Orange County NC Website
Browse       Search
material notices or determinations with respect to the tax status of the Bonds, or other material <br />events affecting the tax status of the Bonds; <br />(7) modifications to rights of the beneficial owners of the Bonds, if material; <br />(8) calls for redemption of the Bonds (other than calls pursuant to sinking. fund <br />redemption), if material, and tender offers; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the Bonds; <br />(11) rating changes; <br />(12) bankruptcy, insolvency, receivership or similar proceedings related to the County <br />or any other person or entity that may at any time become legally obligated to make payments on <br />the Bonds (collectively, the "Obligated Persons "); <br />(13) the consummation of a merger, consolidation, or acquisition involving an <br />Obligated Person or the sale of all or substantially all of the assets of the Obligated Person, other <br />than in the ordinary course of business, the entry into a definitive agreement to undertake such an <br />action or the termination of a definitive agreement relating to any such actions, other than <br />pursuant to its terms, if material; and <br />(14) Appointment of a successor or additional trustee or the change of name of a <br />trustee, if material; and <br />(d) in a timely manner, notice of a failure of the County to provide required annual <br />financial information described in (a) or (b) above on or before the date specified. <br />For the purposes of the event identified in subparagraph (12) above, the event is <br />considered to occur when any of the following occurs: the appointment of a receiver, fiscal agent <br />or similar officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in <br />any other proceeding under state or federal law in which a court or governmental authority has <br />assumed jurisdiction over substantially all of the assets or business of the Obligated Person, or if <br />such jurisdiction has been assumed by leaving the existing governing body and officials or <br />officers in possession but subject to the supervision and orders of a court or governmental <br />authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation <br />