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77 <br /> respect to the 2019B Bonds to be subject to backup withholding if such interest is paid to beneficial <br /> owners who (a) are not "exempt recipients," and (b) either fail to provide certain identifying information <br /> (such as the beneficial owner's taxpayer identification number) in the required manner or have been <br /> identified by the Service as having failed to report all interest and dividends required to be shown on their <br /> income tax returns. Generally, individuals are not exempt recipients, whereas corporations and certain <br /> other entities generally are exempt recipients. Amounts withheld under the backup withholding rules <br /> from a payment to a beneficial owner would be allowed as a refund or credit against such beneficial <br /> owner's federal income tax liability provided the required information is furnished to the Service. <br /> CONTINUING DISCLOSURE OBLIGATION <br /> In accordance with the requirements of Rule 15c2-12 promulgated by the Securities and <br /> Exchange Commission under the Securities Exchange Act of 1934 ("Rule 15c2-12"), the County has <br /> undertaken in the Trust Agreement to provide, or cause to be provided through the Trustee, to the <br /> Municipal Securities Rulemaking Board(the"MSRB"): <br /> (1) by not later than seven months after the end of each fiscal year, beginning with the fiscal <br /> year ended June 30, 2019, the audited financial statements of the County for such fiscal year, if available, <br /> prepared in accordance with Section 159-34 of the General Statutes of North Carolina, as it may be <br /> amended from time to time, or any successor statute, or if such audited financial statements are not then <br /> available,unaudited financial statements of the County for such fiscal year to be replaced subsequently by <br /> audited financial statements of the County to be delivered within 15 days after such audited financial <br /> statements become available for distribution; <br /> (2) by not later than seven months after the end of each fiscal year, beginning with the fiscal <br /> year ended June 30, 2019, the financial and statistical data as of a date not earlier than the end of the <br /> preceding fiscal year for the type of information included under the captions "THE COUNTY—DEBT <br /> INFORMATION" and "—TAX INFORMATION" in Appendix A relating to the 2019B Bonds <br /> (excluding any information on overlapping or underlying debt) to the extent such items are not included <br /> in the audited financial statements referred to in(1)above; <br /> (3) in a timely manner not in excess of ten business days after the occurrence of the event, <br /> notice of any of the following events with respect to the 2019B Bonds: <br /> (a) principal and interest payment delinquencies; <br /> (b) non-payment related defaults,if material; <br /> (c) unscheduled draws on debt service reserves reflecting financial difficulties; <br /> (d) unscheduled draws on credit enhancements reflecting financial difficulties; <br /> (e) substitution of credit or liquidity providers, or their failure to perform; <br /> (f) adverse tax opinions, the issuance by the Internal Revenue Service of proposed <br /> or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701- <br /> TEB) or other material notices or determinations with respect to the tax status of <br /> the 2019B Bonds, or other material events affecting the tax status of the 2019B <br /> Bonds; <br /> (g) modifications to rights of holders of the 2019B Bonds,if material; <br /> 21 <br />