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9 <br /> 1 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,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/AAAIAAA by Moody's,Standard&Poor's and Fitch Ratings <br /> LGC approval required <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 2 <br /> 3 <br /> 4 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 CAROLINA <br /> 5 <br /> 6 <br /> 7 <br />