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155 <br /> will provide funds sufficient to pay,when and as due,respectively,the interest on the Refunded 2012 Bonds <br /> until October 1, 2022, and the maturing principal and redemption price of 100% of the Refunded 2012 <br /> Bonds on October 1, 2022. See "VERIFICATION" herein. The Escrow Agent will be given irrevocable <br /> instructions to call the Refunded 2012 Bonds for prepayment on October 1, 2022. The beneficial owners <br /> of the 2021 Bonds will have no rights, security or interest in and to the Escrow Fund whatsoever. <br /> The accuracy of the mathematical computations of the adequacy of the maturing principal of and <br /> interest on the Escrow Securities to pay interest on the Refunded 2012 Bonds through October 1,2022,and <br /> the principal amount of the Refunded 2012 Bonds on October 1, 2022, will be verified by Bingham <br /> Arbitrage Rebate Services, Inc. Such verification will be based, among other things, on mathematical <br /> computations supplied by the Underwriters. <br /> THE MORTGAGED PROPERTY <br /> The 2021 Bonds and any Additional Bonds will be secured by the Mortgaged Property. The <br /> Mortgaged Property includes the County's Whitted Building, Blackwood Farm Park, Culbreth Middle <br /> School and Orange County Library(all as described below),and the associated real estate. The"Mortgaged <br /> Property" is defined in the Deed of Trust to include these facilities and real estate, and any additional <br /> improvements to the facilities and real estate,but generally does not include any equipment or furnishings <br /> associated with the property. <br /> "fitted Building. The Whitted Building is a three-story building consisting of approximately <br /> square feet on an approximately _-acre site located at 300 West Tryon Street in Hillsborough, North <br /> Carolina. The Whitted Building houses certain of the County's administrative offices, Board of <br /> Commissioners' meeting space and event space. A portion of the proceeds of the 2021A Bonds will be <br /> used to make certain improvements to the Whitted Building, including . The County estimates <br /> the insured value of this building (not including the equipment associated with the building, which is <br /> generally not part of the Mortgaged Property)to be approximately$_million. <br /> Blackwood Farm Park.Blackwood Farm Park consists of approximately 152 acres of land located <br /> at 4215 N.C. Highway 86 South in Hillsborough,North Carolina. The park includes a historic farmhouse, <br /> barn,smokehouse, corncrib and other outbuildings,a picnic shelter,restrooms,4 miles of hiking trails,and <br /> fishing pond. A portion of the proceeds of the 2021A Bonds will be used to construct certain improvements <br /> at Blackwood Farm Park, including . The County estimates the insured value of this property <br /> (not including the equipment associated with the property, which is generally not part of the Mortgaged <br /> Property)to be approximately$ million. <br /> Culbreth Middle School. Culbreth Middle School is a one-story building consisting of <br /> approximately square feet on an approximately_-acre site located at 225 Culbreth Road in Chapel <br /> Hill,North Carolina. The County estimates the insured value of this building(not including the equipment <br /> associated with the building, which is generally not part of the Mortgaged Property) to be approximately <br /> $ million. <br /> Orange County Library. The Orange County Library Main Branch is a two-story building <br /> consisting of approximately square feet on an approximately -acre site located at 137 W.Margaret <br /> Lane in Hillsborough, North Carolina. The County estimates the insured value of this building (not <br /> including the equipment associated with the building, which is generally not part of the Mortgaged <br /> Property)to be approximately$ million. <br /> NO OTHER FACILITY OR IMPROVEMENT FINANCED OR REFINANCED WITH <br /> THE 2021 BONDS WILL BE INCLUDED AS PART OF THE MORTGAGED PROPERTY. <br /> 11 <br />