Orange County NC Website
In addition, the County may prepay principal components of Installment <br />Payments pursuant to Sections 6.3(a) and 6.3(b) by directing the Trustee to apply <br />amounts in the Net Proceeds Fund to prepayment of principal with respect to the <br />2006A Certificates pursuant to [Sections 3.01 (c) and 4.06] of the Trust Agreement. <br />Upon any such prepayment, the Trustee will recalculate the schedule of <br />Installment Payments to reflect the prepayment, and will then deliver a substitute <br />Exhibit B to the County reflecting the recalculated payment schedule. <br />2.4. No Abatement. There will be no abatement or reduction of the <br />Installment Payments or Additional Payments by the County for any reason, <br />including, but not limited to, any defense, recoupment, setoff, counterclaim, or any <br />claim arising out of or related to the Project Sites or of the Financed Facilities. The <br />County assumes and will bear the entire risk of completion, loss and damage to the <br />Project Sites and the Financed Facilities from any cause whatsoezTer, it being the <br />parties' intention that the Installment Payments will be made in all events unless <br />the County's obligation to make Installment Payments is terminated as provided in <br />this Contract. <br />2.5. Appropriations. <br />{a) The County will cause the Budget Officer to include in the initial <br />proposal for each of the County's annual budgets the amount of all Installment <br />Payments and estimated Additional Payments coming due during the Fiscal Year <br />to which such budget applies. Notwithstanding that the initial proposed budget <br />includes an appropriation far Contract Payments, the County Board may determine <br />not to include such an appropriation in the final County budget for such Fiscal <br />Year. <br />(b) If within 15 days after the beginning of any Fiscal Year the County <br />has not appropriated an amount equal to the Installment Payments and estimated <br />Additional Payments coming due during such Fiscal Year, then the County must <br />send a notice to such effect to the Trustee and to the LGC, to the attention of its <br />Secretary, at 4505 Fair Meadov~T Lane, Suite 102, Raleigh, North Carolina 27607- <br />6449. <br />ARTICLE III <br />CONSTRUCTION <br />93361v2 4 <br />