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Attachment 3
<br />Orange County, NC
<br />Limited Obligation Bonds, Series 2013
<br />Preliminary, Rate Indications as of March 20, 2013
<br />7
<br />Term
<br />15 Years
<br />Term
<br />15 Years
<br />Term
<br />20 Years
<br />Par Amount
<br />$ 11,075,000
<br />Par Amount
<br />$ 9,925,000
<br />Par Amount
<br />$ 9,900,000
<br />Total Debt Service
<br />13,101,365
<br />Total Debt Service
<br />13,259,517
<br />Total Debt Service
<br />14,606,418
<br />Project Fund Deposit
<br />11,000,000
<br />Project Fund Deposit
<br />11,000,000
<br />Project Fund Deposit
<br />11,000,000
<br />Issuance Costs
<br />75,000
<br />Issuance Costs
<br />175,000
<br />Issuance Costs
<br />175,000
<br />Underwriter's Discount
<br />743,000
<br />Underwriter's Discount
<br />49,625
<br />Underwriter's Discount
<br />49,500
<br />Total Cost of Issuance
<br />75,000
<br />Total Cost of Issuance
<br />224,625
<br />Total Cost of Issuance
<br />224,500
<br />TIC
<br />2.30%
<br />TIC
<br />2.39%
<br />TIC
<br />2.99%
<br />AIC
<br />2.40%
<br />AIC
<br />2.62%
<br />AIC
<br />3.18%
<br />2014
<br />$ 683,000
<br />2.300% $
<br />234,205 $
<br />917,205
<br />2014
<br />615,000
<br />2.00%
<br />335,367.36
<br />950,367.36
<br />2014
<br />455,000
<br />2.00%
<br />364,467.78
<br />819,467.78
<br />2015
<br />743,000
<br />2.300%
<br />239,016
<br />982,016
<br />2015
<br />665,000
<br />2.00%
<br />352,450.00
<br />1,017,450.00
<br />2015
<br />500,000
<br />2.00%
<br />387,300.00
<br />887,300.00
<br />2016
<br />743,000
<br />2.300%
<br />221,927
<br />964,927
<br />2016
<br />665,000
<br />3.00%
<br />339,150.00
<br />1,004,150.00
<br />2016
<br />500,000
<br />3.00%
<br />377,300.00
<br />877,300.00
<br />2017
<br />743,000
<br />2.300%
<br />204,838
<br />947,838
<br />2017
<br />665,000
<br />3.00%
<br />319,200.00
<br />984,200.00
<br />2017
<br />500,000
<br />3.00%
<br />362,300.00
<br />862,300.00
<br />2018
<br />743,000
<br />2.300%
<br />187,749
<br />930,749
<br />2018
<br />665,000
<br />3.00%
<br />299,250.00
<br />964,250.00
<br />2018
<br />500,000
<br />3.00%
<br />347,300.00
<br />847,300.00
<br />2019
<br />742,000
<br />2.300%
<br />170,660
<br />912,660
<br />2019
<br />665,000
<br />3.00%
<br />279,300.00
<br />944,300.00
<br />2019
<br />500,000
<br />3.00%
<br />332,300.00
<br />832,300.00
<br />2020
<br />742,000
<br />2.300%
<br />153,594
<br />895,594
<br />2020
<br />665,000
<br />3.00%
<br />259,350.00
<br />924,350.00
<br />2020
<br />500,000
<br />3.00%
<br />317,300.00
<br />817,300.00
<br />2021
<br />742,000
<br />2.300%
<br />136,528
<br />878,528
<br />2021
<br />665,000
<br />3.00%
<br />239,400.00
<br />904,400.00
<br />2021
<br />500,000
<br />3.00%
<br />302,300.00
<br />802,300.00
<br />2022
<br />742,000
<br />2.300%
<br />119,462
<br />861,462
<br />2022
<br />665,000
<br />4.00%
<br />219,450.00
<br />884,450.00
<br />2022
<br />500,000
<br />4.00%
<br />287,300.00
<br />787,300.00
<br />2023
<br />742,000
<br />2.300%
<br />102,396
<br />844,396
<br />2023
<br />665,000
<br />4.00%
<br />192,850.00
<br />857,850.00
<br />2023
<br />495,000
<br />4.00%
<br />267,300.00
<br />762,300.00
<br />2024
<br />742,000
<br />2.300%
<br />85,330
<br />827,330
<br />2024
<br />665,000
<br />5.00%
<br />166,250.00
<br />831,250.00
<br />2024
<br />495,000
<br />5.00%
<br />247,500.00
<br />742,500.00
<br />2025
<br />742,000
<br />2.300%
<br />68,264
<br />810,264
<br />2025
<br />665,000
<br />5.00%
<br />133,000.00
<br />798,000.00
<br />2025
<br />495,000
<br />5.00%
<br />222,750.00
<br />717,750.00
<br />2026
<br />742,000
<br />2.300%
<br />51,198
<br />793,198
<br />2026
<br />665,000
<br />5.00%
<br />99,750.00
<br />764,750.00
<br />2026
<br />495,000
<br />5.00%
<br />198,000.00
<br />693,000.00
<br />2027
<br />742,000
<br />2.300%
<br />34,132
<br />776,132
<br />2027
<br />665,000
<br />5.00%
<br />66,500.00
<br />731,500.00
<br />2027
<br />495,000
<br />5.00%
<br />173,250.00
<br />668,250.00
<br />2028
<br />742,000
<br />2.300%
<br />17,066
<br />759,066
<br />2028
<br />665,000
<br />5.00%
<br />33,250.00
<br />698,250.00
<br />2028
<br />495,000
<br />5.00%
<br />148,500.00
<br />643,500.00
<br />2029
<br />2029
<br />2029
<br />495,000
<br />5.00%
<br />123,750.00
<br />618,750.00
<br />2030
<br />2030
<br />2030
<br />495,000
<br />5.00%
<br />99,000.00
<br />594,000.00
<br />2031
<br />2031
<br />2031
<br />495,000
<br />5.00%
<br />74,250.00
<br />569,250.00
<br />2032
<br />2032
<br />2032
<br />495,000
<br />5.00%
<br />49,500.00
<br />544,500.00
<br />2033
<br />2033
<br />2033
<br />495,000
<br />5.00%
<br />24,750.00
<br />519,750.00
<br />Preliminary: Subject to Change
<br />Davenport & Company LLC 3/20/2013
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