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A motion was made by Commissioner Halkiotis, seconded by Commissioner Jacobs to <br />close the public hearing. <br />VOTE: UNANIMOUS <br />A motion was made by Commissioner Carey, seconded by Commissioner Halkiotis to <br />adopt and authorize the Chair to sign the bond order and the resolution far bond order publication as <br />stated below: <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $28,000,000 <br />WHEREAS - <br />Orange County, North Carolina {the "County"}, has previously issued its general obligation <br />Refunding Bonds, Series 1993, and its general obligation School Bonds, Series 1993 (together, the <br />"Prior Bonds"}. Based on the current state of the municipal bond market, the County has determined <br />that refinancing all or a portion of the outstanding balance of the Prior Bonds would provide savings to <br />the County. <br />The County has applied to the North Carolina Local Government Commission for its approval <br />of the issuance of County refunding bonds to carry out the refinancing of the Prior Bonds. The <br />Commission has accepted the County's application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: <br />1. There are hereby ordered to be issued general obligation refunding bonds of the County to <br />provide for the refinancing of all or a portion of the outstanding balance of the Prior Bonds, <br />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 be <br />$28,aao,ooo. <br />3. Taxes will be levied in an amount sufficient to pay the principal of and interest on the <br />bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer has been filed with <br />the Clerk to this Board and is available for public inspection. <br />5. This Bond Order takes effect immediately. <br />RESOLUTION REGARDING PUBLICATION OF BOND ORDER <br />WHEREAS, there has been adapted at this meeting a bond order entitled as follows: <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF $28,000,000 <br />AND WHEREAS, the General Statutes require the publication of a notice to complete the process of <br />authorizing the bonds; <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, <br />that the Clerk to this Board is authorized and directed to publish a notice of the adoption of such Bond <br />Order, in the form provided for in Section 159-58 of the General Statutes, one time in a newspaper <br />having general circulation in the County. <br />