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19 <br /> Slide #4 <br /> Ivey Financing Terms <br /> i Securlty Pledge-County Assets serve as Collateral and subject to Annual County Appropriations <br /> A Maturlty Term-7-20 Year maturltles matches the useful Ilfe of the assets <br /> ➢ April 1 and October 1 Repayment Oates to Bank Trustee;First Interest Payment on October 1,2024 and Flrst <br /> PrinelpaI Payment on October 1,2025,conslstentwlth the Debt Model <br /> i Fstl mated Interest Rates- Between 2.5%-4.5%subject to market conditions <br /> A Series 2024 Llmlted Obllgatlon Bonds Maximum Annual Debt Service estimated to he$2.33 million In FY 2026 <br /> ➢ Source of Repayment-Property Taxes and Solid Waste Fees <br /> i Llmlted Obllgatlon Bonds are Subordinate Lien to AAA General Obllgatlon Bonds <br /> i Current Limited Obllgatlon Bonds-Aal/AA+/AA+From Moodyrsr Standard&Poor's and Fltch Ratings <br /> ORANGE COUNTY <br /> NORTH C.AROLINA <br /> Slide #5 <br /> LOB Collateral Overview <br /> Security Pledge-County Assets serve as Collateral and subject to Annual <br /> County Appropriations <br /> )i� Lenders generally require that the value of the collateral be equal to at <br /> least 50%of the financing amount (for example, at least$10 million of <br /> collateral for a$20 million loan.) <br /> )i� The Whitted Building, Orange County Library in Hillsborough and a <br /> variety of schools serves as the collateral which far exceeds the lender's <br /> requirements. <br /> �1, Pursuant to the County's financing document, the County can continue <br /> to borrow money against this same collateral pool as longs as a <br /> meaningful portion of the amount financed is used to improve property <br /> in the collateral pool. <br /> ORANGE COUI <br /> Commissioner Portie-Ascott asked which school buildings are included as collateral. <br />