Orange County NC Website
Browse       Search
governmental authority has assumed jurisdiction over substantially all of the assets or <br /> business of the Obligated Person, or if such jurisdiction has been assumed by leaving the <br /> existing governing body and officials or officers in possession but subject to the supervision <br /> and orders of a court or governmental authority, or the entry of an order confirming a plan <br /> of reorganization, arrangement or liquidation by a court or governmental authority having <br /> supervision or jurisdiction over substantially all of the assets or business of the Obligated <br /> Person. <br /> If the County fails to comply with the undertaking described above, any beneficial <br /> owner of the Bonds may take action to protect and enforce the rights of all beneficial <br /> owners with respect to such undertaking, including an action for specific performance; <br /> provided, however, that failure to comply with such undertaking will not be an event of <br /> default and will not result in any acceleration of payment of the Bonds. All actions will be <br /> instituted, had and maintained in the manner provided in this paragraph for the benefit of <br /> all beneficial owners of the Bonds. <br /> The County shall provide the documents and other information referred to above to <br /> the MSRB in an electronic format as prescribed by the MSRB and accompanied by <br /> identifying information as prescribed by the MSRB. <br /> The County may discharge its undertaking as set forth in this resolution by <br /> providing such information in any manner that the United States Securities and Exchange <br /> Commission subsequently authorizes in lieu of the manner described above. <br /> The County reserves the right to modify from time to time the information to be <br /> provided to the extent necessary or appropriate in the County's judgment, provided that: <br /> (a) any such modification may only be made in connection with a change in <br /> circumstances that arises from a change in legal requirements, change in law, or change in <br /> the identity, nature, or status of the County; <br /> (b) the information to be provided, as modified, would have complied with the <br /> requirements of Rule 15c2-12 as of the date of the final Official Statement, after taking into <br /> account any amendments or interpretations of Rule 15c2-12, as well as any changes in <br /> circumstances; and <br /> (c) any such modification does not materially impair the interests of the <br /> beneficial owners, as determined either by parties unaffiliated with the County or by the <br />