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is <br />RESOLUTION FOR A BOND SALE <br />WHEREAS: <br />The voters of Orange County, North Carolina (the "County"), at bond <br />referenda in 1997 and 2001, approved the issuance of County general obligation <br />bonds for several purposes, including schools, sewer system improvements, low <br />and moderate income housing and parks, recreation and open space. <br />In addition, on June 23, 2004, the County's Board of Contnussioners <br />(the "Board") authorized the issuance of County general obligation bonds in the <br />maximum amounts of $3,900,000 for public buildings and $300,000 for land <br />acquisition. The County will issue these bonds under the provisions of law which <br />the allow issuance of such bonds without referendum approval, in an amount up to <br />two-thirds of the amount by which the County will have reduced its outstanding <br />indebtedness in the 2003-04 fiscal year, <br />The Board has now determined that the County should issue a portion of <br />such bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Detervtiization To Sell Referendiun Bo~zds -The County will issue <br />and sell a portion of the bonds previously approved at bond referenda for their <br />authorized purposes, as follows: <br />$7,565,000 of the $33,250,000 authorized and unissued school bonds; <br />$1,300,000 of the $2,700,000 authorized and unissued bonds for <br />certain housing purposes; <br />$10,&75,000 of the $16,375,000 authorized and unissued bonds for <br />parks, recreation and open space purposes; and <br />All of the $1,200,000 authorized and unissued sewer expansion bonds. <br />These bonds will be sold as a single issue of bonds to be designated <br />"Public hnpl°ovement Bonds, 2004B." <br />Orange 04 GO bond resolution BR <br />