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3 <br />Bond Order for Refunding Bonds <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $47,000,000 TO REFUND <br />PUBLIC IMPROVEMENT BONDS ISSUED IN 2004 AND 2005 <br />WHEREAS - <br />Orange County, North Carolina (the "County"), has previously issued its General <br />Obligation Public Improvement Bonds with series designations 2004A, 2004B and 2005A <br />(together, the "Prior Bonds"), in the original aggregate principal amount of $54,325,000. The <br />County has determined that refinancing all or a portion of the outstanding balance of the Prior <br />Bonds could provide savings to the County. <br />The County has applied to the North Carolina Local Government Commission for its <br />approval of the issuance of County refunding bonds to carry out the refinancing of the Prior <br />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 the <br />County to provide for the refinancing of all or a portion of the outstanding balance of the Prior <br />Bonds, including paying related financing costs and other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for such purpose will <br />be $47,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of and interest on <br />the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer has been filed <br />with the Clerk to the Board of Commissioners and is available for public inspection. <br />5. This Bond Order takes effect immediately. <br />