Orange County NC Website
23 <br /> NOW, THEREFORE, in consideration of the covenants contained in this <br /> Supplemental Agreement, the parties agree as follows: <br /> ARTICLE I <br /> THE 2020 Bonds <br /> Section 1.01. Provision for 2020 Bonds; Advance. (a) The County will <br /> issue, and the Trustee will authenticate and deliver, 2020 Bonds in an aggregate <br /> principal amount of[$43,000,000]. <br /> (b) The County acknowledges that the amount paid to it from the issuance <br /> and sale of the 2020 Bonds will be $ . The County will use the amount <br /> paid as provided in this Supplemental Agreement to pay 2020 Project Costs. <br /> Section 1.02. Bonds Constitute Installment Contracts. Each of the <br /> 2020 Bonds, together with the County's corresponding obligations under the Trust <br /> Agreement and the Deed of Trust, constitutes a separate"installment contract"within <br /> the meaning of Section 160A-20 between the County and the owner of that Bond. The <br /> County's payment obligations, and its other obligations under this Agreement and <br /> with respect to the Bonds, are secured by the lien on the Mortgaged Property created <br /> under the Deed of Trust and by the other security provided for in the Trust <br /> Agreement. <br /> Section 1.03. Agreement Supplements 2018 Agreement; 2020 Bonds <br /> Are Additional Bonds. (a) This Supplemental Agreement is a "supplemental <br /> agreement" for the issuance of Additional Bonds as provided in the 2018 Agreement, <br /> and the 2020 Bonds are "Additional Bonds" as defined in the 2018 Agreement. <br /> (b) Except as modified by this Supplemental Agreement, all terms of the <br /> Prior Agreement remain in effect and apply with respect to the 2020 Bonds to the <br /> same extent as to all Prior Bonds. <br /> Section 1.04. Form and Details; Payments. The 2020 Bonds will be <br /> issued as a single fully registered bond designated "Limited Obligation Bond, Series <br /> 2020," and in substantially the form of Exhibit C, with any changes as the Trust <br /> Agreement permits or requires. This 2020 Bond will be (a) dated the date of its initial <br /> 2 <br />