Orange County NC Website
Browse       Search
80 <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 2025 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 2025 Bonds, Additional Bonds may be delivered and secured on parity <br /> with the 2025 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 2025 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 2025 Bonds. <br /> GENERAL FUND REVENUES <br /> The County's general fund revenues for the fiscal year ended June 30, 2024 were $276.5 million <br /> and for the fiscal year ending June 30,2025 are budgeted to be $294.2 million. General fund revenues are <br /> derived from various sources, including property taxes (which account for approximately 70% of the <br /> general fund revenues), sales taxes, fees and charges,as well as intergovernmental revenues. For the fiscal <br /> year ended June 30,2024,the County imposed a property tax of$0.8353 per$100 of assessed value, all of <br /> which was appropriated to the General Fund by the County's Board of Commissioners. For the fiscal year <br /> ending June 30,2025,the County imposed a property tax of$0.8634 per$100 of assessed value. A rate of <br /> $0.8353 per$100 of assessed value in the fiscal year ended June 30,2024 generated approximately$194.3 <br /> million. A rate of$0.8634 per$100 of assessed value in the fiscal year ending June 30, 2025 is estimated <br /> to generate approximately$201 million. The General Statutes of North Carolina permit counties to impose <br /> property taxes of up to $1.50 per$100 of assessed value for certain purposes without the requirement of a <br /> 9 <br />