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48 <br /> Exhibit C - Form of 2022 Bonds <br /> Registered Bond Number RA-1/RB-1 <br /> LIMITED OBLIGATION BOND, SERIES 2022A/2022B <br /> ORANGE COUNTY, NORTH CAROLINA <br /> ORANGE COUNTY, NORTH CAROLINA (the "County"), for value received, <br /> promises to pay, but solely from the sources and in the manner provided, to <br /> Truist Commercial Equity, Inc. <br /> or registered assigns (the "Bondholder"), the principal sum of <br /> [ MILLION DOLLARS] <br /> [*****$ 000,000*****] <br /> in principal installments payable on each February 1 as shown on Schedule I. <br /> together with interest on the unpaid principal from the date hereof until payment of <br /> the entire principal sum at the annual rate of %, payable on each February 1 <br /> and August 1, beginning February 1, 2023, subject to [redemption and] adjustment <br /> as described below. <br /> Interest is payable (a) from May 11, 2022, if this Bond is authenticated prior <br /> to February 1, 2023, or (b) otherwise from the February 1 or August 1 that is, or <br /> immediately precedes, the date on which this Bond is authenticated (unless <br /> payment of interest on this Bond is in default, in which case this Bond will bear <br /> interest from the date to which interest has been paid). In all events, (1) all <br /> payments on this Bond will be applied first to interest accrued and unpaid to the <br /> payment date and then to principal, and (2) if not sooner paid, the entire principal of <br /> and interest on this Bond will be due and payable on February 1, 20 Principal <br /> and interest are payable in lawful money of the United States of America. <br /> 23 <br />