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55 <br /> $[ ] <br /> Orange County,North Carolina <br /> Limited Obligation Bonds, Series 2020 <br /> INTRODUCTION <br /> The purpose of this Official Statement,which includes the Appendices hereto,is to provide certain <br /> information in connection with the Orange County,North Carolina Limited Obligation Bonds, Series 2020 <br /> in the aggregate principal amount of$[ ]* (the"2020 Bonds"). <br /> The 2020 Bonds will be issued pursuant to a Trust Agreement dated as of June 1, 2018 (the"2018 <br /> Trust Agreement"), as previously supplemented and as supplemented by a Third Supplemental Trust <br /> Agreement dated as of May 1, 2020 (the "Third Supplemental Trust Agreement" and, together with the <br /> 2018 Trust Agreement,as previously supplemented,the"Trust Agreement"),each between Orange County, <br /> North Carolina (the "County") and The Bank of New York Mellon Trust Company, N.A., as trustee (the <br /> "Trustee"). <br /> Pursuant to the Trust Agreement, the County has previously issued its (1) $7,510,000 Limited <br /> Obligation Bonds, Series 2018 (the "2018 Bonds"), of which $6,715,000 in principal amount is currently <br /> Outstanding, (2) $14,135,000 Limited Obligation Bonds, Series 2019A(the"2019A Bonds"), all of which <br /> remain Outstanding, and (3) $29,745,000 Limited Obligation Bonds, Series 2019B (the "2019B Bonds" <br /> and, together with the 2018 Bonds and the 2019A Bonds, the "Prior Bonds"), all of which remain <br /> Outstanding. <br /> Capitalized terms used in this Official Statement, unless otherwise defined herein, have the <br /> meanings set out in Appendix C hereto under the caption"DEFINITIONS." <br /> This Introduction provides only certain limited information with respect to the contents of this <br /> Official Statement and is expressly qualified by the Official Statement as a whole. Prospective investors <br /> should review the full Official Statement and each of the documents summarized or described herein. This <br /> Official Statement speaks only as of its date, and the information contained herein is subject to change. <br /> THE COUNTY <br /> The County is a political subdivision of the State of North Carolina(the"State"). See Appendix A, <br /> "THE COUNTY,"hereto for certain information regarding the County. The County's most recent audited <br /> financial statements are contained in Appendix B hereto. <br /> PURPOSE <br /> The 2020 Bonds are being issued in order to (1)finance the acquisition, construction, equipping <br /> and improvement of certain County facilities as further described herein and (2) finance certain costs <br /> incurred in connection with the execution and delivery of the 2020 Bonds. See "THE PLAN OF <br /> FINANCE"and"ESTIMATED SOURCES AND USES OF FUNDS"herein. <br /> SECURITY <br /> The payment by the County of the principal of and interest on the 2020 Bonds is limited to funds <br /> appropriated for that purpose by the Board of Commissioners for the County in its sole discretion, except <br /> 'Preliminary,subject to change. <br />