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D <br />Bond Order for Refunding Bonds <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF <br />$27,000,000 TO REFUND PUBLIC IMPROVEMENT BONDS ISSUED IN <br />2001 AND 2003 <br />WHEREAS - <br />Orange County, North Carolina (the "County"), has previously issued (a) its <br />General Obligation Public Improvement Bonds, Series 2001, in the original <br />principal amount of $17,470,000, and (b) its General Obligation Public <br />Improvement Bonds, Series 2003, in the original principal amount of $19,175,000. <br />Based on the current state of the municipal bond market, the County has <br />determined that refinancing all or a portion of the outstanding balance of the <br />Series 2001 and the Series 2003 Bonds (together, the "Prior Bonds") could <br />provide savings to the County. <br />The County has applied to the North Carolina Local Government <br />Commission for its approval of the issuance of County refunding bonds to carry <br />out the refinancing of the Prior Bonds. The LGC has accepted the County's <br />application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />1. There are hereby ordered to be issued general obligation refunding <br />bonds of the County to provide for the refinancing of all or a portion of the <br />outstanding balance of the Prior Bonds, including paying related financing costs <br />and other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $27,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of <br />and interest on the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer <br />has been filed with the Clerk to this Board and is available for public inspection. <br />5. This Bond Order takes effect immediately. <br />