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2.1 <br /> A regular meeting of the Board of Commissioners for the <br /> • County of Orange, North Carolina, was held at the Old Courthouse <br /> in Hillsborough, North Carolina, the regular place of meeting, at <br /> 7:30 P.M. on February 1, 1988. <br /> Present: Chairman Shirley E. Marshall, presiding, and <br /> Commissioners <br /> Absent: • <br /> Commissioner introduced <br /> the following resolution which was read: <br /> RESOLUTION PROVIDING FOR THE <br /> ISSUANCE OF $200,000 SANITARY SEWER BONDS <br /> BE IT RESOLVED by the Board of Commissioners for the <br /> County of Orange, North Carolina: <br /> Section 1. The Board of Commissioners has determined <br /> and does hereby find, declare and represent: <br /> (a) That an order authorizing not exceeding $200,000 <br /> Sanitary Sewer Bonds of the County of Orange was adopted by the <br /> Board of Commissioners for said County on March 24, 1987, which <br /> order has taken effect. " <br /> (b) That none of said bonds have been issued and that <br /> there are outstanding $200,000 Sanitary Sewer Bond Anticipation <br /> Notes of said County, which notes are dated December 16, 1987, <br /> mature on March 16, 1988, bear interest at the rate of 6% per -- -- <br /> annum and were issued in anticipation of the receipt of the <br /> proceeds of the sale of a like amount of said bonds. <br /> (c) That it is necessary at this time to issue all of <br /> said bonds, all of the proceeds thereof to be applied to the <br /> payment of said outstanding notes at their maturity. <br /> (d) That the maximum period of usefulness of the <br /> facilities for said County to be provided with the proceeds of <br /> said bonds is estimated as a period of forty (40) years from <br /> BROWN a WOOD.ONE WORLD TRADE CENTER.NEW YORK.N.Y.10048 <br />