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December 1, 1987, the date of the bonds authorized hereby, and
<br /> that such period expires on December 1, 2027.
<br /> (e) That (i) said County is a governmental unit with
<br /> general taxing powers, (ii) no bond which is part of the issue of
<br /> bonds described in Section 2 hereof is a private-activity bond,
<br /> as defined in the Internal Revenue Code of 1986, as amended (the
<br /> "Code") , (iii) 95 percent or more of the net proceeds of said
<br /> bonds are to be used for local governmental activities of said
<br /> County, (iv) the aggregate face amount of all tax-exempt
<br /> obligations (other than private-activity bonds) issued by said
<br /> County and all subordinate entities thereof during calendar year
<br /> 1988 is not reasonably expected to exceed $5 , 000, 000 and (v) to
<br /> the best of said County's knowledge, there are no subordinate
<br /> entities of said County.
<br /> Section 2 . Pursuant to said order there shall be
<br /> issued bonds of the County of Orange, North Carolina (the
<br /> "Issuer") , in the aggregate principal amount of $200, 000,
<br /> designated "Sanitary Sewer Bonds" and dated December 1, 1987
<br /> (unless said bonds shall be awarded to the United States of
<br /> America, Farmers Home Administration (the "FmHA") , in which event
<br /> said bonds shall be dated as of the date of delivery thereof) .
<br /> Said bonds (the "bonds") shall be stated to mature
<br /> (subject to the right of prior redemption as hereinafter set
<br /> forth) annually, June 1, $2, 000 1990 to 1995, inclusive, $2, 500
<br /> 1996 and 1997, $3 , 000 1998 to 2000, inclusive, $3 , 500 2001 and
<br /> 2002 , $4 , 000 2003 to 2005, inclusive, $4, 500 2006, $5, 000 2007
<br /> and 2008, $5,500 2009, $6, 000 2010 and 2011, $6,500 2012, $7, 000
<br /> 2013 , $7, 500 2014, $8, 000 2015 to 2026, inclusive, and $6, 000
<br /> 2027 . unless the hnnr1 ch. 1 ti-,s �..r�,.a..a i_ �.__ ,._,.. •-
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