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57 <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 Bonds and without notice to such Owners, Additional Bonds may be <br /> delivered and secured on parity with the 2020 Bonds and the Prior Bonds to provide funds(a)to expand or <br /> improve the Pledged Facilities,(b)to construct further improvements to the Pledged Sites,(c)to refund any <br /> Outstanding Bonds, (d)to pay financing costs or establish reserves in connection with the issuance of <br /> Additional Bonds, (e) for any other purpose that may be allowed by law from time to time, including the <br /> acquisition and construction of additional public facilities,whether or not those facilities are related to the <br /> Pledged Facilities or the Pledged Sites, or(f) for any combination of such purposes. <br /> BOOK-ENTRY ONLY <br /> The 2020 Bonds will be delivered in book-entry form only without physical delivery of certificates <br /> to beneficial owners of the 2020 Bonds. Payments to beneficial owners of the 2020 Bonds will be made <br /> by The Depository Trust Company("DTC"),New York,New York,and its participants. See Appendix E, <br /> "BOOK-ENTRY ONLY SYSTEM"hereto. So long as Cede & Co. is the registered owner of the 2020 <br /> Bonds,references herein to registered owner or Owners of the 2020 Bonds means Cede& Co. and not the <br /> beneficial owners of the 2020 Bonds. <br /> TAx STATUS <br /> In the opinion of Bond Counsel,under existing law and subject to conditions described under"TAX <br /> TREATMENT" herein, interest on the 2020 Bonds paid by the County (1) is not includable in the <br /> recipient's gross income for federal income tax purposes, (2) is not an item of tax preference for purposes <br /> of the federal alternative minimum income tax, and (3) is exempt from current State of North Carolina <br /> income taxes. See"TAX TREATMENT." <br /> PROFESSIONALS <br /> Robert W. Baird&Co. Incorporated and FHN Financial Capital Markets (the"Underwriters") are <br /> underwriting the 2020 Bonds. The Bank of New York Mellon Trust Company,N.A. is serving as Trustee <br /> with respect to the 2020 Bonds. Davenport & Company LLC is serving as financial advisor. Sanford <br /> Holshouser LLP is serving as Bond Counsel. John L. Roberts, Esq. is the County Attorney. <br /> McGuireWoods LLP is serving as counsel to the Underwriters. <br /> ADDITIONAL INFORMATION <br /> Summaries of the Trust Agreement and the Modified Deed of Trust, including a list of definitions <br /> of certain terms, are included as Appendix C. All quotations from and summaries and explanations of the <br /> Trust Agreement and the Modified Deed of Trust contained in this Official Statement, including in <br /> Appendix C, do not purport to be complete. Reference is made to such documents for full and complete <br /> statements of their respective provisions. <br /> Additional information and copies in reasonable quantity of the principal financing documents may <br /> be obtained from the County at 200 South Cameron Street,Hillsborough,North Carolina 27278,Attention: <br /> Chief Financial Officer. Copies of such documents can also be obtained during the offering period from <br /> Robert W. Baird& Co. Incorporated at 380 Knollwood Street, Suite 440, Winston-Salem,North Carolina <br /> 27103 or FHN Financial Capital Markets at 845 Crossover Lane, Memphis, Tennessee 38117. After the <br /> offering period, copies of such documents may be obtained from the Trustee at 10161 Centurion Parkway, <br /> Jacksonville,Florida 32256. <br /> 3 <br />