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3 <br /> Attachment 1 <br /> Proposed Bond Order for Adoption <br /> BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br /> SCHOOL BONDS IN THE MAXIMUM AMOUNT OF $5,900,000 <br /> WHEREAS-- <br /> The Orange County Board of Commissioners has stated its proposal to <br /> issue to issue general obligation bonds to pay capital costs of providing school <br /> facilities. <br /> The County has applied to the North Carolina Local Government <br /> Commission for its approval of such bonds, and the Commission has accepted <br /> the County's application. <br /> BE IT ORDERED by the Board of Commissioners of Orange County, <br /> North Carolina, as follows: <br /> 1. There are hereby ordered to be issued general obligation school <br /> bonds of the County to pay capital costs of providing school facilities, together <br /> with related financing and other necessary or incidental costs. <br /> 2. The maximum aggregate principal amount of the bonds issued for <br /> such purpose will be $5,900,000. <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 <br /> Officer has been filed with the Clerk to this Board and is open to public <br /> inspection. <br /> 5. This Bond Order shall take effect 30 days after its publication <br /> following adoption, unless it is petitioned to a vote of the people as provided in <br /> Section 159-60 of the North Carolina General Statutes, and in that event the <br /> order will take effect when approved by the voters. <br />