Orange County NC Website
Browse       Search
27 <br /> (b) In addition, the County may redeem the 2020 Bond in whole, but not in <br /> part, on any date on or after October 1, 2030, by paying all interest accrued and <br /> unpaid to the redemption date and all the unpaid principal. <br /> (c) No premium or penalty is payable for a redemption made under this <br /> Section. <br /> Section 2.02. Redemption Notices. (a) The Trustee,at the County's direction, <br /> upon being satisfactorily indemnified by the County with respect to expenses and <br /> with at least two Business Days' notice, will send notice of redemption no less than <br /> 30 nor more than 60 days prior to the redemption date, to the registered owner of <br /> the 2020 Bond at its address as it appears on the Trustee's registration books, by <br /> registered or certified mail.The Trustee shall also send a copy of the notice to the LGC. <br /> (b) Any redemption notice may state that the redemption to be effected is <br /> conditioned upon -- <br /> (i) the Trustee's receipt on or prior to the redemption date of moneys <br /> sufficient to pay the principal of and interest on the 2020 Bonds or <br /> portions thereof to be redeemed; or <br /> (ii) any other condition not unacceptable to the Trustee. <br /> If a notice contains a condition and the Trustee either (i) does not receive moneys <br /> sufficient to pay the principal of and interest on the 2020 Bonds on or prior to the <br /> redemption date, or (ii) the stated condition is not fulfilled, <br /> in either case on or before the redemption date, <br /> then redemption will not be made,and the Trustee must,within a reasonable time, <br /> give notice the same way the redemption notice was given that the moneys were <br /> not so received (or condition was not fulfilled) and the redemption was not made. <br /> (c) Each redemption notice must specify (i) the complete designation of the <br /> 2020 Bonds to be redeemed, (ii) the CUSIP numbers of the 2020 Bonds to be <br /> redeemed, if any, (iii) the dated dates, maturity dates and interest rates of the 2020 <br /> 6 <br />