Orange County NC Website
59 <br /> Selection. If less than all of the 2020 Bonds are to be optionally redeemed as described above,the <br /> County in its discretion may elect which maturities of 2020 Bonds are to be redeemed. If less than all the <br /> 2020 Bonds of any maturity are to be redeemed,the Trustee shall select the 2020 Bonds to be redeemed by <br /> lot; provided, however, that so long as a book-entry system with DTC is used for determining beneficial <br /> ownership of 2020 Bonds, if less than all the 2020 Bonds within a maturity are to be redeemed,the parties <br /> agree that DTC may determine which of the 2020 Bonds within the maturity are to be redeemed in <br /> accordance with DTC's then-current rules and procedures. <br /> In any case, (1) the portion of any 2020 Bond to be redeemed must be in the principal amount of <br /> $5,000 or some multiple thereof, and(2) in selecting 2020 Bonds for redemption, each 2020 Bond will be <br /> considered as representing that number of 2020 Bonds which is obtained by dividing the principal amount <br /> of that 2020 Bond by$5,000. If a portion of a 2020 Bond is called for redemption, a new 2020 Bond of the <br /> same maturity in principal amount equal to the unpaid portion will be delivered to the registered owner <br /> upon the surrender of the 2020 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 2020 <br /> Bonds called for redemption,the 2020 Bonds or portions of the 2020 Bonds called for redemption cease to <br /> accrue interest from and after the redemption date,and thereafter those 2020 Bonds(1)are no longer entitled <br /> to the benefits provided by the Trust Agreement and(2) are not deemed to be Outstanding under the Trust <br /> 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 respect <br /> to any 2020 Bonds being called for redemption for which DTC or its nominee is the registered owner, to <br /> DTC,in whatever manner may be provided for under DTC's standard operating rules as then in effect(and <br /> if the Trustee is unable to determine those rules, by registered or certified mail, return receipt requested); <br /> (2)with respect to any 2020 Bonds for which no book-entry only system of registration is in effect,to each <br /> of the registered owners of those 2020 Bonds at their addresses as shown on the Trustee's registration <br /> books,by registered or certified mail; and(3)in any case,both(A)to the Municipal Securities Rulemaking <br /> Board for posting on its "EMMA" continuing disclosure system, or any successor system, and (B) to the <br /> LGC. <br /> Failure to give any notice specified in(1)or(2), as applicable, or any defect in that notice,will not <br /> affect the validity of any proceedings for the redemption of any 2020 Bonds with respect to which no failure <br /> has occurred. Failure to give any notice specified in (3), or any defect in that notice, will not affect the <br /> validity of any proceedings for the redemption of any 2020 Bonds with respect to which the notice specified <br /> in(1)or(2) is correctly given. Any notice mailed as provided in the Trust Agreement will conclusively be <br /> 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 Trustee's <br /> failure to post any notice with the EMMA system will be an action by the holders of the 2020 Bonds, as <br /> applicable, in mandamus for specific performance or similar remedy to compel performance. <br /> Any redemption notice,except a redemption notice in respect of a sinking fund payment date,may <br /> 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 2020 <br /> Bonds to be redeemed; or (2) any other condition not unacceptable to the Trustee. If a notice contains a <br /> condition and the Trustee either(i)does not receive moneys sufficient to pay the principal of and premium, <br /> if any, and interest on the 2020 Bonds on or prior to the redemption date, or(ii)the stated condition is not <br /> 5 <br />