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44 <br /> This Bond constitutes an installment contract within the meaning of Section <br /> 160A-20 of the North Carolina General Statutes between the County and the owner <br /> (from time to time) of this Bond. The Bond is payable solely from funds <br /> appropriated on an annual basis by the County's governing Board of Commissioners <br /> and other funds available for the purpose of payment pursuant to the Trust <br /> Agreement, such as certain net insurance and condemnation awards and the <br /> proceeds of remedial action, which revenues and other moneys have been pledged <br /> as described in the Trust Agreement to secure payment of the Bond. Neither the <br /> County's faith and credit nor its taxing power is pledged to the payment of any <br /> amounts due under the Bond. As provided for under that Section 160A-20, no <br /> deficiency judgment may be rendered against the County in any action for breach of <br /> a contractual obligation under the Bond or the Trust Agreement. <br /> To further secure its obligations under the Trust Agreement, the County has <br /> granted, for the benefit of the Trustee on behalf of the owners of the Bonds, a <br /> security interest in certain public facilities and the related real property, and certain <br /> other property, pursuant to the Trust Agreement and a Deed of Trust and Security <br /> Agreement dated as of June 1, 2021, as supplemented by a Deed of Trust <br /> Supplement #1 dated as of June , 2023, delivered by the County for the Trustee's <br /> benefit (as supplemented, the "Deed of Trust"). <br /> While any default by the County under this Bond, the Deed of Trust or the <br /> Trust Agreement is continuing, this Bond will bear interest (but only during the <br /> pendency of the default) at a "Default Rate" equal to an annual interest rate equal to <br /> the lesser of (a) then-current annual interest rate on this Bond plus 4.00% (400 <br /> basis points) and (b) the maximum lawful rate. <br /> The security provided to owners of the Bond under the Deed of Trust and <br /> otherwise is on parity with the security provided to owners of prior bonds issued <br /> under the Trust Agreement. Additional Bonds secured by a parity interest in the <br /> property securing the Bond may be issued under the terms and conditions set forth <br /> in the Trust Agreement. <br /> Reference is made to the Trust Agreement and the Deed of Trust referenced <br /> above for the provisions, among others, with respect to the nature and extent of the <br /> security, the rights, duties and obligations of the County and the Trustee, the rights <br /> 26 <br />