Orange County NC Website
Browse       Search
67 <br /> ADDITIONAL BONDS <br /> Under the conditions described in the Trust Agreement, without the approval or consent of the <br /> Owners of the then Outstanding 2019B Bonds, Additional Bonds may be delivered and secured on parity <br /> with the 2019B Bonds and the Prior Bonds to provide funds (a)to expand or improve the Pledged <br /> Facilities, (b)to construct further improvements to the Pledged Sites, (c) to refund any Outstanding <br /> Bonds, (d)to pay financing costs or establish reserves in connection with the issuance of Additional <br /> Bonds, (e) for any other purpose that may be allowed by law from time to time, including the acquisition <br /> and construction of additional public facilities, whether or not those facilities are related to the Pledged <br /> Facilities or the Pledged Sites, or (f)for any combination of such purposes. See "THE TRUST <br /> AGREEMENT—Additional Bonds"in Appendix C hereto. <br /> USE OF NET PROCEEDS <br /> The County must elect to use Net Proceeds and other funds available therefor, subject to <br /> provisions of the Trust Agreement, to repair and restore the Mortgaged Property or to redeem or defease <br /> the Bonds in whole(but not in part)pursuant to the optional redemption provisions described above or the <br /> defeasance provisions of the Trust Agreement, as appropriate. The County has no option to redeem the <br /> 2019B Bonds from Net Proceeds other than in accordance with the optional redemption provisions <br /> described above (which provide for no optional redemption prior to October 1,20). <br /> AVAILABLE SOURCES FOR PAYMENT <br /> GENERAL <br /> The County may pay its obligations under the Trust Agreement from any source of funds, <br /> including revenues generated by the projects financed under the Trust Agreement and other facilities in <br /> the County, available to it in each year and appropriated therefor until maturity of the 2019B Bonds. <br /> GENERAL FUND REVENUES <br /> The County's unaudited general fund revenues for the fiscal year ended June 30, 2019 were <br /> approximately $[_] million and for the fiscal year ending June 30, 2020 are budgeted to be $[_] <br /> million. General fund revenues are derived from various sources, including property taxes (which account <br /> for approximately 70% of the general fund revenues), sales taxes, fees and charges, as well as <br /> intergovernmental revenues. For the fiscal year ended June 30, 2019, the County imposed a property tax <br /> of$0.8504 per$100 of assessed value, all of which was appropriated to the General Fund by the County's <br /> Board of Commissioners. For the fiscal year ending June 30,2020,the County will impose a property tax <br /> of$0.8654 per $100 of assessed value. A rate of$0.8504 per $100 of assessed value in the fiscal year <br /> ended June 30, 2019 generated approximately $[_] million. A rate of $0.8654 per $100 of assessed <br /> value in the fiscal year ending June 30, 2020 is estimated to generate approximately $[_] million. The <br /> General Statutes of North Carolina permit counties to impose property taxes of up to $1.50 per $100 of <br /> assessed value for certain purposes without the requirement of a voter referendum. See Appendix B <br /> hereto for a description of the uses of the County's general fund revenues for the fiscal year ended June <br /> 30,2018. <br /> THE PLAN OF FINANCE <br /> The 2019B Bonds are being issued to provide funds to (1) finance the acquisition, construction, <br /> equipping and improvement of certain County facilities as further described below and(2)finance certain <br /> costs incurred in connection with the execution and delivery of the 2019B Bonds. <br /> 11 <br />