RES-2020-021 Resolution for the sale of General Obligation Bonds for Cedar Ridge High School Wing and Various other Orange County School Improvements

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RES -202M21 Resolution for the Sale of School Bonds WHEREAS The voters of Orange County have previously approved the issuance of up to $ 120 , 000 , 000 of the County ' s general obligation bonds to pay capital costs of providing school facilities . The County still has $ 34 , 600 , 000 of those school bonds left to be issued . The Board has now determined that the County should issue $ 20 , 060 , 000 of the remaining school bonds . This resolution provides for the issuance of these bonds and takes related action, such as approving the form of the disclosure document that will be used to provide information to prospective bond investors . BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows : 1 . County Will Sell School Bonds - The County will issue and sell up to $ 20 , 060 , 000 of the unissued school bonds ( referred to as the " Bonds " in this resolution) for their authorized purpose . 2. Payment Provisions. The Bonds will bear interest at the rates determined at the time of their sale by the Local Government Commission ( currently scheduled for April 21 ) , with interest calculated on the basis of a 360 - day year consisting of twelve 30 - day months . The principal of the Bonds will be payable in annual installments as the Finance Officer may determine after consultation with the LGC , except that the final maturity for the Bonds must not extend beyond December 31 , 2040 . 3. Pledge of Faith, Credit and Taxing Power - - The County ' s full faith and credit are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds . Unless other funds are lawfully available and appropriated for timely payment of the Bonds , the County will levy and collect an annual ad valorem tax, without restriction as to rate or amount, on all locally taxable property