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3 <br />Bond Order for Introduction -- Refundinj Bonds <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF <br />$359000,000 <br />WHEREAS -- <br />Orange County, North Carolina (the "County "), has previously issued its <br />general obligation Public Improvement Bonds, Series 2000A and 2000B (the <br />"Prior Bonds "). Based on the current state of the municipal bond market, the <br />County has determined that refinancing all or a portion of the outstanding balance <br />of the Prior Bonds would provide savings to the County. <br />The County has applied to the North Carolina Local Government <br />Commission for its approval of the issuance of County refunding bonds to carry <br />out the refinancing of the Prior Bonds. The LGC has accepted the County's <br />application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />1. There are hereby ordered to be issued general obligation refunding <br />bonds of the County to provide for the refinancing of all or a portion of the <br />outstanding balance of the Prior Bonds, including paying related financing costs <br />and other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $35,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of <br />and interest on the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer <br />has been filed with the Clerk to this Board and is available for public inspection. <br />5. This Bond Order takes effect immediately. <br />92973v1 <br />