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RES-2012-101 <br /> Resolution for the Sale of Up to $20,000,000 <br /> of County General Obligation Refunding Bonds <br /> WHEREAS-- <br /> In 2011 the Board of Commissioners authorized the issuance of up to $47,000,000 <br /> in County general obligation refunding bonds to refinance public improvement bonds that <br /> the County originally issued back in 2004 and 2005. <br /> The County then issued $24,400,000 of those refunding bonds. The Board has <br /> now determined that the County should issue up to $20,000,000 of the remaining <br /> authorized but unissued refunding bonds to refinance more outstanding County bonds <br /> from 2004 and 2005. <br /> This resolution provides for the issuance of these refunding bonds and takes <br /> related action, such as approving the form of the disclosure document that will be used in <br /> connection with the offering and sale of the bonds. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> 1. Determination To Sell Refunding Bonds - The County will issue and sell <br /> up to $20,000,000 of the unissued refunding bonds (referred to as the "Bonds" or the <br /> "Refunding Bonds" in this resolution) for their authorized purpose. <br /> 2. Payment Provisions. The Bonds will bear interest at the rates determined <br /> by the Local Government Commission (the "LGC") at the time of its sale of the Bonds <br /> (currently scheduled for December 5). The principal of the Bonds will be payable in <br /> installments as the Finance Officer may determine after consultation with the LGC, <br /> provided that the Refunding Bonds must mature not later than April 1, 2024 (which is the <br /> current final maturity of the bonds being refunded). <br /> 3. Pledge of Faith, Credit and Taxing Power — The County's full faith and <br /> credit are hereby irrevocably pledged for the payment of the principal of and interest on <br /> the Bonds. Unless other funds are lawfully available and appropriated for timely payment <br /> of the Bonds, the County will levy and collect an annual ad valorem tax, without <br /> restriction as to rate or amount, on all locally taxable property in the County sufficient to <br /> pay the principal of and interest on the Bonds as the same become due. <br /> 4. Approval of Official Statement for Offering - The Board directs the <br /> Finance Officer to prepare, in collaboration with the LGC staff and other County <br /> representatives, an official statement (the "Official Statement") relating to the Bonds <br />