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Pfir-7 <br /> RES-2017-063 <br /> sash 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 of <br /> general obligation bonds for affordable housing purposes. The County has not yet issued <br /> any of these bonds. <br /> In addition, on June 20, 2017, the County's Board of Commissioners (the "Board") <br /> authorized the issuance of up to an additional $5,900,000 of County general obligation <br /> school bonds. These bonds are being issued under the provisions of law that allow the <br /> County to issue general obligation bonds to the extent of two-thirds of the amount the <br /> County paid down its debt in the prior fiscal year. They do not require voter approval. <br /> The Board has now determined that the County should issue $40,000,000 of the <br /> voter-approved school bonds, $2,500,000 of the voter-approved housing bonds and all <br /> $5,900,000 of the "two-thirds" school bonds. <br /> This resolution provides for the issuance of these bonds and takes related action, <br /> such as approving the form of the disclosure document that will be used to provide <br /> 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 the <br /> voter-approved school bonds, $2,500,000 of the voter-approved housing bonds and all <br /> $5,900,000 of the "two-thirds" school bonds. These bonds collectively will be called the <br /> "Bonds" in this resolution. <br /> 2. Bonds Will Be Issued in Series - The County will issue and sell the bonds in <br /> three separate series, as follows: <br />