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3 <br />Kenneth T. Chavious <br />June 11, 2004 <br />Page 4 <br />Bond Order for Adoption - <br />Public Building Bonds <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION PUBLIC BUILDING BONDS IN THE MAXIMUM <br />AMOUNT OF $3,900,000 <br />WHEREAS -- <br />By resolution adopted on May 18, 2004, the Board of Commissioners of <br />Orange County, North Carolina (the "County"), stated its proposal to issue general <br />obligation bonds to pay capital costs of providing public buildings. <br />By law, the County may issue general obligation bonds for this purpose <br />without referendum approval in an amount up to two-thirds of the amount by <br />which the County will have reduced its outstanding indebtedness in the 2003-04 <br />fiscal year. <br />The County has applied to the North Carolina Local Government <br />Commission (the "LGC") for its approval of such bonds. The LGC has accepted <br />the County's 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 bonds of the <br />County to pay capital costs of providing public buildings, including costs of <br />acquisition, construction, renovation and other capital costs, including the possible <br />acquisition of land for public buildings, together with related financing and other <br />necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $3,900,000. <br />Orange 04 23 2d meeting does <br />