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is included in the Bondholder' s gross income for federal income tax purposes, as a <br /> result of an action, or failure to act, by the County, or (ii) by an opinion of counsel <br /> received by the Bondholder which concludes, in effect, that interest is included in the <br /> Bondholder' s gross income for federal income tax purposes as a result of an action, or <br /> failure to act, by the County; ( c) the day on which the County is advised in writing by <br /> the Commissioner or any District Director of the Internal Revenue Service that there <br /> has been issued a public or private ruling of the Internal Revenue Service that the <br /> interest is included in the Bondholder' s gross income for federal income tax purposes <br /> as a result of an action, or failure to act, by the County; or ( d) the day on which the <br /> County is advised in writing by counsel to the Bondholder that a final determination, <br /> from which no further right of appeal exists, has been made by a court of competent <br /> jurisdiction in the United States of America in a proceeding with respect to which the <br /> County has been given written notice and an opportunity to participate and defend <br /> that the interest is included in the Bondholder ' s gross income for federal income tax <br /> purposes , as a result of an action, or failure to act, by the County. <br /> " Event of Taxability" means any event, occurrence or situation, resulting from <br /> an action, or failure to act, by the County, the effect of which is to cause interest on the <br /> Bonds paid by the County to be includible in a Bondholder' s gross income for federal <br /> income tax purposes . <br /> " Date of Taxability" means the first date upon which interest on this Bond paid <br /> by the County is included in a Bondholder' s gross income for federal income tax <br /> purposes as a result of an Event of Taxability or a Determination of Taxability. <br /> This Bond constitutes the entire issue of [$ ] Limited Obligation <br /> Bonds , Series 2023A/ 2023B (the " Bond " ) , issued under, and secured by, a Trust <br /> Agreement dated as of June 1 , 2021 , between the County and The Bank of New York <br /> Mellon Trust Company , N . A . , as trustee (the " Trustee " ) , as supplemented by a First <br /> Supplemental Trust Agreement between the County and the Trustee and dated as of <br /> June 13 , 2023 (as supplemented, the " Trust Agreement " ) . <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 /> 27 <br />