Orange County NC Website
Browse       Search
12 <br />for redemption, the particular Bonds or portions of Bonds to be redeemed from that <br />maturity will be selected by lot in such manner as the County in its discretion may <br />determine; provided, however, that the portion of each Bond to be redeemed will be <br />in the principal amount of $5,000 or some integral multiple thereof, and that, in <br />selecting Bonds for redemption, each Bond will be considered as representing that <br />number of Bonds which is obtained by dividing the principal amount of such Bond <br />by $5,000. Notwithstanding the foregoing, so long as a book -entry system with DTC <br />is used for determining beneficial ownership of Bonds, if less than all of the Bonds <br />within a maturity are to be redeemed, DTC and its participants will determine which <br />of the Bonds within any such maturity are to be redeemed. If a portion of a Bond is <br />called for redemption, the County will issue a new Bond to the registered owner in a <br />principal amount equal to the unredeemed portion, upon the registered owner's <br />surrender of the Bond. <br />The County will send notice of redemption to DTC or its nominee as the <br />registered owner of the Bonds in such manner as may be provided for under DTC's <br />then - current operating procedures. The County will send this notice not more than <br />60 days and not less than 30 days prior to the date fixed for redemption. The County <br />is not responsible for sending redemption notices to anyone other than DTC or its <br />nominee. <br />If (a) DTC determines not to continue to act as securities depository for the <br />Bonds or (b) the County so elects, the County will discontinue the book -entry <br />system with DTC. If the County does not identify another qualified securities <br />depository to replace DTC, the County will deliver replacement Bonds in the form of <br />fully- registered certificates. <br />The County Finance Officer has been appointed Registrar for the Bonds. As <br />Registrar, the Finance Officer will maintain appropriate books and records <br />indicating ownership of the Bonds. The County will treat the registered owner of <br />this Bond as the person exclusively entitled to payment of principal and interest and <br />the exercise of all other rights and powers of the owner, except that the County will <br />make Bond payments to the person shown as owner on the County's registration <br />books at the end of the calendar day on the 15th day of the month (whether or not a <br />