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74 <br /> THE 2025 BONDS <br /> The 2025 Bonds will be dated as of their date of delivery. Interest is payable on April 1 and October <br /> 1 of each year,beginning October 1,2025,at the rates set forth on the inside front cover page of this Official <br /> Statement. Principal is payable, subject to redemption as described herein, on October 1 in the years and <br /> in the amounts set forth on the inside front cover page of this Official Statement. <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 Bonds and without notice to such Owners, Additional Bonds may be <br /> delivered and secured on parity with the 2025 Bonds and the Prior Bonds to provide funds(a)to expand or <br /> improve the Pledged Facilities,(b)to construct further improvements to the Pledged Sites,(c)to refund any <br /> Outstanding Bonds, (d)to pay financing costs or establish reserves in connection with the issuance of <br /> Additional Bonds, (e) for any other purpose that may be allowed by law from time to time, including the <br /> acquisition and construction of additional public facilities,whether or not those facilities are related to the <br /> Pledged Facilities or the Pledged Sites, or(f)for any combination of such purposes. <br /> BOOK-ENTRY ONLY <br /> The 2025 Bonds will be delivered in book-entry form only without physical delivery of certificates <br /> to beneficial owners of the 2025 Bonds. Payments to beneficial owners of the 2025 Bonds will be made <br /> by The Depository Trust Company("DTC"),New York,New York, and its participants. See Appendix E, <br /> "BOOK-ENTRY ONLY SYSTEM"hereto. So long as Cede & Co. is the registered owner of the 2025 <br /> Bonds,references herein to registered owner or Owners of the 2025 Bonds means Cede & Co. and not the <br /> beneficial owners of the 2025 Bonds. <br /> TAX STATUS <br /> In the opinion of Bond Counsel and subject to the qualifications described in this Official <br /> Statement, interest on the 2025 Bonds is not includable in gross income for federal income tax purposes, <br /> and interest on the 2025 Bonds is exempt from current State of North Carolina income taxes. See "TAX <br /> TREATMENT"herein for additional information regarding tax consequences arising from ownership or <br /> receipt of interest on the 2025 Bonds,including information regarding the application of federal alternative <br /> minimum tax provisions to the 2025 Bonds and certain other federal, State and local tax consequences. <br /> PROFESSIONALS <br /> Robert W. Baird& Co. Incorporated, Samuel A. Ramirez& Co.,Inc. and Siebert Williams Shank <br /> &Co.,LLC(the"Underwriters")are underwriting the 2025 Bonds. The Bank of New York Mellon Trust <br /> Company, N.A. is serving as Trustee with respect to the 2025 Bonds. Davenport & Company LLC is <br /> serving as the County's financial advisor. Sanford Holshouser LLP is serving as Bond Counsel. John L. <br /> Roberts,Esq. is the County Attorney. McGuireWoods LLP is serving as counsel to the Underwriters. <br /> ADDITIONAL INFORMATION <br /> Summaries of the Trust Agreement and the Modified Deed of Trust, including a list of definitions <br /> of certain terms, are included as Appendix C. All quotations from and summaries and explanations of the <br /> Trust Agreement and the Modified Deed of Trust contained in this Official Statement, including in <br /> Appendix C, do not purport to be complete. Reference is made to such documents for full and complete <br /> statements of their respective provisions. <br /> 3 <br />