Orange County NC Website
41 <br /> The Bonds may not be redeemed prior to maturity except as provided in this <br /> Bond and in the Trust Agreement. <br /> The Bonds maturing on or after October 1, 2031, are subject to redemption at <br /> the County's option in whole or in part on any date on or after October 1, 2030, <br /> upon payment of the principal amount to be prepaid plus interest accrued to the <br /> redemption date, without premium. <br /> If less than all the Bonds are to be redeemed pursuant to this provision, they <br /> will be redeemed among maturities in any manner the County chooses. If less than <br /> all the Bonds of any maturity are called for redemption, the Trustee will select the <br /> Bonds to be redeemed by lot; provided, however, that so long as a book-entry <br /> system with DTC is used for recording beneficial ownership of Bonds, if less than all <br /> of the Bonds within a maturity are to be redeemed, DTC and its participants will <br /> determine which of the Bonds within any such maturity are to be redeemed. <br /> In any case, (1) the portion of any Bond to be prepaid will be in the principal <br /> amount of $5,000 or some integral multiple thereof, and (2) in selecting Bonds for <br /> redemption, each Bond will be considered as representing that number of Bonds <br /> which is obtained by dividing the principal amount of that Bond by $5,000. If a <br /> portion of a Bond is called for redemption, a new Bond in principal amount equal to <br /> the unpaid portion will be issued to the registered owner upon the surrender of the <br /> Bond. <br /> The Trustee will send notice of redemption to DTC or its nominee as the <br /> Owner of the Bonds as provided in the Trust Agreement. The Trustee will send the <br /> notice not more than 60 days nor less than 30 days prior to the date fixed for <br /> redemption. Neither the Trustee nor the County is responsible for sending notices of <br /> redemption to anyone other than DTC or its nominee, so long as all the Bonds to be <br /> redeemed are held in a book-entry-only form with DTC. <br /> If on or before the date fixed for redemption funds have been deposited with <br /> the Trustee to pay the principal and interest accrued to the redemption date with <br /> respect to the Bonds called for redemption, the Bonds or portions thereof thus <br /> called for redemption will cease to accrue interest from and after the redemption <br /> 19 <br />