Orange County NC Website
Browse       Search
91 <br /> Bond Counsel's opinion will not address issues relating to the treatment of original issue discounts <br /> on Discount Bonds. Owners of Discount Bonds should consult their tax advisors with respect to the <br /> tax consequences of owning or disposing of a Discount Bond. <br /> CONTINUING DISCLOSURE OBLIGATION <br /> In accordance with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange <br /> Commission under the Securities Exchange Act of 1934 ("Rule 15c2-12"), the County has undertaken in <br /> the Trust Agreement to provide, or cause to be provided through the Trustee, to the Municipal Securities <br /> Rulemaking Board(the"MSRB"): <br /> (1) by not later than seven months after the end of each fiscal year, beginning with the fiscal <br /> year ending June 30, 2025,the audited financial statements of the County for such fiscal year, if available, <br /> prepared in accordance with Section 159-34 of the General Statutes of North Carolina,as it may be amended <br /> from time to time, or any successor statute, or if such audited financial statements are not then available, <br /> unaudited financial statements of the County for such fiscal year to be replaced subsequently by audited <br /> financial statements of the County to be delivered within 15 days after such audited financial statements <br /> become available for distribution; <br /> (2) by not later than seven months after the end of each fiscal year, beginning with the fiscal <br /> year ending June 30, 2025, the financial and statistical data as of a date not earlier than the end of the <br /> preceding fiscal year for the type of information included under the captions "THE COUNTY—DEBT <br /> INFORMATION"and"—TAX INFORMATION"in Appendix A relating to the 2025 Bonds(excluding <br /> any information on overlapping or underlying debt)to the extent such items are not included in the audited <br /> financial statements referred to in(1) above; <br /> (3) in a timely manner not in excess of ten business days after the occurrence of the event, <br /> notice of any of the following events with respect to the 2025 Bonds: <br /> (a) principal and interest payment delinquencies; <br /> (b) non-payment related defaults, if material; <br /> (c) unscheduled draws on debt service reserves reflecting financial difficulties; <br /> (d) unscheduled draws on credit enhancements reflecting financial difficulties; <br /> (e) substitution of credit or liquidity providers, or their failure to perform; <br /> (f) adverse tax opinions,the issuance by the Internal Revenue Service of proposed or <br /> final determinations of taxability, Notices of Proposed Issue (IRS Form 5701- <br /> TEB) or other material notices or determinations with respect to the tax status of <br /> the 2025 Bonds,or other material events affecting the tax status of the 2025 Bonds; <br /> (g) modifications to rights of holders of the 2025 Bonds,if material; <br /> (h) calls for redemption of 2025 Bonds (other than calls pursuant to sinking fund <br /> redemption), if material, and tender offers; <br /> (i) defeasances; <br /> 20 <br />