RES-2012-101 Resolution for the Sale of Up to $20,000,000 of County General Obligation Refunding Bonds

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The County Finance Officer has been appointed Registrar for the Bonds. As Registrar, the Finance Officer will maintain appropriate books and records indicating ownership of the Bonds. The County will treat the registered owner of this Bond as the person exclusively entitled to payment of principal and interest and the exercise of all other rights and powers of the owner, except that payments will be made to the person shown as owner on the County's registration books at the end of the calendar day on the 15th day of the month (whether or not a business day)preceding each payment date. The County intends that North Carolina law will govern the interpretation of the terms of the Bonds. All acts, conditions and things required by the Constitution and laws of the State of North Carolina to happen, exist or be performed precedent to and in the issuance of this Bond have happened, exist and have been performed, and the issue of Bonds of which this Bond is one, together will all other indebtedness of the County, is within every debt and other limit prescribed by the Constitution and laws of the State of North Carolina. IN WITNESS WHEREOF, Orange County, North Carolina, has caused this Bond to signed by its County Manager, its seal to be affixed hereto and attested by the Clerk to its Board of Commissioners, and this Bond to be dated December 20, 2012. (SEAL) ATTEST: L&mple only-do not sign Sample only l -do not sign f - Clerk, Board of Commissioners County Manager Orange County, North Carolina Orange County, North Carolina The Bonds have been approved by the North Carolina Local Government Commission in accordance with the Local Government Bond Act. Mmple only- do not sign I T. Vance Holloman Secretary, Local Government Commission [Orange County, North Carolina $20,000,000 General Obligation Refunding Bonds, Series 20121