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Jr 3 <br /> 90- <br /> RESOLUTION FOR A BOND SALE <br /> t�EMASi <br /> The voters of Orange County, North Carolina (the "County"), on November 4, <br /> 1997, approved the issuance of (a) $47,000,1000 of the County's general obligation <br /> bonds to pay capital costs of providing school facilities (the "School Bonds"), (b) <br /> $6,000,000 of general obligation bonds to pay capital costs of providing parks and <br /> recreation facilities (the "Parks Bonds"), and (c) $1,800,000 of general obligation <br /> bonds to pay capital costs of providing housing for the benefit of persons of low and <br /> moderate income (the "Affordable Housing Bonds"). <br /> In addition, earlier on June 25, 2001, the County's Board of Commissioners <br /> (the "Board") authorized the issuance of up to $24,000,000 of County general <br /> obligation refunding bonds (the "Refunding Bonds"). to refinance the County's <br /> obligations with respect to its 1994 school bonds. The Refunding Bonds do not <br /> require referendum approval. <br /> The Board has now determined that the County should issue a portion of such <br /> bonds. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of <br /> Orange,Countyg North Carolina, as follows: <br /> 1.. Determination To Sell Referendum Bonds — The County will issue and <br /> sell the following bonds for their respective authorized purposes: <br /> (a) The remaining $12,500,000 of the unissued School Bonds, <br /> (b)The remaining $3,170,000 of the unissued Parks Bonds, and <br /> (c) All $1,800,000 of the Affordable Housing Bonds. <br /> Such School Bonds, Parks Bonds and Affordable Housing Bonds will be combined <br /> for sale as a single issue (referred to in this resolution as the "Referendum Bonds") <br /> (the Referendum Bonds and the Refunding Bonds will be referred to collectively in <br /> this resolution as the "Bonds"). <br /> 2. Determination To Sell Refunding Bonds -- The County will also issue <br /> and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds will <br /> be sold as a separate issue but simultaneously with the Referendum Bonds. <br /> 3. Repayment Schedule — Each Bond will bear interest at such rate as will <br /> be determined at the time of its sale, with interest payable on such dates as the <br /> Finance Officer determines in consultation with the North Carolina Local Government <br /> Commission (the "LGC"). In addition, the principal of the Bonds will be payable on <br />