Orange County NC Website
("DTC"), and not available for distribution to the public. Transfer of beneficial ownership • <br />interests in the Bonds in the principal amount of $5,000 or any integral multiple thereof <br />will be effected on the records of DTC and its participants pursuant to rules and <br />procedures established by DTC and its participants. Principal and interest on the Bonds <br />are payable to DTC or its nominee as registered owner of the Bonds. Neither the Trustee, <br />the Company nor the County is responsible or liable for such transfer of ownership or <br />payments or for maintaining, supervising or reviewing the records maintained by DTC, <br />its participants or persons acting through such participants. <br />If (a) DTC determines not to continue to act as securities depository for the Bonds <br />or (b) a County Representative so elects, the Company and the Trustee will discontinue <br />the book-entry system with DTC. If the County fails to identify another qualified <br />securities depository to replace DTC, the Company will prepare and execute, and the <br />Trustee will authenticate and deliver in exchange, replacement Bonds in the form of <br />fully-registered Bonds. <br />The Bonds may not be prepaid prior to maturity except as provided in this Bond <br />and in the Trust Agreement. <br />Bonds maturing on or after November 1, 2021, are subject to prepayment at the <br />County's option in whole or in part on any date on or after November 1, 2020, upon <br />payment of the principal amount to be prepaid plus interest accrued to the prepayment • <br />date, without premium. <br />The Bonds are subject to prepayment in whole or in part on any Payment Date <br />from Net Proceeds, as defined in the Contract, credited towards the prepayment of <br />Installment Payments under the Contract as a result of certain casualty and other losses to <br />the Facilities, as described in the Contract, at a prepayment price equal to the principal <br />amount to be prepaid plus interest accrued to the prepayment date, without premium. <br />The Trustee will prepay Bonds maturing on November 1, ,upon payment of <br />100% of the principal amount thereof plus interest accrued to the prepayment date, on <br />November 1 in years and amounts as follows: <br />Year Amount ($) <br />The Trustee will prepay Bonds maturing on November 1, ,upon payment of <br />100% of the principal amount thereof plus interest accrued to the prepayment date, on <br />November 1 in years and amounts as follows: <br />Year Amount ($) <br />U <br />The amount of Bonds to be prepaid on any sinking fund payment date inay be <br />reduced in accordance with the provisions of the Trust Agreement. <br />39 <br />