0228192714
MINUTES OF FETING OF COMMISSIONERS ON MONDAY, FEBRUARY 28t4.1927.
County commissioners met in call session February, 28th, 1927.
111 members present with County Attorney,:vith exception of Commissioner Snipes
"RESOLVED" That the Board of County Commissioners of Harnett County
assume certain indebtedness of the County Board of Education of said County,
as evidenced by 425,000. in notes now outstanding, 420,000.00, held. by
R. S. Dickson & Company and 45000. held by Bank of Lillington, for the school
year 1926 -1927.
BE IT FURTHER RESOLVED:
That the Board of County Commissioners assume a 415,000.00 indebtedness
of the County Board of Lducation for the school year 1925 -1926, and that a
note be executed this date Pot said amount to run for a period of four months
bearing interest at 44.80%, and the Chairman and Clerk be and are hereby auth-
orized to execute and deliver said note for the purposes aforesaid.
BE IT FURTHER RESOLVED,
That a 45000., note, which is a part of the 425,000.00, indebtedness
assumed in paragraph one hereof, and held by Bank of Lillington, be renewed
in the name of the Loard of County Commissioners for a period of four months,
and delivered to R. S. Dickson & Company to bear interest at a rate of 4.8c'•,
and the Chairman and Clerk of said Board areNauthorized to execute and deliver
such note for the purpose aforesaid."
Present and votinf in favor: Commissioners, Luchanan, Chairman,
Ingram, Byrd, and Hockaday. Absent Commissioner Snipes.
EXTRACTS FROM OlNUTES
WHEREAS, the County Board of Education of Harnett County, North
Carolina, has certified their indebtedness outstanding in the amount of
Forty Thousand. Dollars, created for the necessary expenses of running and
conducting the six months school terms, as correct, and said Board requests
the Board of County Commissioners to fund same indebtedness in accordance
with the provisions of Article 23, of the School Code of 1923.
NOW THEREFORE BE IT RESOLVED:
Section 1. That the Board of County Commissioners of Harnett County,
North Carolina, have investigated and find as a fact that the indebtedness in
the sum of Forty Thousand Dollars, as certified by the Harnett County Board of
Education, is correct, and that an actual indebtedness exists in such an
amount, and that such indebtedness was incurred for the purpose of Paying
expenses necessary in order to maintain public schools in said y at least
six months in every year as required by the Constitution.
Section 2. That the Board of County Commissioners of Harnett County,
North Carolina, in order...to fund the said indebtedness, issue coupon Bonds
in the aggregate principal amount of Forty Thousand Dollars, in denomination
of 41000. each, bearing interest at the rate of 4 -3/4 per cent= per annum,
interest payable semi - annually bath principal and interest payable at the
Chase National Bank, New York city.
Section 3. That the bonds shall be dated March 1st, 1927, interest
to be payable on March 1st and September 1st, of each year, and the bonds
shall mature as follows: 41000. March 1st, 1930 to 1943, Inca. and 42000.
March 1st, 1944 to 1956, incl.
Section 4. That the said bonds shall be numbered from 1 to 40,
?oth inclusive, shall be signed by the Chairman of the Board of County
ommissioners, with the seal affixed to said Bonds, and attested by the
Register of Deeds of said Harnett County, and the coupons of said Bonds shall
bear the facsimile signature of the said Chairman.
Section 5. That the said bonds shall be known as School ponds,
and the form of said Bond and Coupon shall be in substantially the following
form:
UNITED aTATES OF AMERICA 41,000.00
STATE OF NORTH CAROLINA, HARNETT COUNTY
That County of Harnett, in the State of North Carolina, hereby
acknowledges itself indebted, and for value received promises to pay to the
bearer the sum of One Thousand Dollars (41,000.00), on the first day of Mar.
and September 19 - - -, with interest thereon from the date hereof at the rate
of four andUthree quarters per centum (4 -3/4) per annum, payable semi - annual
on March lst and September in each year, upon presentation and surrender of
the annexed coupons as they severally become due, Both principal and interest
of this bond are payable in gold coin of the united States _if America -of the
present standard. of weight and fineness at The Chase National Bank in the city
of New York.
This bond is one of an issue of bonds of like tneor, except as to
maturity, issued pursuant to the Constitution and statutes of the State of
North Carolina and a resolution adopted by the Board of'6.ommissioners of the
County of liarnett, and -is issued to carry on a six months school in said count
in every year, as required by the Constitution of North Carolina.
It is hereby certified and recited that all conditions, acts and things
required by the Constitution or statutes of the State of North Carolina to
exist, be performed or happen precedent to or in the issuance of this bond,
exist, have been perfomred and have happened, and that the issue of bonds of
which this is one, together with all other indebredness of the county of Herne
is within every debt and other limit prescribed by the Constitution or statute
of North Carolina. The full faith and credit of said County are hereby pledge
for the punctual payment of thy, principal and interest of this bond according
to its terms.
IN WITNESS WHEREOF, the County of Harnett has causes this bond, to be
signed by the Chairman of the Board of 0ommissioners -of Harnett County and
the Seal of said County to be Iereunto affixed` and attested by the Register
of Deeds of Harnett County, and the annexed coupons to bear the fae- simile
signature of said Chairman, and this bond to be dated eh 1$t„1927.
ihairman -Board of Commissioners
fittest: Of Harnett county.
Register Of Deeds
(form of Coupon)
No. --
423.75
On the lst day of March end September 19 - -, the county of
North Carolina will pay the bearer Twenty Three ea 75/100 Dollars (423.75)
in gold coin of the United States, at The Chase National Bank in the City
of New York, N. Y., being the semi- annual interest then due on its School
Bond dated March 1st, 1927, and numbered 1.
Section 6. That a tax sufficient to pay both principal and interest of sal
bonds as they become due shall be annually levied and collected.
Section 7. That since sealed bids for the purchase of said bonds has been
requested, and the bid of R. S. Dickson & Company being the highest and best
bid submitted, the said bonds be and are hereby awarded to the said R. S,
4F
Dickson & Company, at their bid of 440,000.00 orty Thousand Collars) and
No /100), for 4 -3/4 Bonds, plus accrued interest to date of dflivery
I hereby certify that the foregoing pages 1, 2, and,3 constitute a- .true
and correct copy of the minutes of the Board of County ''ommissioners of
Barnett County,' North Carolina, all resolutions therein having been properly
lntruduced and unanimously passed: I further certify that such a meeting was
a special meeting of the said Board, and that all the members were duly noti-
fied.
Present and voting in favor:Commissioners Buchanan, jhairman, Ingram
Byrd and Hockaday, Absent: Commissioner, Snipes.
Seal)
Commissioners adjourn to meet again in regular se lion on March 7th, 192 .
lerk.to =oard