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139 <br /> Attachment 7 <br /> s PRELIMINARY OFFICIAL STATEMENT DATED MAY 2021 <br /> � NEW ISSUE BOOK-ENTRY ONLY Ratings:Moody's: [� <br /> .= S&P: ] <br /> 2 o Fitch: <br /> ,U <br /> [bond counsel to review/update/In the opinion of Bond Counsel,under existing law and subject to conditions described <br /> under "TAX TREATMENT"herein, (1) interest on the 2021A Bonds paid by the County(a) is not includable in the recipient's <br /> gross income for federal income tax purposes and (b) is not an item of tax preference for purposes of the federal alternative <br /> minimum income tax,(2)interest on the 2021B Bonds paid by the County will not be excluded from gross income for federal income <br /> tax purposes, and (3) interest on the 2021 Bonds is exempt from current State of North Carolina income taxes. See "TAX <br /> o ° TREATMENT"herein for additional information regarding otherfederal,State and local tax consequences arisingfrom ownership <br /> or receipt of interest on the 2021 Bonds. <br /> o o ,rye ORANGE COUNTY,NORTH CAROLINA <br /> $� ]*LIMITED OBLIGATION BONDS,SERIES 2021A <br /> $[ ]*TAXABLE LIMITED OBLIGATION REFUNDING BONDS,SERIES 2021A <br /> 2N <br /> o <br /> Dated:Date of Delivery Due: October 1,as shown on the inside front cover <br /> This Official Statement has been prepared by Orange County,North Carolina(the"County")to provide information on <br /> 2 the 2021 Bond described herein. Selected information is presented on this cover page for the convenience of the user. Investors <br /> 0 o must read the entire Official Statement to obtain information essential to the making of an informed investment decision. <br /> h <br /> aSecurity: The payment by the County of the principal of and interest on the 2021 Bonds is limited to <br /> funds appropriated for that purpose by the Board of Commissioners for the County in its sole <br /> discretion, except to the extent payable from Bond proceeds, investment earnings, Net <br /> O o Proceeds related to casualty or condemnation proceeds, or amounts derived from the <br /> U enforcement of remedies on default. <br /> w <br /> As security for the 2021 Bonds and all other Bonds issued under the Trust Agreement(as such <br /> oterms are defined herein),the County will execute and deliver a deed of trust granting,among <br /> o other things,a lien of record on the Mortgaged Property subject to Permitted Encumbrances <br /> o (as such terms are defined herein). <br /> 2 n c <br /> THE OBLIGATION TO MAKE PAYMENTS WITH RESPECT TO THE 2021 BONDS IS NOT A GENERAL <br /> w ,o OBLIGATION OF THE COUNTY,AND THE TAXING POWER OF THE COUNTY IS NOT PLEDGED <br /> x DIRECTLY OR INDIRECTLY TO SECURE ANY MONIES DUE TO THE OWNERS OF THE 2021 BONDS. <br /> q See the caption"SECURITY AND SOURCES OF PAYMENT OF 2021 BONDS"herein. <br /> Redemption: The 2021 Bonds are subject to redemption as described herein. <br /> 2 � � <br /> O o purpose: Proceeds of the 2021 Bonds will be used to(1)finance the acquisition,construction,equipping <br /> 2 y ° and improvement of certain County facilities as further described herein, (2) refund the <br /> ° Refunded Obligations as defined herein and 3 a certain costs incurred in connection <br /> g ( ), OpY <br /> o with the issuance of the 2021 Bonds. <br /> O o Interest Payment Dates: April 1 and October 1 of each year,commencing October 1,2021. <br /> x4:2 ° Denomination: $5,000 or integral multiples thereof. <br /> 2 Delivery: On or about June 24,2021. <br /> Bond Counsel: Sanford Holshouser LLP <br /> � � o <br /> Wti County Attorney: John L.Roberts,Esq. <br /> o <br /> h Financial Advisor: Davenport&Company LLC <br /> Underwriters'Counsel: McGuireWoods LLP <br /> Trustee: The Bank of New York Mellon Trust Company,N.A. <br /> FHN Financial Capital Markets BAIRD <br /> � � o <br /> y o <br /> The date of this Official Statement is June 2021. <br /> U ,N <br /> ° *Preliminary,subject to change. <br />