Orange County NC Website
Browse       Search
10 <br /> The Bonds are issued by means of a book-entry system, with one bond certificate <br /> for each maturity immobilized at The Depository Trust Company, New York, New York <br /> ("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 by the County to DTC or its nominee as registered owner of the Bonds. The <br /> County is not responsible or liable for such transfer of ownership or payments or for <br /> maintaining, supervising or reviewing the records maintained by DTC, its participants or <br /> persons acting through such participants. <br /> Bonds maturing prior to April 1, 2022, are not subject to redemption prior to <br /> maturity. Bonds maturing on April 1, 2023, and thereafter are redeemable, at the <br /> County's option, from any moneys that may be made available for such purpose, in whole <br /> or in part on any date not earlier than April 1, 2022, at a redemption price of 100% of the <br /> principal amount to be redeemed, plus interest accrued to the redemption date, without <br /> premium. <br /> If less than all of the Bonds stated to mature on different dates are called for <br /> redemption, the Bonds to be redeemed will be selected in such manner as the County may <br /> determine. If less than all of the Bonds of any one maturity are called for redemption, the <br /> particular Bonds or portions of Bonds of such maturity to be redeemed will be selected <br /> by lot in such manner as the County in its discretion may determine; provided, however, <br /> that the portion of each Bond to be redeemed will be in the principal amount of$5,000 or <br /> some integral multiple thereof, and that, in selecting Bonds for redemption, each Bond <br /> will be considered as representing that number of Bonds which is obtained by dividing <br /> the principal amount.of such Bond by $5,000. Notwithstanding the foregoing, so long as <br /> a book-entry system with DTC is used for determining beneficial ownership of Bonds, if <br /> less than all of the Bonds within a maturity are to be redeemed, DTC and its participants <br /> will determine which of the Bonds within any such maturity are to be redeemed. If a <br /> portion of a Bond is called for redemption, a new Bond in principal amount equal to the <br /> unredeemed portion thereof will be issued to the registered owner upon the surrender <br /> thereof. <br /> The County will send notice of redemption to DTC or its nominee as the registered <br /> owner of the Bonds in such manner as may be provided for under DTC's then-current <br /> operating procedures. The County will send this notice not more than 60 days and not <br /> less than 30 days prior to the date fixed for redemption. The County is not responsible for <br /> sending redemption notices to anyone other than DTC or its nominee. <br /> If(a) DTC determines not to continue to act as securities depository for the Bonds <br /> or(b) the County so elects, the County will discontinue the book-entry system with DTC. <br /> If the County does not identify another qualified securities depository to replace DTC, the <br /> County will deliver replacement Bonds in the form of fully-registered certificates. <br />