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REGISTERED <br />Number R -X <br />8 <br />EXHIBIT A - Form of Bonds <br />REGISTERED <br />UNITED STATES OF AMERICA <br />STATE OF NORTH CAROLINA <br />ORANGE COUNTY <br />General Obligation Refunding Bond, Series 2011 <br />INTEREST RATE <br />MATURITY <br />DATE <br />DATED DATE <br />CUSIP <br />% <br />February 1, <br />November 15, 2011 <br />684 609 XXX <br />REGISTERED OWNER: * * ** *CEDE & CO. * * * ** <br />PRINCIPAL AMOUNT: * * ** THOUSAND DOLLARS <br />($ ,000) * ** <br />ORANGE COUNTY, NORTH CAROLINA (the "County'), for value received, promises <br />to pay to the registered owner hereof, or registered assigns or legal representative, the principal <br />amount stated above on the maturity date stated above, subject to prior redemption as described <br />herein, and to pay interest on this Bond semiannually on each February 1 and August 1, beginning <br />February 1, 2012, at the annual rate stated above. Interest is payable (a) from the dated date stated <br />above, if this Bond is authenticated prior to February 1, 2012, or (b) otherwise from the February <br />1 or August 1 that is, or immediately precedes, the date on which this Bond is authenticated <br />(unless payment of interest hereon is in default, in which case this Bond will bear interest from the <br />date to which interest has been paid). Principal, premium, if any, and interest are payable in lawful. <br />money of the United States of America. <br />This Bond is one of an issue of the County's [$47,000,000] General Obligation Refunding <br />Bonds, Series 2011 (the "Bonds "), of like date and tenor, except as to number, denomination, rate <br />of interest, privilege of redemption and maturity. The Bonds are issued pursuant to a resolution <br />adopted by the County's governing Board of Commissioners on October 18, 2011, and the - <br />Constitution and laws of the State of North Carolina, including the Local Government Bond Act. <br />The County's full faith and credit are pledged for the payment of principal of and interest <br />on this Bond. <br />The Bonds are issued by means of a book -entry system, with one bond certificate for each <br />maturity immobilized at The Depository Trust Company, New York, New York ( "DTC "), and not <br />