Orange County NC Website
Browse       Search
29 <br /> were not so received (or condition was not fulfilled) and the redemption was not <br /> made. <br /> (c) Each redemption notice must specify (i) the complete designation of <br /> the 2020 Bonds to be redeemed, (ii) the CUSIP numbers of the 2020 Bonds to be <br /> redeemed, (iii) the dated dates, maturity dates and interest rates of the 2020 Bonds <br /> to be redeemed, (iv) the date fixed for redemption, (v) any conditions to the <br /> redemption, as contemplated by subsection (b) above, (vi) the principal amount of <br /> 2020 Bonds or portions thereof to be redeemed, (vii) the applicable redemption <br /> price, (viii) the address of the place or places of payment, (ix) the Trustee's name <br /> and telephone number, and the name of a contact person, (x) that interest accrued <br /> to the date fixed for redemption will be paid as specified in the notice, and (xi) that <br /> on and after the established redemption date, interest on 2020 Bonds which have <br /> been redeemed will cease to accrue. The Trustee must also include in any <br /> redemption notice any additional information provided by the County for use in the <br /> notice. <br /> Section 2.04. 2020 Bonds Payable on Redemption Date; Interest Ceases <br /> To Accrue. If on or before the date fixed for redemption funds are deposited with <br /> the Trustee to pay the principal of and interest accrued to the redemption date on <br /> 2020 Bonds called for redemption, the 2020 Bonds (or portions of 2020 Bonds) <br /> called for redemption cease to accrue interest from and after the redemption date. <br /> Thereafter, those 2020 Bonds (a) are no longer entitled to the benefits provided by <br /> the Trust Agreement and (b) are not deemed to be Outstanding under the Trust <br /> Agreement. <br /> ARTICLE III <br /> DEPOSIT AND USE OF 2020 PROCEEDS; OTHER FUNDS <br /> Section 3.01. Disbursement of Proceeds. The Trustee will apply <br /> proceeds from the sale of the 2020 Bonds as provided in the certificate described in <br /> Section 1.06(f). <br /> Section 3.02. Creation and Use of 2020 Proceeds Fund. The Trustee <br /> will establish a special fund designated as the "Orange County 2020 Proceeds Fund." <br /> 7 <br />