Agenda - 10-20-2009 - 4m - Laserfiche WebLink

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Orange County Refunding Bonds -- Notice of Adoption of Bond Order The Board of Commissioners of Orange County, North Carolina, has adopted the following bond order, providing for the issuance of general obligation refunding bonds. Further information regarding the bonds and the bond order appears at the end of this notice. * ~ ~ BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $27,000,000 TO REFUND PUBLIC IMPROVEMENT BONDS ISSUED IN 2001 AND 2003 WHEREAS - Orange County, North Carolina (the "County"), has previously issued (a) its General Obligation Public Improvement Bonds, Series 2001, in the original principal amount of $17,470,000, and (b) its General Obligation Public Improvement Bonds, Series 2003, in the original principal amount of $19,175,000. Based on the current state of the municipal bond market, the County has determined that refinancing all or a portion of the outstanding balance of the Series 2001 and the Series 2003 Bonds (together, the "Prior Bonds") could provide savings to the County. The County has applied to the North Carolina Local Government Commission for its approval of the issuance of County refunding bonds to carry out the refinancing of the Prior Bonds. The LGC has accepted the County's application. BE IT ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. There are hereby ordered to be issued general obligation refunding bonds of the County to provide for the refinancing of all or a portion of the outstanding balance of the Prior Bonds, including paying related financing costs and other necessary or incidental costs. 2. The maximum aggregate principal amount of the bonds issued for such purpose will be $27,000,000. 3. Taxes will be levied in an amount sufficient to pay the principal of and interest on the bonds so issued.