Orange County NC Website
Browse       Search
14 <br />(8) Bond calls; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the <br />Bonds; and <br />(11) rating changes; and <br />(d) in a timely manner, to the MSRB, notice of a failure of the County to <br />provide required annual financial information described in (a) or (b) above on or before <br />the date specified. <br />If the County fails to comply with the undertaking described above, any beneficial <br />owner of the Bonds may take action to protect and enforce the rights of all beneficial <br />owners with respect to such undertaking, including an action for specific performance; <br />provided, however, that failure to comply with such undertaking will not be an event of <br />default and will not result in any acceleration of payment of the Bonds. All actions will <br />be instituted, had and maintained in the manner provided in this paragraph for the benefit <br />of all beneficial owners of the Bonds. <br />The County shall provide the documents referred to above to the MSRB in an <br />electronic format as prescribed by the MSRB and accompanied by identifying <br />information as prescribed by the MSRB. <br />The County may discharge its undertaking as set forth in this resolution by <br />providing such information in any manner that the United States Securities and Exchange <br />Commission subsequently authorizes in lieu of the manner described above. <br />The County reserves the right to modify from time to time the information to be <br />provided to the extent necessary or appropriate in the County's judgment, provided that: <br />(a) any such modification may only be made in connection with a change in <br />circumstances that arises from a change in legal requirements, change in law, or change <br />in the identity, nature, or status of the County; <br />(b) the information to be provided, as modified, would have complied with the <br />requirements of Rule 15c2-12 as of the date of the final Official Statement, after taking <br />into account any amendments or interpretations of Rule 15c2-12, as well as any changes <br />in circumstances; and <br />13 <br />