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(d) An order authorizing $5,000,000 Community College Bonds (Civic Center) (the
<br />"Civic Center Bonds") of the County was adopted by the Board for the County on July 21, 2014,
<br />which order was approved by the vote of a majority of the qualified voters of the County who
<br />voted thereon at a referendum duly called and held on November 4, 2014.
<br />(e) None of said bonds have heretofore been issued and there is outstanding a $5,000,000
<br />General Obligation Community College Bond Anticipation Note, Series 2016, dated May 19,
<br />2016, maturing June 1, 2017, and bearing interest at the rate of 1.04% per annum (the "2016
<br />Note"), which 2016 Note was issued in anticipation of the receipt of the proceeds of the sale of
<br />$1,035,000 of the Health Sciences Bonds; $1,545,000 of the Veterinary Technology Bonds; (iii)
<br />$1,795,000 of the Emergency Services Bonds and $625,000 of the Civic Center Bonds.
<br />(f) It is necessary to issue $9,000,000 of the Health Science Bonds, $5,000,000 of the
<br />Veterinary Technology Bonds, $4,000,000 of the Emergency Services Bonds and $5,000,000 of
<br />the Civic Center Bonds at this time for the purpose of providing funds, together with other
<br />available funds, to prepay the outstanding 2016 Note and pay the costs of the various projects
<br />authorized to be financed by said bonds.
<br />(g) The maximum period of usefulness of the public improvements to be provided with
<br />the proceeds of said bonds is estimated as a period of forty (40) years from May 19, 2016, the
<br />date of the 2016 Note, and that such period expires on May 19, 2056.
<br />(h) It is in the best interest of the County to consolidate said bonds for the purposes of
<br />sale into a single issue of bonds.
<br />Section 2. Pursuant to said order, the County shall issue bonds in the aggregate principal
<br />amount of $23,000,000 designated "General Obligation Community College Bonds, Series 2017"
<br />(the 'Bonds"), to be dated the date of delivery thereof. The Bonds shall be stated to mature
<br />annually (subject to adjustment as set forth below), April 1, $1,150,000 2018 to 2037, inclusive,
<br />and shall bear interest at a rate or rates to be determined by the Local Government Commission
<br />of North Carolina at the time the Bonds are sold, which interest to the respective maturities
<br />thereof shall be payable on each April 1 and October 1, beginning October 1, 2017, until payment
<br />of such principal sum.
<br />Notwithstanding the foregoing, the principal due on April 1 of each year as provided
<br />above may be made to come due on account of the maturity of Bonds on such date or pursuant to
<br />mandatory sinking fund redemption, all as provided in the Notice of Sale relating to the Bonds.
<br />Bonds to be retired on multiple dates on account of mandatory sinking fund redemptions and a
<br />final maturity are herein referred to as "Term Bonds." The Finance Director of the County may
<br />take all actions necessary, including modification of the form of Bonds set forth in Section 3 of
<br />this resolution and the redemption provisions set forth in Section 4 of this resolution, in order to
<br />conform any Bonds to the requirements for Term Bonds.
<br />Each Bond shall bear interest from the interest payment date next preceding the date on
<br />which it is authenticated, unless it is (a) authenticated upon an interest payment date, in which
<br />event it shall bear interest from such interest payment date or (b) authenticated prior to the first
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