Orange County NC Website
Browse       Search
(b) Notwithstanding any provision of this Trust Agreement to the contrary, <br />the Trustee will dispose of moneys held by it for the payment of principal, <br />premium, if any, or interest with respect to Certificates left unclaimed for five <br />years after the date the principal with respect to the same becomes due in <br />accordance with N.C. Gen. Stat. Sec. 116B-51 or any successor provision. The <br />Owners of such Certificates will thereafter be entitled to look only to their <br />remedies under N.C. Gen. Stat. Chapter 116B or any successor provision, and all <br />liability of the County and the Trustee ujith respect to such moneys urill cease. <br />ARTICLE III <br />PREPAYMENT <br />Section 3.01. Prepayment Dates and Prices. The 2006A Certificates may <br />not be prepaid except as provided in tlus Section. <br />(a) 2006A Certificates maturing on or after April 1, 2017, are subject to <br />prepayment at the County's option on or after April 1, 2016, in whole at any time <br />or in part on any Certificate Payment Date, upon payment of the principal amount <br />to be prepaid plus interest accrued to the prepayment dates, without premium. <br />(b) 2006A Certificates maturing on April 1, 2026, are required to be <br />prepaid in part prior to maturity pursuant to the terms of the sinking fund <br />requirements of Section 3.05 at a prepayment price equal to the principal amount <br />to be prepaid plus interest accrued to the prepayment date, urithout premium. <br />(c) The 2006A Certificates are subject to prepayment u1 whole or in part. <br />on any Certificate Payment Date from Net Proceeds transferred to the Prepayment <br />Account pursuant to Section 4.OG at a prepayment price equal to the principal <br />amount to be prepaid plus interest accrued to the prepayment date, without <br />premium. <br />(d} The amendment or supplement to this Agreement providing for the <br />issuance of Additional Certificates, as provided iri Section 1.05{iii), v~Till provide <br />for the prepayment terms and conditions of an~j Additional Certificates. <br />Section 3.02. Selection of Certificates far Prepayment. <br />(a) If less than all of the Certificates are to be prepaid pursuant to <br />subsection 3.01(a) or 3.01(c}, they ujill be prepaid as among maturities in such <br />manner as the County maSj elect. <br />J3862v2 10 <br />