Orange County NC Website
Browse       Search
(i) The Facilities have been designed and constructed so as to comply with all • <br />applicable subdivision, building and zoning ordinances and regulations, if any, and any <br />and all applicable federal and State standards and requirements relating to the Facilities. <br />The Facilities have not been and will not be used in any private business or put to any <br />private business use. <br />(j) The County will not take or permit, or omit to take or cause to be taken, any <br />action that would cause the Obligations to be "arbitrage bonds" or "private activity <br />bonds" within the meaning of the Code. If the County shall take or permit, or take or <br />cause to be taken, any such action, the County shall take (or cause to be taken) all lawful <br />actions within its power reasonably necessary to rescind or correct such actions or <br />omissions promptly upon having knowledge thereof. <br />6.2. County's Undertaking for Continuing Disclosure. The County <br />undertakes, for the benefit of the beneficial owners of the Bonds, to provide the following <br />items and information to the Municipal Securities Rulemaking Board ("MSRB"): <br />(a) by not later than seven months from the end of each of the County's Fiscal <br />Years, audited County financial statements for such fiscal year, if available, prepared in <br />accordance with Section 159-34 of the General Statutes of North Carolina, as it may be <br />amended from time to time, or any successor statute, or, if such audited financial <br />statements are not available by seven months from the end of any fiscal year, unaudited • <br />County financial statements for such fiscal year, to be replaced subsequently by audited <br />County financial statements to be delivered within 15 days after such audited financial <br />statements become available for distribution; <br />(b) by not later than seven months from the end of each of the County's Fiscal <br />Years, (i) the financial and statistical data as of a date not earlier than the end of the <br />preceding fiscal year (which data will be prepared at least annually, will specify the date <br />as to which such information was prepared and will be delivered with any subsequent <br />material events notices specified in subparagraph (c) below) for the type of information <br />included under the headings in the final Official Statement relating to the 2010 Bonds <br />under the captions "THE COLJN'TY -Debt Information" and " -Tax Information" <br />(excluding any information on overlapping or underlying debt) to the extent such items <br />are not included in the audited financial statements referred to in (a) above; <br />(c) in a timely manner, not in excess of ten business days after the occurrence <br />of the event, notice of any of the following events with respect to the 2010 Bonds: <br />(1) principal and interest payment delinquencies; <br />(2) non-payment related defaults, if material; • <br />(3) unscheduled draws on debt service reserves reflecting financial difficulties; <br />12 <br />