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RES- 2018 -034 <br />Resolution for the Sale of School 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 bonds to pay capital costs of providing school <br />facilities (the "School Bonds "). The County still has $99,000,000 of those School Bonds left to <br />be issued. <br />The Board has now determined that the County should issue $64,400,000 of the <br />remaining School Bonds. <br />This resolution provides for the issuance of these bonds and takes related action, such as <br />approving the form of the disclosure document that will be used to provide information to <br />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 School Bonds - The County will issue and sell up to <br />$64,400,000 of the unissued School Bonds (referred to as the "Bonds" in this resolution) for their <br />authorized purpose. <br />2. Payment Provisions -- The Bonds will bear interest at the rates determined at the <br />time of their sale by the Local Government Commission (currently scheduled for June 26). The <br />principal of the Bonds will be payable in annual installments as the Finance Officer may <br />determine after consultation with the LGC, except that the final maturity for the Bonds must not <br />extend beyond December 31, 2038. <br />3. Pledge of Faith, Credit and faxing Power -- The County's full faith and credit <br />are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds. <br />Unless other funds are lawfully available and appropriated for timely payment of the Bonds, the <br />County will levy and collect an annual ad valorem tax, without restriction as to rate or amount, <br />on all locally taxable property in the County sufficient to pay the principal of and interest on the <br />Bonds as the same become due. <br />4. Approval of Official Statement for Offering - There has been made available to <br />each member of the Board a draft of an official statement (the "Official Statement ") relating to <br />