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88 <br /> County after the initiation of bankruptcy proceedings and to the administrative expenses of bankruptcy <br /> proceedings and (c) imposition without their consent of a plan of reorganization reducing or delaying <br /> payment of the 2024 Bonds. The effect of the other provisions of the United States Bankruptcy Code on <br /> the rights and remedies of the holders of the 2024 Bonds cannot be predicted and may be affected <br /> significantly by judicial interpretation, general principles of equity(regardless of whether considered in a <br /> proceeding in equity or at law)and considerations of public policy. <br /> CYBERSECURITY <br /> The County, like many other large public and private entities, relies on a large and complex <br /> technology environment to conduct its operations, and faces multiple cybersecurity threats including, but <br /> not limited to, hacking, phishing, viruses, malware and other attacks on its computing and other digital <br /> networks and systems (collectively, "Systems Technology"). As a recipient and provider of personal, <br /> private, or sensitive information, the County may be the target of cybersecurity incidents that could result <br /> in adverse consequences to the County and its Systems Technology,requiring a response action to mitigate <br /> the consequences. <br /> Cybersecurity incidents could result from unintentional events, or from deliberate attacks by <br /> unauthorized entities or individuals attempting to gain access to the County's System Technology for the <br /> purposes of misappropriating assets or information or causing operational disruption and damage. To <br /> mitigate the risk of business operations impact and/or damage from cybersecurity incidents or cyber- <br /> attacks,the County invests in multiple forms of cybersecurity and operational safeguards. <br /> While the County's cybersecurity and operational safeguards are periodically tested,no assurances <br /> can be given by the County that such measures will ensure against other cybersecurity threats and attacks. <br /> Cybersecurity breaches could cause material disruption to the County's finances or operations. The costs <br /> of remedying any such damage or protecting against future attacks could be substantial. Further, <br /> cybersecurity breaches could expose the County to material litigation and other legal risks, which could <br /> cause the County to incur material costs related to such legal claims or proceedings. <br /> CLIMATE CHANGE <br /> The County is susceptible to the effects of extreme weather events and natural disasters, including <br /> floods,droughts and hurricanes,and has experienced severe weather events in the past. These effects may <br /> be amplified by a prolonged global temperature increase over the next several decades(commonly referred <br /> to as"climate change"). No assurances can be given that a future extreme weather event driven by climate <br /> change will not adversely affect the operations of the County. <br /> THE COUNTY <br /> GENERAL <br /> The County is located in the north-central portion of the State. The Town of Chapel Hill is the <br /> largest municipality in the County and is the home of The University of North Carolina at Chapel Hill. See <br /> Appendix A for a description of the County. <br /> FINANCIAL INFORMATION <br /> The financial statements of the County have been audited by certified public accountants for the <br /> fiscal year ended June 30, 2023. Excerpts from the financial statements of the County for the fiscal year <br /> ended June 30, 2023 are available in Appendix B hereto. Copies of the complete financial statements <br /> 16 <br />