Orange County NC Website
(a) The two-thirds school bonds will be issued in the amount of$5,900,000 and <br /> will be designated "General Obligation School Bonds, Series 2017A (and called the "2017A <br /> Bonds" in this resolution). <br /> (b) There will then be a separate series of the voter-approved school bonds in <br /> the aggregate principal amount of$40,000,000 that will be designated "General Obligation <br /> School Bonds, Series 2017B (and called the "2017B Bonds" in this resolution). <br /> (c) There will finally be a separate series of the voter-approved bonds for <br /> affordable housing in the aggregate principal amount of$2,500,000 that will be designated <br /> "General Obligation Taxable Housing Bonds, Series 2017C (and called the "2017C Bonds" in <br /> this resolution). <br /> 3. Payment Provisions -- The Bonds will bear interest at the rates determined <br /> at the time of their sale by the Local Government Commission (currently scheduled for <br /> October 24). The principal of the Bonds will be payable in annual installments as the <br /> Finance Officer may determine after consultation with the LGC, except that the final <br /> maturity for the Bonds must not extend beyond December 31, 2027. <br /> 4. Pledge of Faith, Credit and Taxing Power -- The County's full faith and <br /> credit are hereby irrevocably pledged for the payment of the principal of and interest on <br /> the Bonds. Unless other funds are lawfully available and appropriated for timely payment <br /> of the Bonds, the County will levy and collect an annual ad valorem tax,without restriction <br /> as to rate or amount, on all locally taxable property in the County sufficient to pay the <br /> principal of and interest on the Bonds as the same become due. <br /> 5. Approval of Official Statement for Offering -There has been made available <br /> to each member of the Board a draft of an official statement (the "Official Statement") <br /> relating to the Bonds, which is designed to provide appropriate information about the <br /> County and the financing to prospective investors in the Bonds. The draft Official Statement <br /> remains subject to completion and amendment. <br /> The Board approves the LGC's distribution of the Official Statement to prospective <br /> purchasers of the Bonds. The Official Statement as distributed must be in substantially the <br /> form presented to this meeting, which the Board approves, with changes as the Finance <br /> Officer may approve. The Board ratifies the prior actions of the Finance Officer and other <br /> County representatives, in collaboration with the LGC staff, in preparing the text of the <br /> Official Statement. <br />