Orange County NC Website
64 <br /> Any redemption notice, except a redemption notice in respect of a sinking fund payment date, <br /> may state that the redemption to be effected is conditioned upon(1)the Trustee's receipt on or prior to the <br /> redemption date of moneys sufficient to pay the principal of and premium, if any, and interest on the <br /> 2019B Bonds to be redeemed; or (2) any other condition not unacceptable to the Trustee. If a notice <br /> contains a condition and the Trustee either (i) does not receive moneys sufficient to pay the principal of <br /> and premium, if any, and interest on the 2019B Bonds on or prior to the redemption date, or(ii)the stated <br /> condition is not fulfilled, in either case on or prior to the redemption date, then redemption will not be <br /> made and the Trustee must, within a reasonable time, give notice in a manner in which the redemption <br /> notice was given that the moneys were not so received(or condition was not fulfilled) and the redemption <br /> was not made. <br /> SECURITY AND SOURCES OF PAYMENT OF 2019B BONDS <br /> GENERAL <br /> The 2019B Bonds are payable from payments to be made by the County pursuant to the Trust <br /> Agreement and from certain other moneys, including certain Net Proceeds, if any, and certain amounts <br /> realized from any sale or lease of the Mortgaged Property, which payments and other moneys have been <br /> pledged to such payment as provided in the Trust Agreement. <br /> PAYMENT OF BONDS;LIMITED OBLIGATION;BUDGET AND APPROPRIATIONS <br /> The County shall cause to be paid, when due, the principal of (whether at maturity, by <br /> acceleration, or otherwise) and the premium, if any, and interest on the Bonds at the places, on the dates <br /> and in the manner described in the Trust Agreement. The County is obligated to pay Additional <br /> Payments in amounts sufficient to pay the fees and expenses of the Trustee, taxes or other expenses <br /> required to be paid pursuant to the Trust Agreement. Additional Payments are to be paid by the County <br /> directly to the person or entity to which such Additional Payments are owed. <br /> hi the Trust Agreement, the County agrees to include in the initial proposal for each of the <br /> County's annual budgets for review and consideration by the Board of Commissioners for the County, in <br /> any Fiscal Year, items for all Bond Payments and the reasonably estimated Additional Payments coming <br /> due in such Fiscal Year. Notwithstanding that the initial proposed budget includes an appropriation for <br /> Bond Payments and Additional Payments, the Board of Commissioners may determine not to include <br /> such an appropriation in the final County budget for such Fiscal Year; further, the Board of <br /> Commissioners may amend an adopted budget to reduce or delete an approved appropriation. An Event <br /> of Nonappropriation constitutes an Event of Default under the Trust Agreement, which entitles the <br /> Trustee to exercise its remedies under the Trust Agreement, including its rights to foreclose on the <br /> Mortgaged Property under the Modified Deed of Trust. <br /> IN CONNECTION WITH THE BOND PAYMENTS AND THE ADDITIONAL PAYMENTS, THE <br /> APPROPRIATION OF FUNDS THEREFOR IS WITHIN THE SOLE DISCRETION OF THE BOARD OF <br /> COMMISSIONERS OF THE COUNTY. <br /> TRUST AGREEMENT <br /> Under the Trust Agreement, the County has granted to the Trustee for the benefit of the Owners <br /> of the Bonds a lien on and security interest in all moneys and securities from time to time held by the <br /> Trustee under the Trust Agreement. <br /> 8 <br />