OTHER-2025-035-Orange County North Carolina limited obligation bonds series 2025

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CAROLINA GENERAL STATUTES PROVIDES THAT NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE COUNTY FOR BREACH OF ANY CONTRACTUAL OBLIGATION AUTHORIZED UNDER SECTION 160A-20 AND THAT THE TAXING POWER OF THE COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY TO SECURE ANY MONEYS DUE FROM THE COUNTY . See "THE TRUST AGREEMENT— Defaults and Remedies under Trust Agreement - Acceleration" and "— Other Remedies" and "THE DEED OF TRUST—Defaults and Remedies ; Foreclosure" in Appendix C hereto and the caption "CERTAIN RISKS OF 2025 BOND OWNERS" herein . ADDITIONAL BONDS Under the conditions described in the Trust Agreement, without the approval or consent of the Owners of the then Outstanding 2025 Bonds, Additional Bonds may be delivered and secured on parity with the 2025 Bonds and the Prior Bonds to provide funds (a) to expand or improve the Pledged Facilities , (b) to construct further improvements to the Pledged Sites, (c) to refund any Outstanding Bonds, (d) to pay financing costs or establish reserves in connection with the issuance of Additional Bonds , (e) for any other purpose that may be allowed by law from time to time, including the acquisition and construction of additional public facilities, whether or not those facilities are related to the Pledged Facilities or the Pledged Sites, or (f) for any combination of such purposes . See "THE TRUST AGREEMENT—Additional Bonds" in Appendix C hereto . USE OF NET PROCEEDS The County must elect to use Net Proceeds and other funds available therefor, subject to provisions of the Trust Agreement, to repair and restore the Mortgaged Property or to redeem or defease the Bonds in whole (but not in part) pursuant to the optional redemption provisions described above or the defeasance provisions of the Trust Agreement, as appropriate . The County has no option to redeem the 2025 Bonds from Net Proceeds other than in accordance with the optional redemption provisions described above (which provide for no optional redemption prior to October 1 , 20�j . AVAILABLE SOURCES FOR PAYMENT GENERAL The County may pay its obligations under the Trust Agreement from any source of funds, including revenues generated by the projects financed under the Trust Agreement and other facilities in the County, available to it in each year and appropriated therefor until maturity of the 2025 Bonds . GENERAL FUND REVENUES The County ' s general fund revenues for the fiscal year ended June 30 , 2024 were $276 . 5 million and for the fiscal year ending June 30 , 2025 are budgeted to be $294 . 2 million . General fund revenues are derived from various sources , including property taxes (which account for approximately 70 % of the general fund revenues), sales taxes, fees and charges, as well as intergovernmental revenues . For the fiscal year ended June 30, 2024, the County imposed a property tax of $ 0 . 8353 per $ 100 of assessed value, all of which was appropriated to the General Fund by the County ' s Board of Commissioners . For the fiscal year ending June 30 , 2025 , the County imposed a property tax of $ 0 . 8634 per $ 100 of assessed value . A rate of $ 0 . 8353 per $ 100 of assessed value in the fiscal year ended June 30 , 2024 generated approximately $ 194 . 3 million . A rate of $ 0 . 8634 per $ 100 of assessed value in the fiscal year ending June 30, 2025 is estimated to generate approximately $201 million . The General Statutes of North Carolina permit counties to impose property taxes of up to $ 1 . 50 per $ 100 of assessed value for certain purposes without the requirement of a 9