Orange County NC Website
16 <br /> Section 4. The Bonds maturing prior to March 1, 2004 will not <br /> be subject to redemption prior to maturity. The Bonds maturing on <br /> March 1, 2004 and thereafter will be redeemable, at the option of <br /> the Issuer, from any moneys that may be made available for such <br /> purpose, either in whole or in part on any date not earlier than <br /> March 1, 2003, at the principal amount of the Bonds to be redeemed, <br /> together with interest accrued thereon to the date fixed for <br /> redemption, plus a redemption premium of 1/2 of 1% of the principal <br /> amount of each Bond to be redeemed for each period of 12 months or <br /> part thereof between the redemption date and the maturity date of <br /> such Bond, 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 the Issuer 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 DTC <br /> will determine by lot the amount of interest of each direct <br /> participant of DTC in such Bonds to be redeemed so long as a book <br /> entry system with DTC is continued. If less than all of the Bonds <br /> stated to mature on different dates shall be called for redemption, <br /> 15 <br />