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153 <br /> USE OF NET PROCEEDS <br /> The County must elect to use Net Proceeds and other funds available therefor,subject to provisions <br /> of the Trust Agreement,to repair and restore the Mortgaged Property or to redeem or defease the Bonds in <br /> whole (but not in part) pursuant to the optional redemption provisions described above or the defeasance <br /> provisions of the Trust Agreement, as appropriate. The County has no option to redeem the 2021 Bonds <br /> from Net Proceeds other than in accordance with the optional redemption provisions described above <br /> (which provide for no optional redemption prior to October 1,20—). <br /> AVAILABLE SOURCES FOR PAYMENT <br /> GENERAL <br /> The County may pay its obligations under the Trust Agreement from any source of funds,including <br /> revenues generated by the projects financed under the Trust Agreement and other facilities in the County, <br /> available to it in each year and appropriated therefor until maturity of the 2021 Bonds. <br /> GENERAL FUND REVENUES <br /> The County's general fund revenues for the fiscal year ended June 30, 2020 were approximately <br /> $_million and for the fiscal year ending June 30, 2021 are budgeted to be $_million. General fund <br /> revenues are derived from various sources,including property taxes(which account for approximately 72% <br /> of the general fund revenues), sales taxes,fees and charges,as well as intergovernmental revenues. For the <br /> fiscal year ended June 30,2020,the County imposed a property tax of$0.8679 per$100 of assessed value, <br /> all of which was appropriated to the General Fund by the County's Board of Commissioners. For the fiscal <br /> year ending June 30,2021,the County will impose a property tax of$ per$100 of assessed value. A <br /> rate of$0.8679 per$100 of assessed value in the fiscal year ended June 30,2020 generated approximately <br /> $_million.A rate of$_per$100 of assessed value in the fiscal year ending June 30,2021 is estimated <br /> to generate approximately$_million. The General Statutes of North Carolina permit counties to impose <br /> property taxes of up to $1.50 per$100 of assessed value for certain purposes without the requirement of a <br /> voter referendum. See Appendix B hereto for a description of the uses of the County's general fund <br /> revenues for the fiscal year ended June 30,2020. <br /> THE PLAN OF FINANCE <br /> The 2021 Bonds are being issued to provide funds to (1) finance the acquisition, construction, <br /> equipping and improvement of certain County facilities as further described below,(2)refund the Refunded <br /> Obligations as further described below, and (3)finance certain costs incurred in connection with the <br /> execution and delivery of the 2021 Bonds. <br /> THE PROJECTS <br /> A portion of the proceeds of the 2021A Bonds will be used to finance a variety of County projects. <br /> The County has adopted a practice of completing an annual financing to finance a broad range of <br /> acquisitions and improvements, so as to reduce its frequency of transactions and to handle projects that do <br /> not lend themselves conveniently to separate financings. The projects included in the current financing can <br /> be summarized, and the current estimates of the costs thereof, as follows: <br /> 9 <br />