Serving Kenly, Selma, Smithfield, Princeton & Pine Level since 1973

BOND ORDER AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE TOWN OF CLAYTON IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $18,000,000 FOR THE PURPOSE OF FINANCING, IN PART, THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF PARKS AND RECREATION FACILITIES IN THE TOWN WHEREAS, the Town Council (the “Council”) of the Town of Clayton, North Carolina (the “Town”) has decided to pursue the issuance of general obligation bonds in the maximum aggregate principal amount of $18,000,000 under the Local Government Bond Act (the “Act”) to finance, in part, the acquisition, construction and equipping of parks and recreation facilities in the Town (the “Bonds”); and WHEREAS, the Council has filed an application with the Local Government Commission of North Carolina for approval of such Bonds as required by the Act; BE IT ORDERED BY THE TOWN COUNCIL FOR THE TOWN OF CLAYTON, NORTH CAROLINA: 1. It is hereby determined necessary and expedient for the Town to borrow money, and there are hereby authorized to be issued general obligation bonds of the Town for the purpose of providing money, to finance, in part, the acquisition, construction and equipping of parks and recreation facilities in the Town. 2. The bonds shall be in an aggregate principal amount not to exceed a maximum of $18,000,000. 3. The bonds shall be general obligations of the Town for the payment of principal of and interest on which its full faith and credit shall be irrevocably pledged and taxes will be levied in an amount sufficient to pay the principal of and interest on the bonds. 4. A sworn statement of debt has been filed with the Clerk to the Town pursuant to G.S. §159-55 and is open to public inspection. 5. This Bond Order will take effect when approved by the voters of the Town pursuant to G.S. §159-61. The foregoing order was adopted on September 3, 2019, and is hereby published this 11th day of September, 2019. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. The finance officer of the Town has filed a statement estimating that the total amount of interest that will be paid on the Bonds over the expected term of the Bonds, if issued, is $8,728,125. The estimate is preliminary, is for general informational purposes only, and may differ from the actual interest paid on the Bonds. The assumptions upon which the foregoing estimate is based are set forth in a statement of the finance officer that has been filed with the Clerk to the Council and is open to public inspection. There is no assurance that the circumstances included in such assumptions will occur; and the occurrence of certain of such assumptions is beyond the control of the Town. Differences between the actual circumstances at the time the bonds are issued from the assumptions included in the foregoing estimate could result in significant differences between the estimated interest and the actual interest on the bonds. By: Kimberly Moffett, Clerk Town of Clayton, North Carolina

Posted 9/10/2019