered owner or his attorney, duly acknowledged or proved, such
transfer to be endorsed hereon by the Bond Registrar. Such transfer may be to
bearer and thereby transferability by delivery shall be restored,subject,
however, to successive registrations and transfers as before. The principal
of this bond, if registered, shall be payable only to the registered owner or
his legal representative. Notwithstanding the registration of this bond, the
coupons shall remain payable to bearer and shall continue to be transferable
by delivery.
Bond
Date of Registry Registered Owner Registrar
The issuance of the within bond has been approved under the provisions
of the Local Government Act of North Carolina.
No.
W.E.Easterling,
Secretary, Local Government Commission,
By
(COUPON)
On 1, 19
Designated Assistant
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87
The County of Harnett, North Carolina, will pay to bearer at The Chase
National Bank of the City of New York in New York City the sum of
DOLLARS in any coin or currency of the United States of
America which at the time of payment is legal tender for public or private
debts, as provided in and for the interest then due on its Refunding School
Bond, dated September 1, 1939, No.
Register of Deeds and ex officio
Clerk of Board of Commissioners.
Section 5. That all of said $40,000 Refunding School Bonds shall be
registerable as to principal alone in accordance with the provisions for
registration hereinabove provided for endorsement upon said bonds, and the
Register of Deeds and ex officio Clerk of the Board of Commissioners is
hereby appointed and designated Bond Registrar for the purpose of registering
said bonds, subject to the rights of this body hereafter to appoint and
designate another Registrar. No charge shall be made to any bondholder for the
privilege of registration herein granted.
Section 6. That J.S.McLean,Harnett County Accountant, is hereby directed
to request the Local Government Commission to advertise and sell said bonds.
Upon motion of Commissioner F.D.Jackson,seconded by Commissioner L.R.
Byrd, the foregoing resolution entitled "Resolution providing for the issuance
of $40,000 Refunding School Bonds and providing for their sale" was adopted
by the following vote:
Ayes: Commissioners L .R.Byrd,A.A.Cameron,F.D.Jackson and R.L.Pate.
Noes: None
"Miaac -Wil a nnat a_ aBnear:edsbnPrght1WfD9P4hg��8Sos$ 4 ,h$P Qr oard
request., e eeentaa aasi€ter aetaiisin the anegeea�eracty
w thdray er nominal t a H
e�c9eged�o �i4�; � -� pr p e a setter e a ng e a eg racts
in respect ot''what had transpired - between the State Office, the Commissioner ;,
and herself, and the Board found as facts the statements therein as they
pertained to the matters and acts occuring in the presence of the Board
were correct."
"There being no -other business to -come before the meetings the Board
of Commissioners adjourned to meet again Monday, October 2, 1939, unless sooner
convened by order of the Chairman."
Clerk.
Chairman