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161 <br /> THE COUNTY <br /> GENERAL <br /> The County is located in the north-central portion of the State. The Town of Chapel Hill is the <br /> largest municipality in the County and is the home of The University of North Carolina at Chapel Hill. See <br /> Appendix A for a description of the County. <br /> FINANCIAL INFORMATION <br /> The financial statements of the County have been audited by certified public accountants for the <br /> fiscal year ended June 30, 2020. Excerpts from the financial statements of the County for the fiscal year <br /> ended June 30, 2020 are available in Appendix B hereto. Copies of the complete financial statements <br /> containing the unqualified report of the independent certified public accountants are available in the office <br /> of Gary Donaldson, Chief Financial Officer,200 South Cameron St.,Hillsborough,North Carolina 27278. <br /> LEGAL MATTERS <br /> LITIGATION <br /> To the best of the knowledge of the County, no litigation is now pending or threatened against or <br /> affecting the County which seeks to restrain or enjoin the authorization, execution or delivery of the 2021 <br /> Bonds,the Trust Agreement or the Deed of Trust,or which contests the County's creation, organization or <br /> corporate existence, or the title of any of the present officers thereof to their respective offices or the <br /> authority or proceedings for the County's authorization, execution and delivery of the 2021 Bonds, the <br /> Trust Agreement or the Deed of Trust, or the County's authority to carry out its obligations thereunder or <br /> which would have a material adverse impact on the County's condition, financial or otherwise. <br /> OPINIONS OF COUNSEL <br /> Legal matters related to the execution, sale and delivery of the 2021 Bonds are subject to the <br /> approval of Sanford Holshouser LLP. Certain legal matters will be passed upon for the County by its <br /> counsel, John L. Roberts, Esq., and for the Underwriters by their counsel, McGuireWoods LLP. The <br /> opinion of Sanford Holshouser LLP, as Bond Counsel, substantially in the form set forth in Appendix D <br /> hereto,will be delivered at the time of the delivery of the 2021 Bonds. <br /> Bond Counsel's approving legal opinion expresses Bond Counsel's professional judgment as to the <br /> legal issues explicitly addressed in the opinion. By rendering a legal opinion, an opinion giver does not <br /> become an insurer or guarantor of that expression of professional judgment,of the transaction opined upon, <br /> or of the future performance of parties to the transaction. Additionally, the rendering of an opinion does <br /> not guarantee the outcome of any legal dispute that may arise out of the transaction, and a bond opinion is <br /> not a statement (either expressly or by implication) concerning the marketability, value or likelihood of <br /> payment of the bonds. <br /> Bond Counsel has not been engaged to investigate the County's operations or condition or the <br /> County's ability to provide for payments on the 2021 Bonds. Bond Counsel will express no opinion(1)as <br /> to the County's financial condition or its ability to provide for payments on the 2021 Bonds,or(2)as to the <br /> accuracy, completeness or fairness of any information that may have been relied on by anyone in making a <br /> decision to purchase 2021 Bonds,including this Official Statement. Bond Counsel has,however,provided <br /> the sample legal opinion form that appears as Appendix D, prepared the document summaries that appear <br /> as Appendix C,and approved the descriptions in this Official Statement of(1)the terms of the 2021 Bonds <br /> 17 <br />