OTHER-2024-032-Preliminary official statement

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G G Year, items for all Bond Payments and the reasonably estimated Additional Payments coming due in such Fiscal Year . Notwithstanding that the initial proposed budget includes an appropriation for Bond Payments r and Additional Payments , the Board of Commissioners may determine not to include such an appropriation in the final County budget for such Fiscal Year; further, the Board of Commissioners may amend an adopted budget to reduce or delete an approved appropriation . If for any Fiscal Year the County adopts an annual i budget that does not appropriate (for that purpose) an amount equal to the Bond Payments or estimated I Additional Payments for that Fiscal Year, fails to adopt an annual budget that appropriates (for that purpose) j an amount equal to the Bond Payments and estimated Additional Payments coming due during that Fiscal Year within 15 days after the beginning of any Fiscal Year, or amends the annual budget to reduce the ! amounts appropriated for Bond Payments and Additional Payments below the amounts expected to be then the County must provide notice of such event to the required for the remainder of that Fiscal Year, I Trustee and the LGC and post such notice on the MSRB ' s EMMA system . An Event of Nonappropriation constitutes an Event of Default under the Trust Agreement, which entitles the Trustee to exercise its remedies under the Trust Agreement, including its rights to foreclose on the Mortgaged Property under the A Modified Deed of Trust . i IN CONNECTION WITH THE BOND PAYMENTS AND THE ADDITIONAL PAYMENTS , THE APPROPRIATION OF FUNDS THEREFOR IS WITHIN THE SOLE DISCRETION OF THE BOARD OF COMMISSIONERS OF THE COUNTY . TRUST AGREEMENT i i Under the Trust Agreement, the County has granted to the Trustee for the benefit of the Owners of the Bonds a lien on and security interest in all moneys and securities from time to time held by the Trustee under the Trust Agreement . j; DEED OF TRUST General. In connection with the execution and delivery of the Prior Bonds, the County executed and delivered the Existing Deed of Trust to provide security for its obligations under the Trust Agreement by granting a lien of record on the Mortgaged Property . In connection with the execution and delivery of the 2024 Bonds , the County will execute and deliver the Second Deed of Trust Supplement to provide that the Modified Deed of Trust secures the Prior Bonds, the 2024 Bonds and any Additional Bonds issued under the Trust Agreement . ONLY THE SITES ON WHICH ( 1 ) THE WHITTED BUILDING, (2) BLACKWOOD FARM PARK, (3 ) CULBRETH MIDDLE SCHOOL, (4) THE ORANGE COUNTY LIBRARY, ( 5 ) ORANGE MIDDLE SCHOOL, (6) HILLSBOROUGH ELEMENTARY SCHOOL, (7) NEW HOPE ELEMENTARY SCHOOL , ( 8 ) PATHWAYS ELEMENTARY SCHOOL , (9) ORANGE HIGH SCHOOL, AND ( 10 ) EPHESUS ELEMENTARY SCHOOL ARE LOCATED WILL BE INCLUDED IN THE DEFINITION OF "MORTGAGED PROPERTY" AND , CONSEQUENTLY, SUCH REAL PROPERTY AND ANY IMPROVEMENTS THEREON WILL BE SUBJECT TO THE LIEN CREATED BY THE MODIFIED DEED OF TRUST . See "THE PLAN OF FINANCE " herein . The Modified Deed of Trust authorizes future obligations evidenced by Additional Bonds executed ki and delivered under the Trust Agreement to be secured by the Modified Deed of Trust, provided that the G total amount of present and future obligations secured thereby at any one time does not exceed I $200 , 000 , 000 and such future obligations are incurred not later than 30 years from June 1 , 2021 . The Modified Deed of Trust will be recorded in the office of the Register of Deeds of Orange County, North Carolina and the liens created thereby with respect to a portion of the Mortgaged Property G will be insured by a title insurance policy . The title insurance policy only insures the County ' s title to the i 7