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BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL <br />OBLIGATION REFUNDING BONDS IN THE MAXIMUM AMOUNT OF <br />$28,000,000 <br />WHEREAS -- <br />Orange County, North Carolina (the "County"), has previously issued its <br />general obligation Refunding Bonds, Series 1993, and its general obligation School <br />Bonds, Series 1993 (together, the "Prior Bonds"). Based on the current state of the <br />municipal bond market, the County has determined that refinancing all or a portion <br />of the outstanding balance of the Prior Bonds would provide savings to the County. <br />The County has applied to the North Carolina Local Government Commission <br />for its approval of the issuance of County refunding bonds to carry out the <br />refinancing of the Prior Bonds. The Commission has accepted the County's <br />application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, North <br />Carolina, as follows: <br />1. There are hereby ordered to be issued general obligation refunding <br />bonds of the County to provide for the refinancing of all or a portion of the <br />outstanding balance of the Prior Bonds, including paying related financing costs and <br />other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for such <br />purpose will be $28,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of and <br />interest on the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer has <br />been filed with the Clerk to this Board and is available for public inspection. <br />5. This Bond Order takes effect immediately.