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49 <br /> Attachment 4 <br /> = y PRELIMINARY OFFICIAL STATEMENT DATED APRIL 2020 <br /> � NEW ISSUE BOOK-ENTRY ONLY Ratings:Moody's: <br /> S&P: (_] <br /> W .o Fitch: <br /> ,U <br /> In the opinion of Bond Counsel, under existing law and subject to conditions described under "TAX TREATMENT" <br /> herein, interest on the 2020 Bonds paid by the County(1)is not includable in the recipient's gross income for federal income tax <br /> o purposes, (2)is not an item of tax preference for purposes of the federal alternative minimum income tax, and(3)is exempt from <br /> current State of North Carolina income taxes. See "TAX TREATMENT"herein for additional information regarding other federal, <br /> State and local tax consequences arising from ownership or receipt of interest on the 2020 Bonds. <br /> O � 7 <br /> $f 1° <br /> ORANGE COUNTY,NORTH CAROLINA <br /> o r s LIMITED OBLIGATION BONDS,SERIES 2020 <br /> 0 <br /> Dated:Date of Delivery Due: October 1,as shown on the inside front cover <br /> w o This Official Statement has been prepared by Orange County,North Carolina(the"County")to provide information on <br /> the Orange County,North Carolina,Limited Obligation Bonds,Series 2020(the"2020 Bonds"). Selected information is presented <br /> on this cover page for the convenience of the user. Investors must read the entire Official Statement to obtain information essential <br /> to the making of an informed investment decision. <br /> ° Security: The payment by the County of the principal of and interest on the 2020 Bonds is limited to <br /> aEi <br /> funds appropriated for that purpose by the Board of Commissioners for the County in its sole <br /> r discretion, except to the extent payable from Bond proceeds, investment earnings, Net <br /> Proceeds related to casualty or condemnation proceeds, or amounts derived from the <br /> o o enforcement of remedies on default. <br /> U As security for the 2020 Bonds,the Prior Bonds and all other Bonds issued under the Trust <br /> Agreement(as such terms are defined herein),the County has executed and delivered a deed <br /> oof trust,as amended,and will execute and deliver a supplement to such deed of trust granting, <br /> CIO Co among other things, a lien of record on the Mortgaged Property subject to Permitted <br /> o y Encumbrances(as such terns are defined herein). <br /> o THE OBLIGATION TO MAKE PAYMENTS WITH RESPECT TO THE 2020 BONDS IS NOT A GENERAL <br /> y <br /> r.� ,o •� OBLIGATION OF THE COUNTY,AND THE TAXING POWER OF THE COUNTY IS NOT PLEDGED <br /> x DIRECTLY OR INDIRECTLY TO SECURE ANY MONIES DUE TO THE OWNERS OF THE 2020 BONDS. <br /> q See the caption"SECURITY AND SOURCES OF PAYMENT OF 2020 BONDS"herein. <br /> o <br /> Redemption: The 2020 Bonds are subject to redemption as described herein. <br /> O o <br /> U ti Pur-ppose: Proceeds of the 2020 Bonds will be used to(1)finance the acquisition,construction,equipping <br /> o .2 and improvement of certain County facilities as further described herein and(2)pay certain <br /> costs incurred in connection with the issuance of the 2020 Bonds. <br /> Interest Payment Dates: April 1 and October 1 of each year,commencing October 1,2020. <br /> 2 ° Denomination: $5,000 or integral multiples thereof <br /> xo Delivery: On or about May_,2020. <br /> ti 8 .y <br /> 2 1� Bond Counsel: Sanford Holshouser LLP <br /> � � o <br /> F o County Attorney: John L.Roberts,Esq. <br /> Financial Advisor: Davenport&Company LLC <br /> pn Underwriters'Counsel. McGuireWoods LLP <br /> CIO <br /> N I Trustee: The Bank of New York Mellon Trust Company,N.A. <br /> o <br /> o ti BAIRD FHN Financial Capital Markets <br /> h o The date of this Official Statement is April 2020. <br /> h '� o *Preliminary,subject to change. <br />