Orange County NC Website
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70 <br /> TABLE OF CONTENTS <br /> Page <br /> INTRODUCTION.......................................................................................................................................1 <br /> TheCounty.....................................................................................................................................1 <br /> Purpose ...........................................................................................................................................1 <br /> Security...........................................................................................................................................2 <br /> The2025 Bonds..............................................................................................................................3 <br /> AdditionalBonds............................................................................................................................3 <br /> Book-Entry Only.............................................................................................................................3 <br /> TaxStatus .......................................................................................................................................3 <br /> Professionals...................................................................................................................................3 <br /> AdditionalInformation...................................................................................................................3 <br /> THE2025 BONDS......................................................................................................................................4 <br /> Authorization..................................................................................................................................4 <br /> General ...........................................................................................................................................4 <br /> RedemptionProvisions...................................................................................................................5 <br /> SECURITY AND SOURCES OF PAYMENT OF 2025 BONDS .............................................................6 <br /> General ...........................................................................................................................................6 <br /> Payment of Bonds; Limited Obligation;Budget and Appropriations.............................................6 <br /> TrustAgreement.............................................................................................................................7 <br /> Deedof Trust..................................................................................................................................7 <br /> Enforceability..................................................................................................................................8 <br /> AdditionalBonds............................................................................................................................9 <br /> Useof Net Proceeds........................................................................................................................9 <br /> AVAILABLE SOURCES FOR PAYMENT...............................................................................................9 <br /> General ...........................................................................................................................................9 <br /> General Fund Revenues..................................................................................................................9 <br /> THEPLAN OF FINANCE........................................................................................................................10 <br /> TheProjects..................................................................................................................................10 <br /> TheMortgaged Property...............................................................................................................10 <br /> ESTIMATED SOURCES AND USES OF FUNDS .................................................................................12 <br /> TOTAL ANNUAL DEBT SERVICE REQUIREMENTS........................................................................13 <br /> CERTAIN RISKS OF 2025 BOND OWNERS.........................................................................................13 <br /> Insufficiency of Payments.............................................................................................................13 <br /> Riskof Nonappropriation.............................................................................................................14 <br /> Valueof Collateral........................................................................................................................14 <br /> UninsuredCasualty.......................................................................................................................14 <br /> Outstanding General Obligation Debt of the County....................................................................15 <br /> EnvironmentalRisks.....................................................................................................................15 <br /> AdditionalBonds..........................................................................................................................15 <br /> Bankruptcy....................................................................................................................................15 <br /> Cybersecurity................................................................................................................................16 <br /> ClimateChange.............................................................................................................................16 <br /> THECOUNTY..........................................................................................................................................16 <br /> General .........................................................................................................................................16 <br /> FinancialInformation....................................................................................................................16 <br /> LEGALMATTERS...................................................................................................................................17 <br /> Litigation.......................................................................................................................................17 <br /> Opinionsof Counsel.....................................................................................................................17 <br /> i <br />