Orange County NC Website
63 <br /> Optional Redemption. The 2019B Bonds maturing on or after October 1, 20 are subject to <br /> redemption at the County's option, in whole or in part on any date on or after October 1, 20_, upon <br /> payment of the principal amount to be redeemed plus interest accrued to the redemption date, without <br /> premium. <br /> Mandatory Sinking Fund Redemption. [To be added if needed] <br /> Selection. If less than all of the 2019B Bonds are to be optionally redeemed as described above, <br /> the County in its discretion may elect which maturities of 2019B Bonds are to be redeemed. If less than <br /> all the 2019B Bonds of any maturity are to be redeemed, the Trustee shall select the 2019B Bonds to be <br /> redeemed by lot; provided, however, that so long as a book-entry system with DTC is used for <br /> determining beneficial ownership of 2019B Bonds, if less than all the 2019B Bonds within a maturity are <br /> to be redeemed,the parties agree that DTC may determine which of the 2019B Bonds within the maturity <br /> are to be redeemed in accordance with DTC's then-current rules and procedures. <br /> In any case, (1)the portion of any 2019B Bond to be redeemed must be in the principal amount of <br /> $5,000 or some multiple thereof, and(2)in selecting 2019B Bonds for redemption, each 2019B Bond will <br /> be considered as representing that number of 2019B Bonds which is obtained by dividing the principal <br /> amount of that 2019B Bond by $5,000. If a portion of a 2019B Bond is called for redemption, a new <br /> 2019B Bond of the same maturity in principal amount equal to the unpaid portion will be delivered to the <br /> registered owner upon the surrender of the 2019B Bond. <br /> Effect of Call for Redemption. If on or before the date fixed for redemption funds are deposited <br /> with the Trustee to pay the principal and interest accrued to the redemption date with respect to the 2019B <br /> Bonds called for redemption, the 2019B Bonds or portions of the 2019B Bonds called for redemption <br /> cease to accrue interest from and after the redemption date, and thereafter those 2019B Bonds (1) are no <br /> longer entitled to the benefits provided by the Trust Agreement and(2) are not deemed to be Outstanding <br /> under the Trust Agreement. <br /> Notice of Redemption. The Trustee, at the County's direction, upon being satisfactorily <br /> indemnified with respect to expenses and with at least two Business Days' notice, will send notice of <br /> redemption no less than 30 nor more than 60 days prior to the redemption date, as follows: (1) with <br /> respect to any 2019B Bonds being called for redemption for which DTC or its nominee is the registered <br /> owner,to DTC, in whatever manner may be provided for under DTC's standard operating rules as then in <br /> effect(and if the Trustee is unable to determine those rules, by registered or certified mail, return receipt <br /> requested); (2)with respect to any 2019B Bonds for which no book-entry only system of registration is in <br /> effect,to each of the registered owners of those 2019B Bonds at their addresses as shown on the Trustee's <br /> registration books, by registered or certified mail; and (3) in any case, both (A) to the Municipal <br /> Securities Rulemaking Board for posting on its "ENEMA" continuing disclosure system, or any successor <br /> system, and(B)to the LGC. <br /> Failure to give any notice specified in (1) or (2), as applicable, or any defect in that notice, will <br /> not affect the validity of any proceedings for the redemption of any 2019B Bonds with respect to which <br /> no failure has occurred. Failure to give any notice specified in (3), or any defect in that notice, will not <br /> affect the validity of any proceedings for the redemption of any 2019B Bonds with respect to which the <br /> notice specified in (1) or (2) is correctly given. Any notice mailed as provided in the Trust Agreement <br /> will conclusively be presumed to have been given regardless of whether received by any Owner. <br /> Notwithstanding anything in the Trust Agreement to the contrary, the only remedy for the <br /> Trustee's failure to post any notice with the EMMA system will be an action by the holders of the 2019B <br /> Bonds,as applicable,in mandamus for specific performance or similar remedy to compel performance. <br /> 7 <br />