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3 <br /> RES-2017-063 <br /> s*h draft of September 19 <br /> Resolution To Sell General Obligation Bonds <br /> WHEREAS-- <br /> The voters of Orange County have previously approved the issuance of up to <br /> $120,000,000 of the County's general obligation school bonds and up to $5,000,000 <br /> of general obligation bonds for affordable housing purposes. The County has not yet <br /> issued any of these bonds. <br /> In addition, on June 20, 2017, the County's Board of Commissioners (the <br /> "Board") authorized the issuance of up to an additional $5,900,000 of County <br /> general obligation school bonds. These bonds are being issued under the provisions <br /> of law that allow the County to issue general obligation bonds to the extent of two- <br /> thirds of the amount the County paid down its debt in the prior fiscal year. They do <br /> not require voter approval. <br /> The Board has now determined that the County should issue $40,000,000 of <br /> the voter-approved school bonds, $2,500,000 of the voter-approved housing bonds <br /> and all $5,900,000 of the "two-thirds" school bonds. <br /> This resolution provides for the issuance of these bonds and takes related <br /> action, such as approving the form of the disclosure document that will be used to <br /> provide information to prospective bond investors. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> 1. County Will Sell Bonds -- The County will issue and sell $40,000,000 of <br /> the voter-approved school bonds, $2,500,000 of the voter-approved housing bonds <br /> and all $5,900,000 of the "two-thirds" school bonds. These bonds collectively will be <br /> called the "Bonds" in this resolution. <br />