Orange County NC Website
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57 <br /> TABLE OF CONTENTS <br /> Page <br /> INTRODUCTION.......................................................................................................................................3 <br /> TheCounty.....................................................................................................................................3 <br /> Purpose............................................................................................................3 <br /> Security...........................................................................................................................................3 <br /> The2019B Bonds...........................................................................................................................4 <br /> AdditionalBonds............................................................................................................................5 <br /> Book-Entry Only.............................................................................................................................5 <br /> TaxStatus.......................................................................................................................................5 <br /> Professionals...................................................................................................................................5 <br /> AdditionalInformation...................................................................................................................5 <br /> THE2019B BONDS....................................................................................................................................6 <br /> Authorization..................................................................................................................................6 <br /> General ...........................................................................................................................................6 <br /> RedemptionProvisions...................................................................................................................6 <br /> SECURITY AND SOURCES OF PAYMENT OF 2019B BONDS...........................................................8 <br /> General ...........................................................................................................................................8 <br /> Payment of Bonds; Limited Obligation; Budget and Appropriations.............................................8 <br /> TrustAgreement.............................................................................................................................8 <br /> Deedof Trust..................................................................................................................................9 <br /> Enforceability................................................................................................................................10 <br /> AdditionalBonds..........................................................................................................................I I <br /> Useof Net Proceeds......................................................................................................................11 <br /> AVAILABLE SOURCES FOR PAYMENT.............................................................................................11 <br /> General .........................................................................................................................................11 <br /> General Fund Revenues................................................................................................................11 <br /> THEPLAN OF FINANCE........................................................................................................................11 <br /> TheProjects..................................................................................................................................12 <br /> TheMortgaged Property...............................................................................................................12 <br /> ESTIMATED SOURCES AND USES OF FUNDS .................................................................................14 <br /> TOTAL ANNUAL DEBT SERVICE REQUIREMENTS........................................................................14 <br /> CERTAIN RISKS OF 2019B BOND OWNERS......................................................................................15 <br /> Insufficiencyof Payments.............................................................................................................15 <br /> Riskof Nonappropriation.............................................................................................................15 <br /> Valueof Collateral........................................................................................................................15 <br /> UninsuredCasualty.......................................................................................................................16 <br /> Outstanding General Obligation Debt of the County....................................................................16 <br /> EnvironmentalRisks.....................................................................................................................16 <br /> AdditionalBonds..........................................................................................................................17 <br /> Bankruptcy....................................................................................................................................17 <br /> THECOUNTY..........................................................................................................................................17 <br /> General .........................................................................................................................................17 <br /> FinancialInformation....................................................................................................................17 <br /> LEGALMATTERS...................................................................................................................................18 <br /> Litigation.......................................................................................................................................18 <br /> Opinionsof Counsel.....................................................................................................................18 <br /> TAXTREATMENT..................................................................................................................................18 <br /> Opinionof Bond Counsel.............................................................................................................18 <br /> i <br />