BE IT ORDERED by the Board of Commissioners of the Town of Wake Forest, North Carolina:
1. That, pursuant to The Local Government Bond Act, as amended, the Town of Wake Forest, North Carolina is hereby authorized to contract a debt, in addition to any and all other debt which said Town may now or hereafter have power or authority to contract, and in evidence thereof to issue Parks and Recreation Bonds in an aggregate principal amount not exceeding $14,200,000 for the purpose of providing funds, together with any other available funds, to acquire, construct, improve and equip various parks and recreational facilities inside and outside the corporate limits of said Town, including, without limitation, any related land, easements and rights of way.
2. That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said bonds.
3. That a sworn statement of the debt of said Town has been filed with the Town Clerk and is open to public inspection.
4. That this order shall take effect when approved by the voters of said Town at a referendum as provided in said Act.
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