April 8, 1968 - 7:45 PM - County Board of Commissioners Meeting Minutes (Recessed)

April 8, 1968 - Recessed1 3Fit widthMeeting of the Board of Commissioners for the County of JohnstonApril 8, 1968The Board of County Commissioners of Johnston County met in special session at 745oclock PM, April 8, 1968,in the Commissioners Room of the Johnston County Courthouse, withthe following members-presentH M Johnson, Chairman, J D Bailey, Adam J Whitley, Jr, Norman C Denning, andFrank B HoldingAbsent NoneThe following business was transactedCommissioner Bailey moved that the following resolution be adoptedWHEREAS, the bond order hereinafter described has taken effect and the Board ofCommissioners desires to make provision for the issuance of the bonds authorized by said bondorder; NOW, THEREFORE,BE IT RESOLVED by the Board of Commissioners of the County of Johnston as follows1 The County shall issue its bonds of the aggregate principal amount of 295,000pursuant to and in accordance with the bond order entitled Bond Order authorizing the issuanceof 295,000 Refunding Bonds of the County of Johnston , adopted by the Board of Commissionersof the County on March 18, 1082 The bonds shall be designated Hospital Refunding Bonds , and shall be of thedenomination of 5,000 each, numbered from 1 to 59, inclusive, in the order of their maturity,and shall be payable in annual installments on May 1, in each year as follows, viz 15,000in each of the years 1969 to 1975, inclusive, 25,000 in each of the years 1976 to 1979,inclusive, and 30,000 in each of the years 1980 to 1982, inclusive3 The bonds shall be dated May 1, 1968, and shall bear interest from their date ata rate which shall be hereafter determined and which shall not exceed six per centum 6 perannum Such interest shall be payable semi - annually on May 1 and November 14 The bonds shall be coupon bonds, registrable as to principal only, and shall besigned by the Chairman and Clerk of the Board of Commissioners of the County The corporateseal of the County-shall be affixed to each of the bonds Each of the interest coupons to beattached to the bonds shall be authenticated by the facsimile signature of said Clerk Bothprincipal of and interest on the bonds shall be payable at the principal office of ManufacturersHanover Trust Company, in the Borough of Manhattan, City and State of New York, or, at theoption of the holder, at the office of First- Citizens Bank Trust Company, in the City ofRaleigh, North Carolina, in any coin or currency of the United States of America which at thetime of payment is legal tender for the payment of public and private debts5 Each of the bonds and the interest coupons representing the interest payable thereonand the provisions for the registration of the bonds and for the approval of the bonds by theSecretary of the Local Government Commission to be endorsed thereon, shall be in substantiallythe following form Form of BondUNITED STATES OF AMERICASTATE OF NORTH CAROLINACOUNTY OF JOHNSTONHOSPITAL REFUNDING BOND5,000No5,000The COUNTY OF JOHNSTON hereinafter referred to as County , a county of the State ofNorth Carolina, for value received hereby promises to pay to the bearer of this bond, or, if itbe registered, to the registered holder, the principal sum ofFIVE THOUSAND DOLLARS 5,000on May 1, 19 , and to pay interest thereon from the date of this bond until it shallmature at the rate of per centum per annum, payablesemi - annually on May 1 and November 1 in each year, upon presentation and surrender of thecoupons therefor attached hereto, as they severally mature Both principal of and interest onthis bond are payable at the principal office of Manufacturers Hanover Trust Company, in theBorough of Manhattan, City and State of New York, or, at the option of the holder, at First -Citizens Bank Trust Company, in the City of Raleigh, North Carolina, in any coin or currencyof the United States of America which at the time of payment is legal tender for the paymentof public and private debtsSil ,frApril 8, 1968 ContThis bond may be registered as to principal only by the holder in his name on the bondregister of the County kept in the office of the Bond Registrar of the County, and such registra-tion shall be noted hereon by said Bond Registrar If so registered, this bond may be trans-ferred on said bond register by the registered holder in person or by attorney, upon presentationof this bond to the Bond Registrar with a written instrument of transfer in a form approved bysaid Bond Registrar and executed by said registered holder If this bond be so registered, theprincipal shall thereafter be payable only to the person in whose name it is registered, unlessthis bond shall be discharged from registry by being registered as payable to bearer Suchregistration shall not affect the negotiability of the coupons, which shall continue to passby deliveryThis bond is issued pursuant to The County Finance Act of North Carolina, and a bondorder duly adopted by the Board of Commissioners of the County on March 18, 1968, in accordancewith said Act, to refund debt evidenced by bonds of like principal amount incurred to financethe construction of public hospital facilities for the inhabitants of the CountyIt is hereby certified and recited that all conditions, acts and things required by theConstitution or statutes of the State of North Carolina to exist, be performed or happenprecedent to or in the issuance of this bond, exist, have been performed and have happened, andthat the amount of this bond, together with all other indebtedness of the County is within everydebt and other limit prescribed by said Constitution or statutesThe faith and credit of the County are hereby pledged to the punctual payment of theprincipal of and interest on this bond according to its termsIN WITNESS WHEREOF, the County has caused this bond to be signed by the Chairman andClerk of the Board of Commissioners of the County, and the corporate seal of the County to behereunto affixed, and the annexed coupons to bear the facsimile signature of said Clerk, andthis bond to be dated May 1, 1968No_May,On the first day of November,of North Carolina, will pay to bearerChgirzW4n of Board of CommissionersClerk of Board of CommissionersForm of CouponS19 , the COUNTY OF JOHNSTON, a county of the StateDOLLARS at the princiapl office of Manufacturers Hanover Trust Company, in the Borough of Manhattan,City and State of New York, or, at the option of the holder, at First - Citizens Bank TrustCompany, in the City of Raleigh, North Carolina, in any coin or currency of the United Statesof America which is then legal tender for the payment of public and private debts, being thesemi - annual interest then due on its Hospital Refunding Bond, dated May 1, 1968, NoClerk of Board of CommissionersEndorsement on BondsThe within bond has been registeredas to principal only, as followsDate of Name of Registered Signature ofRegistration Owner Bond RegistrarThe issue hereof has been approved under theprovisions of the Local Government ActApril 8, 1968 ContW E EASTERLINGSecretary of the Local Government CommissionDesignated Assistant6 The County Auditor is hereby authorized and directed to provide a suitable bondregister for the registration of said bonds and to act as Bond Registrar in registering saidbonds and to carry out the provisions set forth in the bonds for the conversion of the bondsinto registered bonds and for the transfer thereof7 The Local Government Commission of North Carolina is hereby requested to sellsaid 295,000 Hospital Refunding Bonds, in the manner prescribed by the Local Government Act ofNorth Carolina, and to state in the notice of the sale, of said bonds given pursuant to Section17 of said Act,, that bidders may name one rate of interest for part of the bonds and anotherrate or rates for the balance of the bonds The bonds shall bear interest at such rate or ratesas may be named in the proposal to purchase the bonds which shall be accepted by said LocalGovernment Commission in ,accordance with said Act8 The Chairman and Clerk of the Board of Commissioners are hereby authorized anddirected to cause the bonds to be prepared and, when they shall have been duly sold by saidLocal Government Commission, to execute the bonds and to turn the bonds over to the StateTreasurer of North Carolina, for delivery to the purchaser or purchasers to whom they may besold by said CommissionCommissioner Denning seconded the motion and the motion was adopted Those voting forthe resolution were Messrs Johnson, Bailey, Whitley, Denning and Holding, and no one votedagainst itUpon a motion made, seconded, and carried, the Board adjourned