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Exhibit B -Form of 2010 Bond <br />REGISTERED Number R-X REGISTERED <br />LIMITED OBLIGATION BOND, SERIES 2010 <br />representing an interest in certain payments to be made <br />under an installment financing contract with <br />ORANGE COUNTY, NORTH CAROLINA <br />INTEREST RATE MATURITY DATE DATED DATE CUSIP <br /> November 1, 20XX December 21, 2010 684 610 X~~ <br />REGISTERED OWNER: *****CEDE & CO.***** <br />PRINCIPAL AMOUNT: * * * * THOUSAND DOLLARS* * * * <br />****(~ 000)*** <br />UNDER THIS BOND the registered owner, or registered assigns or legal <br />representative, is the owner of a proportionate and undivided interest in certain payments <br />to be made by Orange County, North Carolina (the "County"), under an Installment <br />Financing Contract dated as of December 1, 2010 (the "Financing Contract"), between <br />the County and Orange County Public Facilities Company (the "Company"). <br />Principal is payable to such owner in the amount stated above on the maturity date <br />stated above, subject to prepayment as described below, and interest is payable on each <br />May 1 and November 1, beginning May 1, 2011 (the "Payment Dates"), at the annual <br />interest rate stated above (calculated on the basis of a 360-day year consisting of twelve <br />30-day months). <br />• <br />• <br />Interest is payable (a) from the Dated Date shown above, if this Bond is <br />authenticated prior to the Record Date, as defined below, preceding May 1, 2011, (b) <br />from the succeeding Payment Date, if this Bond is authenticated between a Record Date <br />and the succeeding Payment Date, or (c) otherwise from the Payment Date that is, or • <br />immediately precedes, the date on which this Bond is authenticated (unless payment of <br />interest hereon is in default, in which case this Bond will bear interest from the date to <br />37 <br />