Orange County NC Website
<br />3 <br />RESOLUTION FOR A BOND SALE <br />WHEREAS: <br />The voters of Orange County, North Carolina (the "County"), on November 4, <br />1997, approved the issuance of (a) $47,000,000 of the County's general obligation <br />bonds to pay capital costs of providing school facilities (the "School Bonds"), (b) <br />$6,000,000 of general obligation bonds to pay capital costs of providing parks and <br />recreation facilities (the "Parks Bonds"), and (c) $1,800,000 of general obligation <br />bonds to pay capital costs of providing housing for the benefit of persons of low and <br />moderate income (the "Affordable Housing Bonds"). <br />In addition, earlier on June 25, 2001, the County's Board of Commissioners <br />(the "Board") authorized the issuance of up to $24,000,000 of County general <br />obligation refiinding bonds (the "Refunding Bonds") to refinance the County's <br />obligations with respect to its 1994 school bonds. The Refunding Bonds do not <br />require referendum approval. <br />The Board has now determined that the County should issue a portion of such <br />bonds. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Sell Referendum Bonds -The County will issue and <br />sell the following bonds for their respective authorized purposes: <br />(a) The remaining $12,500,000 of the unissued School Bonds, <br />(b) The remaining $3,170,000 of the unissued Parks Bonds, and <br />(c) All $1,800,000 of the Affordable Housing Bonds. <br />Such School Bonds, .Parks Bonds and Affordable Housing Bonds will be combined <br />for sale as a single issue (referred to in this resolution as .the "Referendum Bonds") <br />(the Referendum Bonds and the Refunding Bonds will be referred to collectively in <br />this resolution as the "Bonds"). <br />2. Determination To Sell Refunding Bonds -- The County will also issue <br />and sell the Refunding Bonds for their authorized purpose: The Refunding Bonds will <br />be sold as a separate issue but simultaneously with the Referendum Bonds. <br />3. Repayment Schedule -Each Bond will bear interest at such rate as will <br />be determined at the time of its sale, with interest payable on such dates as the <br />Finance Officer determines in consultation with the North Carolina Local Government <br />Commission (the "LGC"). In addition, the principal of the Bonds will be payable on <br />