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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 />