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R~ <br />U (Q <br />O ;~ <br />d y <br />U <br />6 ' <br />u W <br />d d <br />d <br />y <br />3y <br />~. <br />,. o <br />o ~, <br />.g <br />a~ <br />'O T <br />u ~ <br />dd <br />U 'Q <br />R d <br />A ~ <br />a <br />.a R <br />F <br />m o <br />~. <br />d <br />0 7 <br />~ R <br />t6 y <br />51 <br />d <br />G° o <br />b~ <br />R.: <br />goo <br />~ ~" U <br />O :b <br />O w <br />C. .~r+ ~ <br />~~ •~ <br />C ,y. <br />F W ~ <br />~d~ <br />~yw <br />0 <br />" ,~ <br />0 <br />V ~ y ~ <br />d „_ <br />~WW <br />~3~' <br />N F y <br />E ~ ~ <br />o~ <br />d <br />dyy <br />-o a m <br />~ ~b <br />d <br />~ c 7 <br />~o~ <br />o~o <br />O O' V <br />~~ <br />a :' ~ <br />~~~ <br />~~~ <br />.. o <br />y~c <br />0 <br />V O ~ <br />d ~ <br />a cam. <br />~ ~ .~ <br />c m <br />~ _~ =' <br />~~~y <br />~ ~ .. <br />.~ w o <br />d.m~" <br />~ ~ a <br />~ .-. w <br />C ~ ~ <br />R ap -J <br />O N •^~• <br />ki t~4 ? <br />o +~ 'o <br />~a E 'o <br />o .~ d <br />~ U ~, <br />.r O ~ <br />d ~ o <br />N <br />.b ~ o <br />~~ ~ <br />C ~ci <br />O ~ <br />y <br />~w~ <br />~ .~ U <br />V .D ~ <br />d <br />O ~ <br />~ ,b 3 <br />.Sm~ <br />~ ~ o <br />a ~~ <br />~ ~ ,m <br />c. <br />F v~ .~, <br />1Y4t1Ilg$. <br />Moody's: <br />5&P: <br />Fitch: <br />(See "Ratings" herein) <br />PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 30, 2009 <br />NEW ISSUE-Book-Entry Only <br />This Official Statement has been prepared by the Local Government Commission of North Carolina and the County of Orange, <br />North Carolina to provide information in connection with the sale and issuance of the Bonds described herein. Selected infor- <br />mation is presented on this cover page for the convenience of the user. To make an informed decision regarding the Bonds, a <br />prospective investor should read this Official Statement in its entirety. Unless indicated, capitalized terms used on this cover <br />page have the meanings given in this Official Statement. <br />$9,760,000* <br />County of Orange, North Carolina <br />General Obligation Refunding Bonds, Series 2009 <br />Dated• Date of Delivery Due: As shown on inside cover page <br />Tax Exemption In the opinion of Bond Counsel and subject to the qualifications de- <br /> scribed herein, interest on the Bonds is not includable in gross income <br /> for federal income tax purposes and is exempt from existing State of <br /> North Carolina income taxation. See "Tax Exemption" herein for <br /> additional information regarding tax consequences arising from own- <br /> ership or receipt of interest on the Bonds. The Bonds will not be <br /> "qualified tax-exempt obligations" within the meaning of Internal <br /> Revenue Code Section 265(b)(3). <br />Redemption The Bonds are subject to optional redemption at the times and prices <br /> as set forth herein. <br />Security The Bonds constitute general obligations of the County, secured by a <br /> pledge of the faith and credit and taxing power of the County. <br />Interest Payment Dates February 1 and August 1, commencing February 1, 2010 <br />Denominations $5,000 or any integral multiple thereof <br />Expected Closing/Settlement December 21, 2009 <br />Bond Counsel Sanford Holshouser LLP <br />Financial Advisor BB&T Capital Markets <br />Sale Date December 8, 2009 <br />Sale of Bonds Pursuant to sealed bids in accordance with the Notice of Sale <br />The date of this Off cial Statement is December _, 2009 <br />*Preliminary, subject to change. <br />16 <br />