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22 D - - _ - ~ , -----
<br />that such period expires an Decer.~ber 1, 2027.
<br />(e) That (i) said County is a~governmental unit with
<br />general taxing powers, (ii) no bond which is part of the issue of
<br />bonds described in Section 2 hereof is a private-activity bond,
<br />as defined in the Internal Revenue Cade of 1986, as amended (the
<br />"Code"), (iii) 95 percent or more of the net proceeds of said
<br />bonds are to be used for local governmental activities of said
<br />County, (i.v) the aggregate face amount of all tax-exempt
<br />obligations (other than private--activity bonds) issued by said
<br />County and all subordinate entities thereof during calendar year
<br />1988 is not reasonably expected to exceed $5,D00,000 and (v) to
<br />the best of said County's knowledge, there are no subordinate
<br />entities of said County.
<br />Section 2. Pursuant to said order there shall be
<br />issued bends of t'ze County of Orange, North Carolina (the
<br />"Issuer"), in the aggregate principal amount of $200,000,
<br />designated "Sanitary Sewer Bonds" and dated Decemlaer 1, 1987
<br />(unless said bands shall be awarded to the United States of
<br />America, Farmers Home Administration (t.he "FmHA"), in which event
<br />said bonds shall be dated as of the date of delivery thereof).
<br />Said bonds (the "bands") shall be stated tQ mature
<br />(subject to the right of prior redemption as hereinafter set
<br />forth) annually, June 1, $2,000 1990 to 1995, inclusive, $2,500
<br />1996 and 1997, $3,000 1998 to 2000, inclusive, $3,500 2001 and
<br />2002, $4,000 2003 to 2005, inclusive, $4,500 2006, $5,000 2007
<br />and 2008, $5,500 2009, $5,000 201D and 2011, $6,500 2012, $7,Q00
<br />2013, $7,5D0 2014, $8,000 2015 to ~D26, inclusive,. and $6,000
<br />2027, unless the bonds shall be awarded to the FmHA, in which
<br />event the bonds shall be stated to mature as hereinafter set
<br />for`~h. The bonds shall be issuable in fully registered farm in
<br />_2_
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