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147 <br /> EXHIBIT B <br /> Orange County, North Carolina <br /> Limited Obligation Bonds, Series 2025 <br /> ISSUE PRICE CERTIFICATE <br /> The undersigned, on behalf of Robert W. Baird & Co. Incorporated ("Baird"), on <br /> behalf of itself and Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., <br /> LLC (together, the "Underwriting Group"), hereby certifies as set forth below with respect <br /> to the sale and issuance of the above-captioned obligations (the "Bonds"). <br /> 1. [Sale of the Bonds. As of the date of this certificate, for each Maturity of <br /> the Bonds, the first price at which at least 10% of such Maturity of the Bonds was sold to <br /> the Public is the respective price listed in Schedule A.][Sale of the General Rule <br /> Maturities. As of the date of this certificate, for each Maturity of the General Rule <br /> Maturities, the first price at which at least 10% of such Maturity of the Bonds was sold to <br /> the Public is the respective price listed in Schedule A.] <br /> 2. [Initial Offering Price of the Hold-the-Offering-Price Maturities. <br /> (a) The Underwriting Group offered the Hold-the-Offering-Price Maturities to <br /> the Public for purchase at the respective initial offering prices listed in Schedule A (the <br /> "Initial Offering Prices") on or before the Sale Date. A copy of the pricing wire or <br /> equivalent communication for the Bonds is attached to this certificate as Schedule B. <br /> (b) As set forth in the Bond Purchase Agreement, the members of the <br /> Underwriting Group have agreed in writing that, (i) for each Maturity of the Hold-the- <br /> Offering-Price Maturities, they would neither offer nor sell any of the Bonds of such <br /> Maturity to any person at a price that is higher than the Initial Offering Price for such <br /> Maturity during the Holding Period for such Maturity (the "hold-the-offering-price rule"), <br /> and (ii) any selling group agreement shall contain the agreement of each dealer who is a <br /> member of the selling group, and any retail distribution agreement shall contain the <br /> agreement of each broker-dealer who is a party to the retail distribution agreement, to <br /> comply with the hold-the-offering-price rule. Baird has not offered or sold any Maturity <br /> of the Bonds at a price that is higher than the respective Initial Offering Price for that <br /> Maturity of the Bonds during the Holding Period. Each of the other members of the <br /> Underwriting Group and each selling group member has represented that it would not offer <br /> or sell any Maturity of the Hold the-Offering-Price Maturities at a price that is higher than <br /> the respective Initial Offering Price for that Maturity of the Bonds during the Holding <br /> Period.] <br /> 3. Defined Terms. <br /> B-1 <br />