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3 <br /> proceeds of the sale of said School Bonds and that it is necessary <br /> to issue at this time $22 , 000, 000 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 March 1, 1993 , <br /> the date of said School Bonds as hereinafter provided, and that <br /> such period expires on March 1, 2033 . <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 $22 , 000, 000, designated "School <br /> Bonds, Series 1993" and dated March 1, 1993 (the "Bonds") . The <br /> Bonds shall be stated to mature annually, March 1, $1, 100, 000 1994 <br /> to 2013 , inclusive, and shall bear interest at a rate or rates to <br /> be determined by the Local Government Commission of North Carolina <br /> at the time the Bonds are sold, which interest to the respective <br /> maturities thereof shall be payable on September 1, 1993 and semi- <br /> annually thereafter on March 1 and September 1 of each year until <br /> 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 /> authenticated prior to the first interest payment date in which <br /> event it shall bear interest from its date; provided, however, that <br /> 2 <br />