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Agenda - 03-02-2006-8bTA
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Agenda - 03-02-2006-8bTA
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Last modified
9/2/2008 1:38:17 AM
Creation date
8/29/2008 9:13:06 AM
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BOCC
Date
3/2/2006
Document Type
Agenda
Agenda Item
8bTA
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Minutes - 20060302
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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authenticated between a Record Date and the succeeding Certificate Payment Date, <br />or (c} otherwise from the Certificate Payment Date that is, or immediately <br />precedes, the date on uThich this Certificate is authenticated (unless payment of <br />interest hereon is in default, in which case this Certificate will bear interest from <br />the date to which interest has been paid}. Principal and interest are payable in <br />lawful money of the United States of America. <br />This Certificate is one of an issue of the [$24,000,000] Certificates of <br />Participation (Orange County Public Improvement Projects), Series 2006A (the <br />"Certificates"}, of like date and tenor, except as to number, denomination, rate of <br />interest, privilege of prepayment and maturity. The Certificates are executed and <br />delivered under, and are equally and ratably secured by, a Trust Agreement dated <br />as of April 1, 2006 (the "Trust Agreement"), betu~•een the Company and The Bank <br />of Ne~~T York, as trustee (the "Trustee"). <br />The Company is advancing funds under the Financing Contract to provide <br />funds to the County, together with other available funds, to pay the cost of <br />acquiring, constructing and improving certain school facilities, to provide for <br />certain other public improvements and to pay certain financing costs, as more fully <br />described in the Trust Agreement and the Financing Contract. The County ~vill <br />repay the amounts advanced by making Installment Payments, as defined in and <br />pursuant to the Financing Contract, ~vluch are designed to be sufficient in times <br />and amounts to provide for timely payment of the Certificates. To further secure <br />its obligations under the Financing Contract, the County has granted, for the <br />Company's benefit, a security interest in certain of the financed facilities, the <br />underlying real property and certain other property (the "Trust Property") pursuant <br />to the Financing Contract and a Deed of Trust and Security Agreement dated as of <br />April 1, 2006 (the "Deed of Trust"). The Company has assigned substantially all <br />of its rights under the Financing Contract and as beneficiary under the Deed of <br />Trust, including its right to receive Installment Payments, to the Trustee, without <br />recourse against the Compan}r, far the benefit of the o~~jners of the Certificates. <br />The Certificates are payable solely from amounts paid by the County <br />pursuant to the Financing Contract, except to the extent payable from the proceeds <br />of the Certificates, income from investments and certain net insurance and <br />condemnation ati~rards, which revenues and other moneyrs have been pledged as <br />described in the Trust Agreement and the Financing Contract to secure payment of <br />the Certificates. Neither the Certificates nor the County's obligation to make <br />payments under the Financing Contract constitutes a pledge of the County's <br />faith and credit within the meaning of any constitutional provision. <br />J3862v2 4~ <br />
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