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4 <br /> BOND ORDER AUTHORIZING THE ISSUANCE OF ORANGE COUNTY GENERAL <br /> OBLIGATION BONDS FOR HOUSING FOR PERSONS OF LOW AND MODERATE <br /> INCOME IN THE MAXIMUM AMOUNT OF $5,000,000, SUBJECT TO VOTER <br /> APPROVAL <br /> WHEREAS -- <br /> The Board of Commissioners of Orange County, North Carolina has stated <br /> its proposal to issue general obligation bonds to pay capital costs of providing <br /> housing for persons of low and moderate income. <br /> The County has applied to the North Carolina Local Government <br /> Commission for its approval of such bonds, and the Commission has accepted the <br /> County's application. <br /> BE IT ORDERED by the Board of Commissioners of Orange County, North <br /> Carolina, as follows: <br /> 1. There are hereby ordered to be issued general obligation bonds of <br /> the County to pay capital costs of providing housing for persons of low and <br /> moderate income, together with related financing and other necessary or <br /> incidental costs. <br /> 2. The maximum aggregate principal amount of the bonds issued for <br /> such purpose will be $5,000,000. <br /> 3. Taxes will be levied in an amount sufficient to pay the principal of <br /> and interest on the bonds so issued. <br /> 4. A sworn statement of debt prepared by the County's Finance Officer <br /> has been filed with the Clerk to this Board and is open to public inspection. <br /> 5. This Bond Order will take effect when approved by the County's <br /> voters in the manner provided by law. <br />