Orange County NC Website
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 />