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~~~ -aoo~-- 088 <br />2 <br />RESOLUTION FOR THE SALE OF REFUNDING BONDS <br />WHEREAS: <br />The Board of Commissioners has previously authorized the issuance of up to <br />$27,000,000 in County general obligation refunding bonds (the "Bonds") to refund public <br />improvement bonds issued in 2001 and 2003. <br />This resolution provides for the issuance of a portion of these Bonds and takes <br />related action, such as approving the form of the disclosure document that will be used in <br />connection with the offering and sale of the Bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. Determination To Sell Refunding Bonds -The County will issue and sell <br />the Bonds for their authorized purpose. <br />Z. Payment Provisions. The Bonds will bear interest at the rates determined at <br />the time of their sale by the Local Government Commission (currently scheduled for <br />January 12, 2010). The principal of the Bonds will be payable in annual installments as <br />the Finance Officer may determine after consultation with the LGC, except that the final <br />maturity for the Bonds must not extend beyond December 31, 2021. <br />3. Pledge of Faith, Credit and Taxing Power -- The County's full faith and <br />credit are hereby irrevocably pledged for the payment of the principal of and interest on <br />the Bonds. Unless other funds are lawfully available and appropriated for timely payment <br />of the Bonds, the County will levy and collect an annual ad valorem tax, without <br />restriction as to rate or amount, on all locally taxable property in the County sufficient to <br />pay the principal of and interest on the Bonds as the same become due. <br />4. Approval of Official Statement for Offering -There has been made <br />available to each member of the Board the form of an official statement (the "Official <br />Statement") relating to the Bonds, pursuant to which the Bonds will be offered for sale. <br />The Official Statement remains subject to completion and amendment. <br />The Official Statement is approved as the form of official statement pursuant to <br />which the Bonds will be offered for sale. The actions of the Finance Officer, in <br />collaboration with the LGC, in preparing the text of the Official Statement are ratified, <br />approved and confirmed. The Board ratifies and approves the LGC's distribution of the <br />Official Statement, in substantially the form presented, to prospective purchasers of the <br />Bonds. <br />