Orange County NC Website
RESOLUTION FOR THE SALE OF UP TO $47,000,000 <br />PUBLIC E"PROVEMENT REFUNDING BONDS <br />WHEREAS -- <br />A,;'l� -oZo�/ <br />-5j-- <br />J <br />The Board of Commissioners has previously authorized the issuance of up to $47,000,000 <br />in County general obligation refunding bonds (the "Bonds ") to refinance public improvement <br />bonds the County issued back in 2004 and 2005. <br />This resolution provides for the issuance of these Bonds and takes related action, such as <br />approving the form of the disclosure document that will be used in connection with the offering <br />and sale of the Bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. Determination To Sell Public Improvement Refunding Bonds - The County will <br />issue and sell up to the full $47,000,000 of the unissued public improvement refunding bonds for <br />their authorized purpose. <br />2. Payment Provisions. The Bonds will bear interest at the rates determined at the time <br />of their sale by the Local Government Commission (currently scheduled for October 25). The <br />principal of the Bonds will be payable in annual installments as the Finance Officer may <br />determine after consultation with the LGC, except that the final maturity for the Bonds must not <br />extend beyond December 31, 2025. <br />3. Pledge of Faith, Credit and Taxing Power — The County's full faith and credit are <br />hereby irrevocably pledged for the payment of the principal of and interest on the Bonds. Unless <br />other funds are lawfully available and appropriated for timely payment of the Bonds, the Board <br />will levy and collect an annual ad valorem tax, without restriction as to rate or amount, on all <br />locally taxable property in the County sufficient to pay the principal of and interest on the Bonds <br />as the same become due. <br />4. Approval of Official Statement for Offering - There has been made available to <br />each member of the Board the form of an official statement (the "Official Statement ") relating to <br />the Bonds, pursuant to which the Bonds will be offered for sale. The Official Statement remains <br />subject to completion and amendment. <br />The Official Statement is approved as the form of official statement pursuant to which the <br />Bonds will be offered for sale. The actions of the Finance Officer, in collaboration with the LGC, <br />in preparing the text of the Official Statement are ratified, approved and confirmed. The Board <br />approves the LGC's distribution of the Official Statement to prospective purchasers of the Bonds. <br />The Official Statement as so distributed must be in substantially the form presented to this <br />meeting, with such changes as the Finance Officer may approve. <br />