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<br />(b) That an order authorizing not exceeding $3,100,000 Community College Bonds
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<br />was adopted by the Board on August 25, 2004, which order was approved by the vote of a
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<br />majority of the qualified voters of said County who voted thereon at a special referendum duly
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<br />called and held on November 2, 2004.
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<br />(c) That $50,000,000 of said School Bonds have been issued, designated as "School
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<br />Bonds, Series 2005," date<:l March 1,2005.
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<br />(d) That none of said Community College Bonds have been issued.
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<br />( e) That no notes have been issued in anticipation of the receipt of the proceeds of the
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<br />sale of said School Bonds or Community College Bonds and that it is necessary at this time to
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<br />issue $48,000,000 of Public Improvement Bonds, Series 2006, consisting of $44,900,000 of
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<br />School Bonds and $3,100,000 of Community College Bonds in accordance with the provisions
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<br />. of Section 2 of this resolution
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<br />(f) That the maximum period of usefulness of the capital project(s) to be financed
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<br />with the proceeds of said l'ublic Improvement Bonds, Series 2006 to be issued is estimated as a
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<br />period of 40 years from September I, 2006, the date of said Public Improvement Bonds, Series
<br />
<br />2006 as hereinafter provided, and that such period expires on September I, 2046.
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<br />Section 2. Pursuant to said orders, there shall be issued bonds of the County in the
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<br />aggregate principal amoup.t of $48,000,000 designated "Public Improvement Bonds, Series
<br />
<br />2006" and dated Septembe! 1,2006 (the "Bonds"). The Bonds shall be stated to mature (subject
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<br />to the right of prior redemption as hereinafter set forth) annually, March I, $1,300,0002008 to
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<br />2013, inclusive, $2,000,OQO 2014 to 2018, inclusive, $3,400,000 2019 to 2026, inclusive, and
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<br />$3,000,000 2027, and sh,ll bear interest at a rate or rates to be determined by the Local
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<br />Government Commission Of North Carolina at the time the Bonds are sold, which interest to the
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<br />F-5
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