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a <br />Certificate of <br />Achievement <br />for Excellence <br />in Financial <br />Reporting <br />Presented to <br />Orange County, <br />North Carolina <br />For its Comprehensive Annual <br />Financial Report <br />for the Fiscal Year Ended <br />June 30, 2003 <br />A Certificate of Achievement for Excellence in Financial <br />Reporting is presented by the Government Finance Qfficers <br />Association of the United States and Canada to <br />government units and public employee retirement <br />systems whose comprehensive annual financial <br />reports (CAFRs) achieve the highest <br />standazds in government accounting <br />and financial reporting, <br />,etiGE UFFj~ .^^CI~ <br />4 aFTh <br />wa- N ~pAtO ~ <br />~w~`~ ~s President <br />v Sua* o~Y <br />dneuo <br />~~~ ~~~ <br />Executive Director <br />xii <br />