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 each NRMSIR or to the MSRB, and to the SID, if <br /> any, notice of a failure of the County to provide required annual financial information <br /> described in (a) or (b) above on or before 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 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 /> (c) any such modification does not materially impair the interests of the <br /> beneficial owners, as determined either by parties unaffiliated with the County or by the <br /> approving vote of the registered owners o'f a.majority in principal amount of the Bonds <br /> pursuant to the terms of the bond resolution, as it may be amended from time to time, at <br /> the time of the amendment. <br /> Any annual financial information containing modified operating data or financial <br /> information will explain, in narrative form, the reasons for the modification and the <br /> impact of the change in the type of operating data or financial information being <br /> provided. <br />