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s <br /> 4 <br /> March 1, 1993, that no notes have -been issued in anticipation of <br /> the receipt of the proceeds of the sale of the balance of said <br /> School Bonds and that it is necessary to issue at this time the <br /> balance of said School Bonds. <br /> (c) That the maximum period of usefulness of the school <br /> facilities to be financed with the proceeds of said School Bonds to <br /> be issued is estimated as a period of 40 years from July 1, 1994, <br /> the date of said School Bonds as hereinafter provided, and that <br /> such period expires on July 1, 2034. <br /> Section 2. Pursuant to said order, there shall be issued <br /> bonds of the County of Orange, North Carolina (the "Issuer") in the <br /> aggregate principal amount of $30, 000, 000, designated "School <br /> Bonds, Series 1994" and dated July 1, 1994 (the "Bonds") . The <br /> Bonds shall be stated to mature annually, February 1, $1, 300, 000 <br /> 1996 to 2010, inclusive, $3, 000, 000 2011 to 2013, inclusive, and <br /> $1, 500, 000 2014, and shall bear interest at a rate or rates to be <br /> determined by the Local Government Commission of North Carolina at <br /> the time the Bonds are sold, which interest to the respective <br /> maturities thereof shall be payable on February 1, 1995 and <br /> semiannually thereafter on February 1 and August 1 of each year <br /> until payment of such principal sum. <br /> Each Bond shall bear interest from the interest payment date <br /> next preceding the date on which it is authenticated unless it is <br /> (a) authenticated upon an interest payment date in which event it <br /> shall bear interest from such interest payment date or (b) <br /> 2 <br />