Agenda - 03-02-2006-8bTA - Laserfiche WebLink

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authenticated between a Record Date and the succeeding Certificate Payment Date, or (c} otherwise from the Certificate Payment Date that is, or immediately precedes, the date on uThich this Certificate is authenticated (unless payment of interest hereon is in default, in which case this Certificate will bear interest from the date to which interest has been paid}. Principal and interest are payable in lawful money of the United States of America. This Certificate is one of an issue of the [$24,000,000] Certificates of Participation (Orange County Public Improvement Projects), Series 2006A (the "Certificates"}, of like date and tenor, except as to number, denomination, rate of interest, privilege of prepayment and maturity. The Certificates are executed and delivered under, and are equally and ratably secured by, a Trust Agreement dated as of April 1, 2006 (the "Trust Agreement"), betu~•een the Company and The Bank of Ne~~T York, as trustee (the "Trustee"). The Company is advancing funds under the Financing Contract to provide funds to the County, together with other available funds, to pay the cost of acquiring, constructing and improving certain school facilities, to provide for certain other public improvements and to pay certain financing costs, as more fully described in the Trust Agreement and the Financing Contract. The County ~vill repay the amounts advanced by making Installment Payments, as defined in and pursuant to the Financing Contract, ~vluch are designed to be sufficient in times and amounts to provide for timely payment of the Certificates. To further secure its obligations under the Financing Contract, the County has granted, for the Company's benefit, a security interest in certain of the financed facilities, the underlying real property and certain other property (the "Trust Property") pursuant to the Financing Contract and a Deed of Trust and Security Agreement dated as of April 1, 2006 (the "Deed of Trust"). The Company has assigned substantially all of its rights under the Financing Contract and as beneficiary under the Deed of Trust, including its right to receive Installment Payments, to the Trustee, without recourse against the Compan}r, far the benefit of the o~~jners of the Certificates. The Certificates are payable solely from amounts paid by the County pursuant to the Financing Contract, except to the extent payable from the proceeds of the Certificates, income from investments and certain net insurance and condemnation ati~rards, which revenues and other moneyrs have been pledged as described in the Trust Agreement and the Financing Contract to secure payment of the Certificates. Neither the Certificates nor the County's obligation to make payments under the Financing Contract constitutes a pledge of the County's faith and credit within the meaning of any constitutional provision. J3862v2 4~