Orange County NC Website
Browse       Search
11 <br /> upon the registration books of said County. On the date fixed for <br /> redemption, notice having been given as aforesaid, the Bonds or <br /> portions thereof so called for redemption shall be due and payable <br /> at the redemption price provided for the redemption of such Bonds <br /> or portions thereof on such date plus accrued interest to such date <br /> and, if moneys for payment of such redemption price and the accrued <br /> interest have been deposited by said County as provided in the <br /> Resolution, interest on the Bonds or the portions thereof so called <br /> for redemption shall cease to accrue. If a portion of this Bond <br /> shall be called for redemption, a new Bond or Bonds in principal <br /> amount equal to the unredeemed portion hereof will be issued to <br /> Cede & Co. or its legal representative upon the 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 /> certificate with respect to each date on which the Bonds are stated <br /> to mature, in the aggregate principal amount of the Bonds stated <br /> to mature on such date and registered in the name of Cede & Co. , a <br /> nominee of DTC, is being issued and required to be deposited with <br /> DTC and immobilized in its custody. The book-entry system will <br /> evidence beneficial ownership of the Bonds in the principal amount <br /> of $5, 000 or any multiple thereof, with transfers of ownership <br /> effected on the records of DTC and its participants pursuant to <br /> rules and procedures established by DTC and its participants. <br /> Transfer of principal, interest and any redemption premium payments <br /> 10 <br />