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Amendment to Bond Resolution <br />WHEREAS -- <br />By aresolution adopted on December 15, 2009, the Orange County Board of <br />Commissioners approved the issuance of County general obligation refunding bonds in <br />the maximum amount of $27,000,000 to refinance County bonds issued in 2001 and <br />2003. In this resolution, the Board approved the sale of the refunding bonds not Later than <br />March 1, 2010. <br />Changing market conditions have now made it possible for the County also to <br />refinance a portion of its General Obligation Public Improvement Bonds, Series 2004 <br />(the "2004 .Bonds"). The Board desires to provide for contemplated refunding bond sale <br />to include bonds to refund the 2004 bond issue. In addition, the Board desires to grant <br />staff the flexibility to provide for the bond sale at any time up to April 15, 2010. <br />Therefore, be it resolved by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />1. The County's "Resolution for the Sale of Refunding Bonds" as adopted on <br />December 15, 2009 (the "Prior Resolution"), is hereby amended to include the 2004 <br />Bonds among the County bonds eligible for refinancing through the issuance of the <br />refunding bonds provided for in the Prior Resolution. The total amount of refunding <br />bonds that maybe sold shall be unchanged at $27,000,000. The final maturity date for the <br />refunding bonds shall not extend beyond December 31, 2021. <br />2. The eligible dates for sales of refunding bonds provided for in the Prior <br />Resolution are extended from March 1, 2010, to April 15, 2010. <br />3. Except as expressly amended by this resolution, the Prior Resolution is <br />ratified and confirmed. This amending resolution takes effect- immediately. <br />