Agenda - 12-07-1999 - 5a - Laserfiche WebLink

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3 BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PUBLIC BUILDLNG BONDS OF ORANGE COUNTY, NORTH CAROLINA, IN THE MAXIMUM AMOUNT OF $2,846,Qt~ WHEREA(.S -- By resolution adopted on November 16, 1999, the Board of Commissioners of Orange County, North Carolina, stated its proposal to issue County general obligation bonds to pay for public buildings. By law, the County may issue such bonds without referendum approval because the amount of the proposed bonds does not exceed two-thirds of the amount by which the County reduced its outstanding indebtedness in the 1998-99 fiscal year. The County has applied to the North Carolina Local Government Commission (the "LGC") for its approval of such bonds, and the LGC has notified the County of its acceptance of such application. BE IT .THEREFORE ORDERED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. There are hereby ordered to be issued general obligation public building bonds of the County to pxy capital costs of providing public buildings, together with related financing and other necessary or incidental costs. The bonds issued for this purpose may be combined for sale with bonds authorized for similar or different purposes. 2. The nnaximum aggregate principal amount of the bonds issued for such purpose shall be $2,$46,000. 3. Taxes will be levied in an ..amount sufficient to pay the principal of and interest on the bonds so issued. 4. A sworn statement of debt prepared by the County's Finance Officer has bccn filed with the CIerk to this Board and is available for public inspection. 5. This Bond Order shall take effect 30 days after its publication following adoption, unless it is petitioned to a vote of the people as provided in Section 159-64 of the North Carolina General Statutes, and in that event the order shall take effect when approved by the voters.. .