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82 <br /> DEED OF TRUST—Defaults and Remedies; Foreclosure" in Appendix C hereto and the caption <br /> "CERTAIN RISKS OF 2026A BOND OWNERS"herein. <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 2026A Bonds, the County may issue Additional Bonds secured on parity <br /> with the 2026A Bonds and the Prior Bonds to provide funds(a)to expand or improve the Pledged Facilities, <br /> (b)to construct further improvements to the Pledged Sites,(c)to refund any Outstanding Bonds, (d)to pay <br /> financing costs or establish reserves in connection with the issuance of Additional Bonds, (e) for any other <br /> purpose that may be allowed by law from time to time, including the acquisition and construction of <br /> additional public facilities,whether or not those facilities are related to the Pledged Facilities or the Pledged <br /> Sites, or (f)for any combination of such purposes. See "THE TRUST AGREEMENT—Additional <br /> Bonds"in Appendix C hereto. <br /> USE OF NET PROCEEDS <br /> The County must elect to use Net Proceeds and other funds available therefor,subject to provisions <br /> of the Trust Agreement,to repair and restore the Mortgaged Property or to redeem or defease the Bonds in <br /> whole (but not in part) pursuant to the optional redemption provisions described above or the defeasance <br /> provisions of the Trust Agreement, as appropriate. The County has no option to redeem the 2026A Bonds <br /> from Net Proceeds other than in accordance with the optional redemption provisions described above <br /> (which provide for no optional redemption prior to April 1,20). <br /> AVAILABLE SOURCES FOR PAYMENT <br /> GENERAL <br /> The County may pay its obligations under the Trust Agreement from any source of funds,including <br /> revenues generated by the projects financed under the Trust Agreement and other facilities in the County, <br /> available to it in each year and appropriated therefor until maturity of the 2026A Bonds. <br /> GENERAL FUND REVENUES <br /> The County's general fund revenues for the fiscal year ended June 30, 2025 were $289.9 million <br /> and for the fiscal year ending June 30, 2026 are budgeted to be $306 million. General fund revenues are <br /> derived from various sources, including property taxes (which account for approximately 71% of the <br /> general fund revenues), sales taxes,fees and charges, as well as intergovernmental revenues. For the fiscal <br /> year ended June 30,2025,the County imposed a property tax of$0.8629 per$100 of assessed value, all of <br /> which was appropriated to the General Fund by the County's Board of Commissioners. For the fiscal year <br /> ending June 30,2026,the County imposed a property tax of$0.6383 per$100 of assessed value. A rate of <br /> $0.8629 per$100 of assessed value in the fiscal year ended June 30,2025 generated approximately$206.5 <br /> million. A rate of$0.6383 per$100 of assessed value in the fiscal year ending June 30, 2026 is estimated <br /> to generate approximately $212.9 million. The General Statutes of North Carolina permit counties to <br /> impose property taxes of up to $1.50 per $100 of assessed value for certain purposes without the <br /> requirement of a voter referendum. See Appendix B hereto for a description of the uses of the County's <br /> general fund revenues for the fiscal year ended June 30,2025. <br /> 9 <br />