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3 <br />BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION <br />PUBLIC BUILDING BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN <br />THE MAXIMUM AMOUNT OF $2,846,000 <br />WHEREAS -- <br />By resolution adopted on November 16, 1999, the Board of Commissioners of <br />Orange County, North Carolina, stated its proposal to issue County general obligation <br />bonds to pay for public buildings. <br />By law, the County may issue such bonds without referendum approval because <br />the amount of the proposed bonds does not exceed two-thirds of the amount by which the <br />County reduced its outstanding indebtedness in the 1998-99 fiscal year. <br />The County has applied to the North Carolina Local Government Commission (the <br />"LGC") for its approval of such bonds, and the LGC has notified the County of its <br />acceptance of such application. <br />BE IT THEREFORE 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 public building <br />bonds of the County to pay capital costs of providing public buildings, together with <br />related financing and other necessary or incidental costs. The bonds issued for this <br />purpose may be combined for sale with bonds authorized for similar or different <br />purposes. <br />2. The maximum aggregate principal amount of the bonds issued for such <br />purpose shall be $2,846,000. <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 shall take effect 30 days after its publication following <br />adoption, unless it is petitioned to a vote of the people as provided in Section 159-60 of <br />the North Carolina General Statutes, and in that event the order shall take effect when <br />approved by the voters.