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HomeMy WebLinkAbout0925193984 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." f 85 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 42 1 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