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ES -aa tl -0~3 3 <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF <br />GENERAL OBLIGATION REFUNDING BONDS <br />WHEREAS -- <br />Orange County has previously issued its $25,140,000 General Obligation Public <br />Improvement Bonds, Series 2004A and 2004B (the "Prior Bonds"). The Prior Bonds <br />remain outstanding in the approximate principal amount of $17,040,000. The Finance <br />Officer has provided information to the Board indicating that refinancing the Prior Bonds <br />by issuing a new series of refunding bonds would provide savings to the County. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1. Approval for Refunding Bonds -- The Board makes a preliminary <br />determination to proceed with the refinancing of the outstanding balance of the Prior <br />Bonds through the County's issuance of a new series of general obligation refunding <br />bonds. The Board will make afinal-determination to proceed with the refmancing, and to <br />give final approval of the terms of any refunding bonds, by one or more subsequent <br />Board actions. <br />2. Staff to proceed with refunding issue -The County Manager, the Finance <br />Officer and other County representatives are authorized and directed to take all proper <br />steps to proceed with the refunding, including proceeding with an application to the <br />North Carolina Local Government Commission for its required approval of the refunding <br />bonds. The Board appoints the Finance Officer as the County's authorized representative <br />with respect to the LGC application process. <br />3. Approval of Bond Counsel and Financial Advisor -- The County appoints <br />Robert M. Jessup of Sanford Holshouser LLP as the County's bond counsel with respect <br />to the proposed refunding bonds, and appoints Davenport & Co. LLC to serve as the <br />County's financial adviser with respect to the proposed refunding bonds. <br />4. Miscellaneous Provisions -- All County officers and employees are <br />authorized and directed to take all such further action as they may consider necessary or <br />desirable in connection with the furtherance of the purposes of this resolution. All such <br />prior actions of County officers and employees are ratified, approved and confirmed. All <br />other resolutions, or parts thereof, in conflict with this resolution are repealed, to the <br />extent of the conflict. This resolution takes effect immediately. <br />