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Bond Order for Refunding Bonds <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $7,004,000 TO <br />REFUND A PORTION OF THE 2004 PUBLIC IMPROVEMENT BONDS <br />WHEREAS - <br />Orange County, North Carolina (the "County"), has previously issued its General <br />Obligation Public Improvement Bonds, Series 2004A and Series 2004B, in the original <br />aggregate principal amount of $25,140,000. Based on the current state of the municipal <br />bond market, the County has determined that refinancing a portion of the outstanding <br />balance of the 2004 could provide savings to the County. <br />The County has applied to the North Carolina Local Government Commission for <br />its approval of the issuance of County refunding bonds to carry out the refinancing of the <br />2004 Bonds. The LGC has accepted the County's application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1.' There are hereby ordered to be issued general obligation refunding bonds of <br />the County to provide for the refinancing of all or a portion of the outstanding balance of <br />the 2004 Bonds, including paying related financing costs and other necessary or <br />incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for such <br />purpose will be $7,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of and <br />interest on the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer has <br />been filed with the Clerk to this Board and is available for public inspection. <br />5. This Bond Order takes effect immediately. <br />