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dated November 1, 1993, have been issued, that no notes have been issued in anticipation of the
<br />receipt of the proceeds of the sale of any of the Refunding Bonds and that it is necessary at this
<br />time to issue a portion of said Refunding Bonds and to use the proceeds thereof, together with
<br />any other funds necessary, to advance refund all or a portion of each maturity of the Issuer's
<br />outstanding School Bonds, Series 1997, dated February 1, 1997 (the "Bonds To Be Refunded").
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<br /> (c) That the prospective Bonds To Be Refunded financed, together with any other funds
<br />necessary, various public school facilities of the Issuer.
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<br /> (d) That the shortest period of time in which the Bonds To Be Refunded can be finally
<br />paid without making it unduly burdensome on the taxpayers of the Issuer, as determined by the
<br />Local Government Commission of North Carolina, is a period which expires not later than
<br />December 31, 20[20].
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<br /> Section 2. Pursuant to the Refunding Bond Order there shall be issued bonds of the
<br />Issuer in an aggregate principal amount not to exceed $40,000,000, subject to adjustment as
<br />hereinafter set forth, designated "General Obligation Refunding Bonds, Series 2004" and dated
<br />as of April 1, 2004, or such other date as may be designated by the County Manager or Finance
<br />Officer (the "Bonds"). The Chairman or Vice-Chairman of the Board, the County Manager or
<br />the Finance Officer, respectively, each acting on behalf of the Issuer, may increase or decrease
<br />the aggregate principal amount of the Bonds by any amount, so long as such amount shall not
<br />exceed $40,000,000, as determined to be in the best interest of the Issuer, and may make any
<br />such increase or decrease either before or after the bids are opened. The Bonds shall be stated to
<br />mature (subject to the right of prior redemption and to adjustment as hereinafter set forth)
<br />annually, February 1 (or such other date designated in accordance with...the immediately
<br />preceding sentence), $330,000 2005, $220,000 2006, $225,000 2007, $1,930,000 2008,
<br />$1,980,000 2009, $2,630,000 2010, $3,480,000 2011, $3,405,000 2012, $3,395,000 2013,
<br />$3,380,000 2014, $3,370,000 2015, $3,360,000 2016, $3,345,000 2017 and $2,120,000 2018.
<br />The foregoing notwithstanding, the Chairman or Vice-Chairman of the Board, County Manager
<br />or Finance Officer, respectively, each acting on behalf of the Issuer, may increase or decrease the
<br />principal amount of the Bonds maturing at each maturity, either before or after the opening of
<br />bids (including elimination of a maturity), provided that the aggregate principal amount of the
<br />Bonds shall not exceed $40,000,000. The Bonds shall bear interest at a rate or rates to be
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