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~~s-~U~9-~~~~ <br />RESOLUTION PROVIDING PRELIMINARY APPROVAL FOR THE <br />ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS <br />WHEREAS: <br />Orange County has previously issued general obligation public improvement bonds in <br />2001 and 2003. County staff has advised the Board of Commissioners that refinancing all or <br />a portion of these bonds may provide savings to the County. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1. Approval for Refunding Bonds -- The County Manager and the Finance <br />Officer are authorized and directed to take all proper steps to determine the feasibility of <br />refunding the 2001 and 2003 public improvement bonds to provide debt service savings to <br />the County, and to proceed with all proper steps to carry out the refunding. The Finance <br />Officer is authorized to file the required application with the North Carolina Local <br />Government Commission. The precise financial details of the issuance of refunding bonds <br />will be subject to the Board's further approval by subsequent proceedings. The estimated <br />maximum amount of refunding bonds to be issued is $27,000,000. <br />2. Approval of Advisors -- The County appoints Sanford Holshouser LLP as the <br />County's bond counsel and BB&T Capital Markets as its financial advisor with respect to the <br />proposed refunding bonds. BB&T Capital Markets will provide financial analysis and other <br />services required in connection with the issuance of refunding bonds, including analysis as <br />required by the LGC of the savings to be obtained through the refunding. <br />3. Miscellaneous Provisions -- All County officers and employees are authorized <br />and directed to take all such further action as they may consider necessary or desirable in <br />connection with the furtherance of the purposes of this resolution. All such prior actions of <br />County officers and employees are ratified, approved and confirmed. All other resolutions, <br />or parts thereof, in conflict with this resolution are repealed, to the extent of the conflict. <br />This resolution takes effect immediately. <br /> <br />I certify that the foregoing resolution was duly adopted at a meeting of the Board of <br />Commissioners of Orange County, North Carolina, duly called and held on October 6, 2009, <br />and that a quorum was present and acting throughout such meeting. Such resolution remains <br />in full effect as of today. <br />Dated this ty day of October, 2009. <br />[SEAL] <br />Donna S. Baker <br />Clerk, Board of Commissioners <br />Orange County, North Carolina <br />