RES-2003-013 Resolution for Sale of 2001 Bonds and Refunding of 1993 Bonds

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h ~s - Sao .~ - a ~ 3 z~>~~ ~~3 RESOLUTION FOR A BOND SALE WHEREAS: The voters of Orange County, North Carolina (the "County"), on November 6, 2001, approved the issuance of County general obligation bonds for various purposes, including schools, senior centers, affordable housing and parks, recreation and open space. The County has not yet issued any of the bonds approved at the 2001 election (the "Referendum Bonds"). In addition, on January 21, 2003, the County's Board of Commissioners (the "Board") authorized the issuance of up to $28,000,000 of County general obligation refunding bonds (the "Refunding Bonds"). The Refunding Bonds do not require referendum approval. The Referendum Bonds and the Refunding Bonds will be referred to collectively in this resolution as the "Bonds". The Board has determined that the County should now issue the Refunding Bonds and a portion of the Referendum Bonds. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Sell Referendum Bonds -The County will issue and sell Referendum Bonds for their authorized purposes, as follows: $13,750,000 of the $47,000,000 authorized and unissued school bonds; $500,000 of the $4,000,000 authorized and unissued bonds for senior centers; $1,300,000 of the $4,000,000 authorized and unissued bonds for certain housing purposes; and $3,625,000 of the $20,000,000 authorized and unissued bonds for parks, recreation and open space purposes. These bonds will be sold as a single issue of bonds to be designated "General Obligation Public Improvement Bonds, Series 2003." 2. Determination To Sell Refunding Bonds -- The County will also issue and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds 85902.1