Orange County NC Website
25 <br /> the date of a Rate Adjustment Event. The County shall additionally pay to all affected <br /> Bondholders any interest, penalties or other charges assessed against or payable by <br /> such Bondholder and attributable to a Rate Adjustment Event, notwithstanding the <br /> prior repayment of the 2020 Bonds in full or any transfer to another Bondholder. The <br /> Trustee has no responsibility to calculate any such additional interest, penalties or <br /> charges, or to confirm that any have been paid,with those matters lying only between <br /> the County and the affected Bondholders. <br /> "Rate Adjustment Event" means (1) any action by the Internal Revenue Service <br /> (including the delivery of a deficiency notice) or any other federal court or <br /> administrative body or (2) receipt by the Bondholder of an opinion of nationally- <br /> recognized bond counsel acceptable to the County, in either case determining in effect <br /> that interest on the 2020 Bonds is includable in gross income for federal income tax <br /> purposes as a result of (i) any action the County takes, or fails to take, or (ii) any <br /> representation made by the County being a misrepresentation. <br /> "Prime Rate" means the rate by that name published by Capital One Bank, N.A., <br /> as in effect from time to time, whether or not that bank or any affiliate at any time is <br /> the registered Bondholder. <br /> Section 1.06. Redemption Dates and Prices. The 2020 Bonds are <br /> subject to redemption as described in Section 2.01. <br /> Section 1.07. Delivery of 2020 Bonds. The Trustee will authenticate <br /> and deliver the 2020 Bonds when it has received the following items: <br /> a) Certified copies of County Board resolutions (i) approving the <br /> terms and conditions under which the 2020 Bonds are to be executed and <br /> delivered and (ii) authorizing the execution, delivery and issuance of the 2020 <br /> Bonds, this Supplemental Agreement, and Deed of Trust Supplement #3 (as <br /> described in Exhibit B) <br /> b) Evidence satisfactory to the Trustee that the LGC has approved <br /> the issuance of the 2020 Bonds <br /> c) An executed copy of this Supplemental Agreement <br /> 4 <br />