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53 <br /> Attachment 4 MW Draft of 08/16/2019 <br /> PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER_,2019 <br /> NEW ISSUE BOOK-ENTRY ONLY Ratings:Moody's: [_] <br /> 0 <br /> Fitch: [_] <br /> ti c <br /> In the opinion of Bond Counsel, under existing law and subject to conditions described under "TAX TREATMENT" <br /> ' herein, interest on the 2019B Bonds paid by the County(1) is not includable in the recipient's gross income for federal income <br /> ti �� tax purposes, (2) is not an item of tax preference for purposes of the federal alternative minimum income tax, and(3) is exempt <br /> from current State of North Carolina income taxes. See "TAX TREATMENT"herein for additional information regarding other <br /> O federal,State and local tax consequences arising from ownership or receipt of interest on the 2019B Bonds. <br /> ORANGE COUNTY,NORTH CAROLINA <br /> LIMITED OBLIGATION BONDS,SERIES 2019B <br /> a o <br /> 2 0 <br /> qDated:Date of Delivery Due: October 1,as shown on the inside front cover <br /> This Official Statement has been prepared by Orange County,North Carolina(the"County")to provide information on <br /> �c 5 the Orange County, North Carolina, Limited Obligation Bonds, Series 2019B (the "2019B Bonds"). Selected information is <br /> presented on this cover page for the convenience of the user. Investors must read the entire Official Statement to obtain <br /> 2 information essential to the making of an informed investment decision. <br /> Security: The payment by the County of the principal of and interest on the 2019B Bonds is limited to <br /> funds appropriated for that purpose by the Board of Commissioners for the County in its sole <br /> o discretion, except to the extent payable from Bond proceeds, investment earnings, Net <br /> U s Proceeds related to casualty or condemnation proceeds, or amounts derived from the <br /> 0 enforcement of remedies on default. <br /> W As security for the 2019B Bonds, the Prior Bonds and all other Bonds issued under the Trust <br /> o Agreement(as such terms are defined herein),the County has executed and delivered a deed of <br /> trust, as amended, and will execute and deliver a second supplement to such deed of trust <br /> ogranting, among other things, a lien of record on the Mortgaged Property subject to Permitted <br /> Encumbrances(as such terms are defined herein). <br /> e THE OBLIGATION TO MAKE PAYMENTS WITH RESPECT TO THE 2019B BONDS IS NOT A <br /> 0 <br /> GENERAL OBLIGATION OF THE COUNTY, AND THE TAXING POWER OF THE COUNTY IS NOT <br /> q ,o PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONIES DUE TO THE OWNERS OF THE <br /> '44 5 2019B BONDS. See the caption"SECURITY AND SOURCES OF PAYMENT OF 2019B <br /> BONDS"herein. <br /> O Redemption: The 2019B Bonds are subject to redemption as described herein. <br /> 0 0 Purpose: Proceeds of the 2019B Bonds will be used to (1) finance the acquisition, construction, <br /> h o equipping and improvement of certain County facilities as further described herein,and(2)pay <br /> o o certain costs incurred in connection with the issuance of the 2019B Bonds. <br /> O w <br /> Interest Payment Dates: April 1 and October 1 of each year,commencing October 1,2020. <br /> oo Denomination: $5,000 or integral multiples thereof. <br /> � U O <br /> q Delivery: On or about November 5,2019. <br /> 0 <br /> i Bond Counsel. Sanford Holshouser LLP <br /> W ti County Attorney: John L.Roberts,Esq. <br /> Financial Advisor: Davenport&Company LLC <br /> Underwriters'Counsel: McGuireWoods LLP <br /> J o Trustee: The Bank of New York Mellon Trust Company,N.A. <br /> y <br /> •2 Baird FTN Financial Capital Markets <br /> o The date of this Official Statement is October 2019. <br /> 5 <br /> d <br /> o <br /> ro v <br /> U <br /> h U 5 <br /> *Preliminary,subject to change. <br />