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6 <br /> 4. Low and Moderate Income Housing Bonds <br /> BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION LOW <br /> AND MODERATE INCOME HOUSING BONDS OF ORANGE COUNTY, NORTH <br /> CAROLINA, IN THE MAXIMUM AMOUNT OF$1,800,000 <br /> WHEREAS-- <br /> By resolution adopted on June 30, 1997, the Board of Commissioners of Orange County, <br /> North Carolina(the "County"), stated its proposal to issue general obligation bonds to pay capital <br /> costs of providing housing for the benefit of persons of low and moderate income. <br /> The County has applied to the North Carolina Local Government Commission (the <br /> "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of <br /> such application. <br /> BE IT THEREFORE ORDERED by the Board of Commissioners of Orange County, <br /> North Carolina, as follows: <br /> 1. There are hereby ordered to be issued general obligation bonds of the County to <br /> pay capital costs of providing housing for the benefit of persons of low and moderate income, <br /> together with related financing and other necessary or incidental costs. The bonds issued for this <br /> purpose may be combined for sale with bonds authorized for similar or different purposes. <br /> 2. The maximum aggregate principal amount of the bonds issued for such purpose <br /> shall be$1,800,000. <br /> 3. Taxes will be levied in an amount sufficient to pay the principal of and interest on <br /> the bonds so issued. <br /> 4. A sworn statement of debt prepared by the County's Finance Officer has been <br /> filed with the Clerk to this Board. Such sworn statement of debt is hereby accepted by the Board <br /> and is open to public inspection. <br /> 5. This Bond Order shall take effect when approved by the County's voters in the <br /> manner provided by law. <br />