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Notice of Public Hearing -- Orange County Refunding Bonds <br />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 <br />School Bonds, Series 1993 (together, the "Prior Bonds"). Based on the current <br />state of the municipal bond market, the County has determined that refinancing <br />all or a portion of the outstanding balance of the Prior Bonds would provide <br />savings to the County. <br />The County has applied to the North Carolina Local Government <br />Commission for its approval of the issuance of County refunding bonds to carry <br />out the refinancing of the Prior Bonds. The Commission has accepted the <br />County's application. <br />BE IT ORDERED by the Board of Commissioners of Orange County, <br />North 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 <br />and other necessary or incidental costs. <br />2. The maximum aggregate principal amount of the bonds issued for <br />such purpose will be $28,000,000. <br />3. Taxes will be levied in an amount sufficient to pay the principal of <br />and interest on the bonds so issued. <br />4. A sworn statement of debt prepared by the County's Finance Officer <br />has been filed with the Clerk to this Board and is available for public inspection. <br />Orange Co Docs <br />