Orange County NC Website
Browse       Search
29 <br /> specified in the certificate referenced in Section 1.07(f) and all other amounts paid to <br /> it for deposit in the 2020 Proceeds Fund. <br /> (b) The Trustee will disburse moneys in the 2020 Proceeds Fund from time <br /> to time, either to pay 2020 Project Costs directly or to reimburse the County for <br /> previous expenditures on any of those costs, upon receipt of a requisition <br /> substantially in the form of Exhibit E. The Trustee will accept requisitions that the <br /> County submits by electronic mail or by facsimile transmission. The Trustee may rely <br /> conclusively on requisitions as authorization for payments, and the Trustee has no <br /> duty or responsibility to verify any matters in the requisitions. <br /> (c) Unless otherwise directed by the County, the Trustee will disburse <br /> moneys from the 2020 Proceeds Fund that are due to the County by wire transfer to <br /> any bank account in the United States as the County may designate to the Trustee <br /> from time to time. <br /> Section 3.04. Transfer of Unexpended Proceeds. Upon the first to <br /> occur of (a) July 1, 2023, or (b) receipt of a County Certificate stating that there are <br /> no more 2020 Project Costs to be paid from the 2020 Proceeds Fund, the Trustee will <br /> withdraw all remaining moneys in the 2020 Proceeds Fund and deposit those moneys <br /> in the Payment Fund. The Trustee will then apply those moneys to Bond payments as <br /> directed by a County Representative. In the absence of any direction from the County, <br /> the Trustee will deposit those moneys in the Interest Account and use them to pay <br /> interest on the 2020 Bonds as the same becomes due. <br /> Section 3.05. Use of Funds and Accounts from 2018 Agreement. The <br /> Trustee is to maintain and administer the Bond Payment Fund (and its principal and <br /> interest accounts) and the Net Proceeds Fund established under the 2018 Agreement <br /> to the same effect and purpose as provided in the 2018 Agreement with respect to <br /> the 2020 Bonds as to the 2018 Bonds and all Bonds generally. <br /> ARTICLE IV <br /> MISCELLANEOUS PROVISIONS <br /> Section 4.01. Notices. <br /> 8 <br />