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3 <br /> RES-2021-031 Attachment 1 <br /> s*h draft of April 22 <br /> Resolution for the Sale of Affordable Housing Bonds <br /> INTRODUCTION-- <br /> The voters of Orange County have previously approved the issuance of up to <br /> $5,000,000 of the County's general obligation bonds to pay capital costs of providing <br /> housing for persons of low and moderate income. The County still has $2,500,000 of <br /> these affordable housing bonds left to be issued. The Board has now determined that <br /> the County should issue the remaining $2,500,000 of affordable housing bonds. <br /> This resolution provides for the issuance of these bonds and takes related <br /> action, such as approving the form of the disclosure document that will be used to <br /> provide information to prospective bond investors. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> 1. County Will Sell Affordable Housing Bonds - The County will issue and <br /> sell up to the full remaining amount of $2,500,000 unissued affordable housing bonds <br /> (referred to as the "Bonds" in this resolution) for their authorized purpose. <br /> 2. Payment Provisions. The Bonds will bear interest at the rates <br /> determined at the time of their sale by the Local Government Commission (currently <br /> scheduled for June 15). The principal of the Bonds will be payable in annual <br /> installments as the Finance Officer may determine after consultation with the LGC, <br /> except that the final maturity for the Bonds must not extend beyond December 31, <br /> 2041. <br /> 3. Pledge of Faith, Credit and Taxing Power-- The County's full faith and <br /> credit are hereby irrevocably pledged for the payment of the principal of and interest <br /> on the Bonds. Unless other funds are lawfully available and appropriated for timely <br /> payment of the Bonds, the County will levy and collect an annual ad valorem tax, <br />