Orange County NC Website
26 <br /> d) An executed copy of Deed of Trust Supplement#3,which extends <br /> the benefit of the security provided to the Trustee under the Prior Deed of Trust <br /> to secure the County's performance of its obligations under this Supplemental <br /> Agreement and 2020 Bonds, as contemplated by Section 1.06(iv) of the 2018 <br /> Agreement <br /> e) An Opinion of Bond Counsel to the effect that the execution and <br /> delivery of the 2020 Bonds as Additional Bonds is permitted under the terms of <br /> the Prior Agreement and has been duly authorized <br /> f) A County Certificate directing the Trustee as to the application of <br /> the proceeds from the sale of the 2020 Bonds <br /> g) Evidence of the issuance or proposed issuance of one or more <br /> lender's title insurance policies (or an appropriate endorsement to an existing <br /> policy) in favor of the Trustee, in an aggregate face amount of insurance equal to <br /> the total amount of Outstanding Bonds plus the principal amount of the 2020 <br /> Bonds, and including the instrument referenced in (d) above as an insured <br /> instrument <br /> Section 1.08. Limited Obligation. The 2020 Bonds are limited <br /> obligations of the County, as provided and described in Section 4.05 of the 2018 <br /> Agreement. <br /> ARTICLE II <br /> REDEMPTION <br /> Section 2.01. Redemption Dates and Prices. (a) The County may redeem <br /> the 2020 Bond in whole or in part on any Payment Date. Under this subsection, the <br /> redemption amount must be at least$500,000 and not more than $1,000,000, and the <br /> County may make only one partial redemption in any calendar year. In addition, <br /> under this subsection the source of funds for redemption under this subsection may <br /> not be proceeds of any obligations issued to refinance the 2020 Bond. If the County <br /> redeems a portion of the 2020 Bond, the County will prepare, and the Trustee will <br /> deliver, a new 2020 Bond in principal amount equal to the unpaid portion to the <br /> registered owner upon the surrender of the 2020 Bond. <br /> 5 <br />