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28 <br /> 1 Gary Donaldson said slide #6 is an illustration of the tranches and the pay-go, and that is <br /> 2 a critical piece. He said this is one of the items that came out of the school task force meeting but <br /> 3 based on other areas, they have learned that the pay-go is critical. <br /> 4 <br /> 5 Slide #7 <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,creditltaxing power of the County <br /> Maturity Term-20 years statute permits 40 years <br /> - Senior position and takes priority to all other Courtly Limited obligation Bonds and Installment Notes. <br /> Source of repayment-Property Tax <br /> - Finances;Buildings,School Facilities and Renovations with long useful Ide <br /> - Ratings-AsaIAAAJAAA by Moody s,Standard&Poor's and Fitch Ratings <br /> LGC approval required <br /> ORANGE COUNTY <br /> NORTH CARO[.INA <br /> 6 <br /> 7 <br /> 8 Slide #8 <br /> AAA GO Bond Ratings from the Three Nationally Recognized Rating Agencies <br /> • Orange County has maintained AAA ratings from Fitch, Moody's and <br /> Standard & Poor's the past ten years- <br /> • One of few counties with this distinction nation-wide. <br /> • AAA rating designation allows for lowest possible borrowing rates. <br /> ■ Prior three rating agencies'analyses have cited; <br /> Stable tax and economic base. <br /> •;• Strong financial performance and financial policies. <br /> :• Regular monitoring of budget versus actuals with quarterly financial <br /> reporting to the Board. <br /> Long-term financial modeling and proactive operating and debt <br /> management strategies. <br /> ORANGE COUNTY <br /> NORTH C:AROLINA <br /> 9 <br />