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

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