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tz <br />Resolution A~pnroving Initial and Continuing Disclosure for Bonds <br />WHEREAS: <br />The Board of Commissioners (the "Board") of Orange County, North Carolina <br />(the "County"), has approved the issuance and sale of County general obligation bands in <br />the aggregate principal amount of $40,175,000 (the "2000 Bonds"). <br />There has been provided to each member of the Board the form of an official <br />statement (the "Official Statement") relating to the 2000 Bonds, pursuant to which the <br />2000 Bonds will be offered for sale. The Official Statement remains subject to <br />completion and amendment. <br />The Finance Officer has advised the Board concerning the County's obligation for <br />complete and accurate disclosure in the initial offering of the 2000 Bonds, and the need <br />for the County to make certain undertakings concerning continuing disclosure. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. Approval of Official Statement for Offering -- The Official Statement is <br />approved as the form of official statement pursuant to which the 2000 Bonds shall be <br />offered for sale. The actions of the Finance Officer, in collaboration with representatives <br />of the North Carolina Local Government Commission (the "LGC"), to prepare the <br />Official Statement are ratified, approved and confirmed. The Board approves the LGC's <br />distribution of the Official Statement to prospective purchasers of the 2000 Bonds. The <br />Official Statement as so distributed shall be in substantially the form presented to this <br />meeting, with such changes as the Finance Officer may approve. <br />2. Completion of Official Statement after Sale -- After bids have been <br />received and the LGC has awarded the 2004 Bonds to the successful purchaser, the <br />Finance Officer is authorized and directed to prepare, in collaboration with the LGC, a <br />supplement to the Official Statement containing, among such other matters as may be <br />appropriate, information required pursuant to Rule 15c2-12 ("Rule 15c2-12") <br />promulgated by the United States Securities and Exchange Commission under the United <br />States Securities Act of 1934, as amended. The County, together with the LGC, shall <br />arrange for the delivery within seven business days of the date the 2000 Bonds are sold of <br />a reasonable number of copies of the supplemented Off cial Statement to the successful <br />bidder on the 2000 Bonds for delivery to each potential investor requesting a copy of the <br />supplemented Official Statement and to each person to whom such bidder and members <br />of the bidding group initially sell the 2000 Bands. <br />3. Official Statements Deemed Final -- The Finance Officer is authorized, <br />on the County's behalf, to deem the supplemented Official Statement to be a "Final <br />