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staff to come back with what has happened in the last year and a half when the need for the third high school was first presented. Chair Brown apologized for not mentioning before that Commissioner Carey would not be here due to a family emergency. 4. COUNTY MANAGER'S REPORT John Link made reference to the Carolina blue report, which has the outcome of the recent bond sale and refinancing of earlier bonds. The County received very favorable rates. Finance Director Ken Chavious reported on the bond sale that occurred on March 11tH The bond sale consisted of $19,175,000 in bonds authorized by the voters in November 2001 and $22.8 million in refunding bonds approved by the voters in 1992 and originally issued in 1993. The County maintained the excellent credit ratings. On the $19 million in new bonds, Wachovia gave an interest rate of 4.04°~, which was below the bond buyer's index at the time of sale. UBS PaineWebber gave an interest rate of 2.47°~ an the $22.8 million in refunding bonds. The average annual savings as a result of these law interest rates will be $180,000, which is higher than originally anticipated. Ken Chavious said that many citizens call him asking to purchase County bands. Citizens wishing to purchase these bonds can call him at 9191245-2450. Citizens can also call Wachovia at 7041374-4442. Citizens wishing to purchase the refunding bonds can contact Mr. Michael Azinaro of UBS PaineWebber at 2121713-2880. Bonds are Bald in increments of $5,000 and all interest earned will be exempt from income taxes. Commissioner Halkiotis expressed his appreciation for the narrative on what the County does by Fitch and Standard and Poors. Chair Brown said that this should be available to send to citizens. Ken Chavious said that he is working on getting this on the County's website, but he has to get written approval because it is copyright protected. S. RESOLUTIONS OR PROCLAMATIONS a. Resolution of Appreciation for Tommy Thompson The Board considered adopting a resolution of appreciation for Tommy Thompson of the Red Clay Ramblers far his contribution to Orange County and the field of music. Chair Margaret Brown read this resolution. A motion was made by Commissioner Jacobs, seconded by Commissioner Halkiotis to approve and authorize the Chair to sign the resolution as stated below: RESOLUTION IN HONOR OF TOMMY THOMPSON OF THE RED CLAY RAMBLERS WHEREAS: Tommy Thompson was born in West Virginia in 1937, graduating from Kenyon College in 1959, and spending the next four years as an officer in the U.S. Coast Guard in New Orleans, the cradle of jazz; and,