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3 <br />Resolution Stating Intent To Issue Orange County <br />General Obligation Bonds for Public Buildings <br />WHEREAS: <br />The Board of Commissioners of Qrange County, North <br />Carolina, has considered the need for capital improvements for public <br />buildings in the County. The Board has determined it may be <br />desirable for the County to issue general obligations bonds for this <br />purpose in the upcoming County fiscal year, under the provision of <br />law that allows the issuance of such bonds to the extent of two-thirds <br />of the County's net. debt reduction for the previous fiscal year, <br />BE IT THEREFORE RESOLVED by the Board of <br />Commissioners of Orange County, North Carolina, as follows: <br />1. The Board makes an initial determination to proceed with <br />the issuance of County general obligation bonds in the maximum <br />amount of $4,200,000 to pay capital costs related to public buildings. <br />The Board will make final determinations at a later time as to the <br />actual amount of bonds to be issued and the projects to be funded <br />with the proceeds of such bonds. <br />2. The County regtaests that the North Carolina Local <br />Government Commission approve the County's application for the <br />issuance of such bonds. The Board makes the following findings of <br />fact in support of its application for approval and its determination to <br />proceed with this bond issue: <br />a) Financing construction, expansion and renovation of <br />public buildings through the issuance of bonds is necessary <br />and expedient for the County, and the amount of bonds <br />proposed is adequate and not excessive for the proposed <br />purpose. Through its capital investment program process, the <br />County has identified a range of such needs for County <br />buildings far in excess of the $4.2 million proposed. The $4.2 <br />million amount is the maximum that the County may issue as <br />"net debt reduction" bonds. <br />