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.~ <br />3 <br />Orange County Refunding Bonds -- Notice of Adont~on.of Bond Orders <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT <br />OF $24,000,000 <br />WHEREAS -- <br />Orange County, North Carolina (the "County"), has previously issued its <br />general obligation School Bonds,' Series 1994 (the "1994 Bonds"). Based on the <br />current state of the municipal bond market, the County has determined that a <br />refinancing of a portion of the outstanding balance of the 1994 Bonds would <br />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 1994 Bonds. The Commission has accepted the <br />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 refunding <br />bonds of the County to provide for the refinancing of a portion of the outstanding <br />balance of the 1994 Bonds, including paying related financing costs and other <br />necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $24,000,000. <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 />S. This Bond Order takes effect immediately. <br />3 <br />