Orange County NC Website
Browse       Search
53 <br /> TABLE OF CONTENTS <br /> Page <br /> INTRODUCTION.......................................................................................................................................I <br /> TheCounty.....................................................................................................................................I <br /> Purpose ...........................................................................................................................................I <br /> Security...........................................................................................................................................I <br /> The2020 Bonds..............................................................................................................................2 <br /> AdditionalBonds............................................................................................................................3 <br /> Book-Entry Only.............................................................................................................................3 <br /> TaxStatus .......................................................................................................................................3 <br /> Professionals...................................................................................................................................3 <br /> AdditionalInformation...................................................................................................................3 <br /> THE2020 BONDS......................................................................................................................................4 <br /> Authorization..................................................................................................................................4 <br /> General ...........................................................................................................................................4 <br /> RedemptionProvisions...................................................................................................................4 <br /> SECURITY AND SOURCES OF PAYMENT OF 2020 BONDS .............................................................6 <br /> General ...........................................................................................................................................6 <br /> Payment of Bonds;Limited Obligation; Budget and Appropriations.............................................6 <br /> TrustAgreement.............................................................................................................................6 <br /> Deedof Trust..................................................................................................................................6 <br /> Enforceability..................................................................................................................................8 <br /> AdditionalBonds............................................................................................................................8 <br /> Useof Net Proceeds........................................................................................................................8 <br /> AVAILABLE SOURCES FOR PAYMENT...............................................................................................9 <br /> General ...........................................................................................................................................9 <br /> General Fund Revenues..................................................................................................................9 <br /> THE PLAN OF FINANCE..........................................................................................................................9 <br /> TheProjects....................................................................................................................................9 <br /> TheRefunded Obligations............................................................................................................10 <br /> TheMortgaged Property...............................................................................................................10 <br /> ESTIMATED SOURCES AND USES OF FUNDS .................................................................................12 <br /> TOTAL ANNUAL DEBT SERVICE REQUIREMENTS........................................................................12 <br /> CERTAIN RISKS OF 2020 BOND OWNERS.........................................................................................13 <br /> Insufficiency of Payments.............................................................................................................13 <br /> Riskof Nonappropriation.............................................................................................................13 <br /> Valueof Collateral........................................................................................................................13 <br /> UninsuredCasualty.......................................................................................................................14 <br /> Outstanding General Obligation Debt of the County....................................................................14 <br /> EnvironmentalRisks.....................................................................................................................14 <br /> AdditionalBonds..........................................................................................................................14 <br /> Bankruptcy....................................................................................................................................15 <br /> THECOUNTY..........................................................................................................................................15 <br /> General .........................................................................................................................................15 <br /> FinancialInformation....................................................................................................................15 <br /> LEGALMATTERS...................................................................................................................................15 <br /> Litigation.......................................................................................................................................15 <br /> Opinionsof Counsel .....................................................................................................................15 <br /> TAXTREATMENT..................................................................................................................................16 <br /> i <br />