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<br /> voter referendum. See Appendix B hereto for a description of the uses of the County's general fund
<br /> revenues for the fiscal year ended June 30,2024.
<br /> THE PLAN OF FINANCE
<br /> The 2025 Bonds are being issued to provide funds to (1) finance the acquisition, construction,
<br /> equipping and improvement of certain County facilities as further described below and(2) finance certain
<br /> costs incurred in connection with the execution and delivery of the 2025 Bonds.
<br /> THE PROJECTS
<br /> A portion of the proceeds of the 2025 Bonds will be used to finance a variety of County projects.
<br /> The County has adopted a practice of completing an annual financing to finance a broad range of
<br /> acquisitions and improvements, so as to reduce its frequency of transactions and to handle projects that do
<br /> not lend themselves conveniently to separate financings. The projects included in the current financing can
<br /> be summarized, and the current estimates of the costs thereof, as follows:
<br /> Project Estimated Cost
<br /> School Capital Projects $57,077,708
<br /> Public Building Improvements, including safety, accessibility and sustainability 6,519,528
<br /> improvements
<br /> Emergency Services Projects 4,306,018
<br /> Vehicles 3,157,906
<br /> Sportsplex Improvements 2,456,000
<br /> IT Infrastructure Improvements 1,665,255
<br /> Parks and Recreation Projects 1,247,982
<br /> Affordable Housing Development 250,000
<br /> Total Project Costs $76,680,397
<br /> THE MORTGAGED PROPERTY
<br /> The 2025 Bonds, the Prior Bonds and any Additional Bonds will be secured by the Mortgaged
<br /> Property. The Mortgaged Property includes the County's Whitted Building, Blackwood Farm Park,
<br /> Culbreth Middle School, Orange County Library, Orange Middle School, New Hope Elementary School,
<br /> Pathways Elementary School, Orange High School and Ephesus Elementary School (all as described
<br /> below),and the associated real estate. The"Mortgaged Property"is defined in the Deed of Trust to include
<br /> these facilities and real estate,and any additional improvements to the facilities and real estate,but generally
<br /> does not include any equipment or furnishings associated with the property.
<br /> Whitted Building. The Whitted Building is a three-story building consisting of approximately
<br /> 56,984 square feet on an approximately 5.7-acre site located at 300 West Tryon Street in Hillsborough,
<br /> North Carolina. The Whitted Building houses certain of the County's administrative offices, Board of
<br /> Commissioners' meeting space and event space. A portion of the proceeds of the 2025 Bonds will be used
<br /> to make certain improvements to the Whitted Building, including [signage upgrades, electrical work,
<br /> sidewalk and accessible route improvements, hydrant upgrades, main water line upgrades, elevator
<br /> modernization, repair and replacement of fire doors,replacement of certain flooring and roof replacement
<br /> construction]. The County estimates the insured value of this building (not including the equipment
<br /> associated with the building, which is generally not part of the Mortgaged Property) to be approximately
<br /> $[9.7] million.
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