Orange County NC Website
Browse       Search
12 <br /> If less than all of the Bonds stated to mature on different <br /> dates shall be called for redemption, the particular Bonds or <br /> portions of Bonds to be redeemed shall be called in the inverse <br /> order of their maturities. <br /> Not more than sixty (60) nor less than thirty (30) days before <br /> the redemption date of any Bonds to be redeemed, whether such <br /> redemption be in whole or in part, said County shall cause a notice <br /> of such redemption to be filed with the Bond Registrar and given by <br /> certified or registered mail to Cede & Co. at its address <br /> appearing upon the registration books of said County. On the date <br /> fixed for redemption, notice having been given as aforesaid, the <br /> Bonds or portions thereof so called for redemption shall be due and <br /> payable at the redemption price provided for the redemption of such <br /> Bonds or portions thereof on such date plus accrued interest to <br /> such date and, if moneys for payment of such redemption price and <br /> the accrued interest have been deposited by said County as provided <br /> in the Resolution, interest on the Bonds or the portions thereof so <br /> called for redemption shall cease to accrue. If a portion of this <br /> Bond shall be called for redemption, a new Bond or Bonds in <br /> principal amount equal to the unredeemed portion hereof will be <br /> issued to Cede & Co. or its legal representative upon the <br /> surrender hereof. <br /> The Bonds are being issued by means of a book-entry system <br /> with no physical distribution of bond certificates to be made <br /> except as provided in the Resolution. One fully-registered Bond <br /> 10 <br />