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{ Y <br />(b) That $10,500,000 of said bonds has been issued, <br />which bonds are designated "School Bonds, Series 198911, dated May <br />1, 1989 and stated to mature annually, May 1, 1990 to 2009, <br />inclusive, that $7,845,000 of the balance of said bonds has been <br />issued, which bonds are designated "School Bonds, Series 199011, <br />dated June 1, 1990 and stated to mature annually, June 1, 1991 to <br />2010, inclusive, that no notes have been issued in anticipation <br />of the receipt of the proceeds of the sale of the balance of said <br />bonds and that it is necessary to issue the balance of said bonds <br />in the amount of $3,655,000 at this time. <br />(c) That the maximum period of usefulness of the <br />additional school facilities to be provided pursuant to said <br />order is estimated as a period of 40 years from May 1, 1991, the <br />date of said $3,655,000 of bonds as hereinafter provided, and <br />that such period expires on May 1, 2031. <br />Section 2. Pursuant to said order, there shall be <br />issued bonds of the County of Orange (the "Issuer ") in the <br />aggregate principal amount of $3,655,000, designated "School <br />Bonds, Series 1991" and dated May 1, 1991 (the "Bonds "). The <br />Bonds shall be stated to mature (subject to the right of prior <br />redemption as hereinafter set forth) annually, May 1, $200,000 <br />1992 and 1993, $175,000 1994 to 2009, inclusive, and $455,000 <br />2010, and shall bear interest at a rate or rates to be determined <br />by the Local Government Commission of North Carolina at the time <br />the Bonds are sold, which interest to the respective maturities <br />thereof shall be payable on November 1, 1991 and semiannually <br />�A <br />