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2 <br />Extension Order for Adoption <br />Order Extending Time for Issuing <br />Parks and Housing Bonds Approved in 2001 <br />WHEREAS - <br />At a referendum held November 6, 2001, the voters of Orange County <br />authorized the issuance of up to $20,000,000 general obligation bonds of the <br />County for parks, recreation and open space purposes, of which $5,500,000 <br />bonds remain authorized but unissued. <br />In addition, at that same referendum, the voters authorized the <br />issuance of up to $4,000,000 general obligation bonds of the County for low <br />and moderate income housing, of which $1,400,000 bonds remain <br />authorized but unissued. <br />The County has determined that it is desirable to extend the time for <br />issuing such bonds, and has determined to follow the legally-required <br />procedures to obtain such an extension. <br />The North Carolina Local Government Commission has granted the <br />extension, and this Board has held a public hearing on the question of each <br />such extension as required by law. <br />BE IT THEREFORE ORDERED by the Board of Commissioners <br />of Orange County, North Carolina, as follows: <br />1. This Board approves the actions of the North Carolina Local <br />Government Commission in extending the maximum time period for issuing <br />bonds under the Bond Order entitled "BOND ORDER AUTHORIZING <br />THE ISSUANCE OF .GENERAL OBLIGATION BONDS FOR <br />PARKS, RECREATION AND OPEN SPACE IN THE MAXIMUM <br />AMOUNT OF $20,000,000," which took effect upon its approval by the <br />qualified voters of the County on November 6, 2001, from seven to ten years <br />after the date such Bond Order took effect. The time period is so extended. <br />2. This Board approves the actions of the North Carolina Local <br />Government Commission in extending the maximum time period for issuing <br />bonds under .the Bond Order entitled "BOND ORDER AUTHORIZING <br />