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5 <br />Bond Order for Introduction - <br />Bonds for "Lands Le~acy" Acquisitions <br />BOND ORDER AUTHORI7,ING THE ISSUANCE OF GENERAL <br />OBLIGATION BONDS FOR LAND ACQUISITION IN THE <br />MAXIMUM AMOUNT OF $300,000 <br />WHEREAS- <br />The Board of Commissioners of Orange County, North Carolina (the <br />"County"), has along-standing conunitment to provide funds and acquire <br />property, and interests in property, for preservation, resource protection and <br />open space purposes under the County's "Lands Legacy" initiative. <br />By law, the County may issue general obligation bonds for this <br />purpose without referendum approval in an amount up to two-thirds of the <br />amount by which the County will have reduced its outstanding indebtedness <br />in the 2003-04 fiscal year. <br />The County has applied to the North Carolina Local Government <br />Commission (the "LGC") for its approval of such bonds for this purpose. <br />The LGC has accepted the County's application, <br />BE IT ORDERED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1, There are hereby ordered to be issued general obligation bonds <br />of the County to pay capital costs of the acquisition of land, and interests in <br />land, for preservation, resource protection and open space purposes, <br />together with related financing and other necessary or incidental costs, <br />2. The maximum aggregate principal amount of the bonds issued <br />for such purpose will be $300,000. <br />3, Taxes will be levied in an amount sufficient to pay the <br />principal of and interest on the bonds so issued. <br />