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2 <br /> RES-2022-024 Attachment 1 <br /> Resolution for the Sale of School Bonds <br /> Introduction -- <br /> The voters of Orange County have previously approved the issuance of up to <br /> $120,000,000 of the County's general obligation bonds to pay capital costs of <br /> providing school facilities. The County still has $14,540,000 of these bonds left to be <br /> issued. <br /> The Board has now determined that the County should issue the remaining <br /> $14,540,000 of the school 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 School Bonds - The County will issue and sell up to <br /> $14,540,000 of the unissued School Bonds (referred to as the "Bonds" in this <br /> resolution) for their authorized purpose. <br /> 2. 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 /> without restriction as to rate or amount, on all locally taxable property in the County <br /> sufficient to pay the principal of and interest on the Bonds as the same become due. <br /> 3. Payment Provisions. The Bonds will bear interest at the rates <br /> determined at the time of their sale by the Local Government Commission (the "LGC"), <br /> with interest calculated on the basis of a 360-day year consisting of twelve 30-day <br /> months. The principal of the Bonds will be payable in annual installments as the <br />