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HomeMy WebLinkAbout08201931597 liagE August 20th. 1931. The Board of County Commissioners met in call session with the following members present: J.W. Halford, Chairman, H.M. O'Quinn and E.L. Cooke. Absent J.B. Ennis and J.H.Williams,Jr. Also present, I.R.Williams, County Attorney. The following ofder of Strannahan, Harris and company for 465,000.00 notes maturing October 20th. 1931was accepted: "Board of Commissioners, Harnett County, North Carolina: LJllinrton, N.C. Gentlemen: We understand that you have 6% Revenue Anticipation Notes outstanding amounting to 4135,000.00 and of this amount, and of this amount 470,000.00 will mature on October 20th. 1931 and 465,000.00 will mature on October 30th. 1931. We further understand that it is your purpose to issue Funding Bonds in amount of 4130,000.00 to take up a like amountoof the above notes. We agree to take up 465,000.00 of the notes which will mature on October 20th. and give you the money for same at once, or as soon as you can get the notes to New York with the transcript and approving opinion of Messers Storey,Thorn dike, Palmer and Lodge, attachedth and carry same for such length of time as may be necessary for the bonds to be legally authoriz d and delivered. We further understand that Messers S.N. Bond and Company or Messers Bray Bros. and "ompany hol or control the other 465,000.00 notes which will mature on October 30th. 1931 and that they will carry these nores or cause them to be carried until due, but it is understood and agreed that they will turn the notes over to us upon payment of the par value of same at any time before rnaturety or when we call for them for the purpose of tendering said notes in exchange for a like amount of bonds/ In consideration of our agreement to take up 465,000.00 of your notes maturing on October 2eth. 1931, you will agree to sell us the $130,000.00 Funding Bonds, bearing interest at the rate of 5z per centum per annum to be dated 1931 and to mature: 42000.00 on 1933 to 1953,inciusive $3000.00 on 1954 to 1959,inclusive The above refers to the 460,000.00 School Funding Bonds. Harnett County Aug. 20th.193 $2000.00 on 1933 to 1943,inclusive 43000.00 on 1944 to 1959,inclusive The above refers to the 470,000.00 Funding Bonds. All bonds are to be issued in denominations of $1000.00 each and are to carry an unlimited ad valorem tax, interest to be paid semi- annually,both principal and interest to be payable at some Bank in the City and °tate of New York, and you are to furnish the unqualified approving opinion of Messers Storey,Thorndike, Palmer and Dodge, Attys. of Boston, Mass., as well as the blank bonds, Our agree- ment to take up your notes and exchange same for your bonds is made in accordance with the provisions of Section 17 of the Local Government Act of North Carolina, an with the approval of the Local Government Commission of North Carolina. If there should be any happenings which in our opinion would seriously affect the credit of your County or affect the market ability and salability of your bonds prior to our taking delivery we would not be required to take up and pay for slid bonds under this agreement. Resgectfully submitted, Stranahan,Harris and 4ompany By T.A.Uzzell, Agent. The above proposal is hereby accepted by resolution of the Board. J.W. Halford, Chairman Edwin Harrington,Clerk (SEAL OF BOARD) It was then ordered that the Board algounn until August 25th. 1931. C rman, Boar o omm ss oners.