Orange County NC Website
10 <br /> Bond to be redeemed for each period of 12 months or part thereof <br /> between the redemption date and the maturity date of such Bond, <br /> such premium not to exceed 2% of such principal amount. <br /> If less than all of the Bonds of any one maturity shall be <br /> called for redemption, the particular Bonds or portions of Bonds of <br /> such maturity to be redeemed shall be selected by lot in such <br /> manner as said County in its discretion may determine; provided, <br /> however, that the portion of any Bond to be redeemed shall be in <br /> the principal amount of $5, 000 or some multiple thereof and that, <br /> in selecting Bonds for redemption, each Bond shall be considered as <br /> representing that number of Bonds which is obtained by dividing the <br /> principal amount of such Bond by $5, 000 and, further, that The <br /> Depository Trust Company, New York, New York ("DTC") will determine <br /> by lot the amount of interest of each direct participant of DTC in <br /> such Bonds to be redeemed so long as a book-entry system with DTC <br /> is continued. <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 appearing <br /> 9 <br />