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81 <br /> 2024 BONDS NOR THE TRUST AGREEMENT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATES THE <br /> COUNTY TO MAKE ANY PAYMENTS BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE BOARD <br /> OF COMMISSIONERS FOR ANY FISCAL YEAR IN WHICH THE 2024 BONDS ARE OUTSTANDING. IF THE <br /> COUNTY FAILS TO MAKE PAYMENTS OF PRINCIPAL OF OR INTEREST ON THE BONDS, THE TRUSTEE MAY <br /> DECLARE THE ENTIRE UNPAID PRINCIPAL OF THE BONDS TO BE IMMEDIATELY DUE AND PAYABLE AND <br /> DIRECT THE DEED OF TRUST TRUSTEE TO INSTITUTE FORECLOSURE PROCEEDINGS UNDER THE MODIFIED <br /> DEED OF TRUST AND PROCEED IN ACCORDANCE WITH LAW TO ATTEMPT TO DISPOSE OF THE MORTGAGED <br /> PROPERTY AND APPLY THE PROCEEDS OF SUCH DISPOSITION TOWARD ANY BALANCE, OWING BY THE <br /> COUNTY ON THE BONDS. NO ASSURANCE CAN BE GIVEN THAT SUCH PROCEEDS WILL BE SUFFICIENT TO <br /> PAY ALL PRINCIPAL OF AND INTEREST ON THE BONDS. IN ADDITION, SECTION 160A-20(f)OF THE NORTH <br /> CAROLINA GENERAL STATUTES PROVIDES THAT NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST <br /> THE COUNTY FOR BREACH OF ANY CONTRACTUAL OBLIGATION AUTHORIZED UNDER SECTION 160A-20 <br /> AND THAT THE TAXING POWER OF THE COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR <br /> INDIRECTLY TO SECURE ANY MONEYS DUE FROM THE COUNTY. See "THE TRUST AGREEMENT— <br /> Defaults and Remedies under Trust Agreement - Acceleration" and "— Other Remedies" and "THE <br /> DEED OF TRUST—Defaults and Remedies; Foreclosure" in Appendix C hereto and the caption <br /> "CERTAIN RISKS OF 2024 BOND OWNERS"herein. <br /> ADDITIONAL BONDS <br /> Under the conditions described in the Trust Agreement, without the approval or consent of the <br /> Owners of the then Outstanding 2024 Bonds, Additional Bonds may be delivered and secured on parity <br /> with the 2024 Bonds and the Prior Bonds to provide funds(a)to expand or improve the Pledged Facilities, <br /> (b)to construct further improvements to the Pledged Sites, (c)to refund any Outstanding Bonds, (d)to pay <br /> financing costs or establish reserves in connection with the issuance of Additional Bonds, (e)for any other <br /> purpose that may be allowed by law from time to time, including the acquisition and construction of <br /> additional public facilities,whether or not those facilities are related to the Pledged Facilities or the Pledged <br /> Sites, or (f) for any combination of such purposes. See "THE TRUST AGREEMENT—Additional <br /> Bonds"in Appendix C hereto. <br /> USE OF NET PROCEEDS <br /> The County must elect to use Net Proceeds and other funds available therefor,subject to provisions <br /> of the Trust Agreement,to repair and restore the Mortgaged Property or to redeem or defease the Bonds in <br /> whole (but not in part) pursuant to the optional redemption provisions described above or the defeasance <br /> provisions of the Trust Agreement, as appropriate. The County has no option to redeem the 2024 Bonds <br /> from Net Proceeds other than in accordance with the optional redemption provisions described above <br /> (which provide for no optional redemption prior to October 1,20—). <br /> AVAILABLE SOURCES FOR PAYMENT <br /> GENERAL <br /> The County may pay its obligations under the Trust Agreement from any source of funds,including <br /> revenues generated by the projects financed under the Trust Agreement and other facilities in the County, <br /> available to it in each year and appropriated therefor until maturity of the 2024 Bonds. <br /> GENERAL FUND REVENUES <br /> The County's general fund revenues for the fiscal year ended June 30, 2023 were $269.2 million <br /> and for the fiscal year ending June 30,2024 are budgeted to be [$279.5 million]. General fund revenues are <br /> 9 <br />