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12 <br /> General Obligation Bond <br /> North Carolina General Obligation Financing Key Provisions <br /> General Obligation Bonds <br /> - Voter Approval Required; exception for Refunding and Two-Third Bonds <br /> - Security Pledge- Full faith, credit/taxing power of the County <br /> - Maturity Term- 20 years statute permits 40 years <br /> - Senior position and takes priority to all other County Limited Obligation Bonds and Installment Notes. <br /> - Source of repayment- Property Tax <br /> - Finances-, Buildings, School Facilities and Renovations with long useful life <br /> - Ratings-Aaa/AAA/AAA by Moody's, Standard & Poor's and Fitch Ratings <br /> - LGC approval required <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />