Orange County NC Website
30 <br /> Section 2.01. Redemption Dates and Prices. The 2019B Bonds maturing <br /> on or after October 1, 2030, are subject to redemption at the County's option, in <br /> whole or in part on any date on or after October 1, 2029, upon payment of the <br /> principal amount to be redeemed plus interest accrued to the redemption date, <br /> without premium. <br /> Section 2.02. Selection of 2019B Bonds for Redemption. <br /> (a) If less than all the 2019B Bonds are to be redeemed, they will be <br /> redeemed among maturities in any manner the County chooses. <br /> (b) If less than all of the 2019B Bonds of any maturity are to be redeemed, <br /> the Trustee must select the 2019B Bonds to be redeemed by lot; provided, however, <br /> that so long as a book-entry system with DTC is used for determining beneficial <br /> ownership of 2019B Bonds, if less than all of the 2019B Bonds within a maturity are <br /> to be redeemed, the parties agree that DTC may determine which of the 2019B <br /> Bonds within the maturity are to be redeemed in accordance with DTC's then- <br /> current rules and procedures. <br /> (c) In any case, (i) the portion of any 2019B Bond to be redeemed must be <br /> in the principal amount of $5,000 or some integral multiple thereof, and (ii) in <br /> selecting 2019B Bonds for redemption, each 2019B Bond will be considered as <br /> representing that number of 2019B Bonds which is obtained by dividing the <br /> principal amount of that 2019B Bond by $5,000. If a portion of a 2019B Bond is <br /> called for redemption, the County will prepare, and the Trustee will deliver a new <br /> 2019B Bond of the same series in principal amount equal to the unpaid portion to <br /> the registered owner upon the surrender of the 2019B Bond. <br /> Section 2.03. Redemption Notices. (a) The Trustee, at the County's <br /> direction, upon being satisfactorily indemnified with respect to expenses, and with <br /> at least two Business Days' notice, will send notice of redemption no less than 30 <br /> nor more than 60 days prior to the redemption date, as follows: <br /> (i) For any 2019B Bonds being called for redemption for which DTC or its <br /> nominee is the registered owner, to DTC, in whatever manner may be provided for <br /> under DTC's standard operating rules as then in effect (and if the Trustee is unable <br /> to determine those rules, by registered or certified mail, return receipt requested); <br /> 5 <br />