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lb <br /> Y S - aooq-- 068 k <br /> 2 <br /> • RESOLUTION FOR THE SALE OF REFUNDING BONDS <br /> WHEREAS. <br /> The Board of Commissioners has previously authorized the issuance of up to <br /> $27,000,000 in County general obligation refunding bonds (the"Bonds")to refund public <br /> improvement bonds issued in 2001 and 2003. <br /> This resolution provides for the issuance of a portion of these 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 /> the Bonds for their authorized purpose. <br /> 2 Payment Provisions. The Bonds will bear interest at the rates determined at <br /> the time of their sale by the Local Government Commission (currently scheduled for <br /> • January 12, 2010). The principal of the Bonds will be payable in annual installments as <br /> the Finance Officer may determine after consultation with the LGC, except that the final <br /> maturity for the Bonds must not extend beyond December 31,2021. <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 - There has been made <br /> available to each member of the Board the form of an official statement (the "Official <br /> Statement") relating to the Bonds, pursuant to which the Bonds will be offered for sale. <br /> The Official Statement remains subject to completion and amendment. <br /> The Official Statement is approved as the form of official statement pursuant to <br /> which the Bonds will be offered for sale. The actions of the Finance Officer, in <br /> collaboration with the LGC, in preparing the text of the Official Statement are ratified, <br /> approved and confirmed. The Board ratifies and approves the LGC's distribution of the <br /> Official Statement, in substantially the form presented, to prospective purchasers of the <br /> Bonds. <br /> • <br /> t <br />