Orange County NC Website
/5 <br />The County's full faith and credit are pledged for the payment of principal of <br />and interest on this Bond. <br />The Bonds are issued by means of a book-entry system, with one bond <br />certificate for each maturity immobilized at The Depository Trust Company, New <br />Yorlc, New York ("DTC"), and not available for distribution to the public. Transfer <br />of beneficial ownership interests in the Bonds in the principal amount of $5,000 or <br />any integral multiple thereof will be effected on the records of DTC and its <br />participants pursuant to rules and procedures established by DTC and its <br />participants. Principal, premium, if any, and interest on the Bonds are payable by <br />the County to DTC or its nominee as registered owner of the Bonds. The County is <br />not responsible or liable for such transfer of ownership or payments or for <br />maintaining, supervising or reviewing the records maintained by DTC, its <br />participants or persons acting through such participants. <br />[Bonds maturing prior to 1, 2015, are not subject to redemption prior <br />to maturity. Bonds maturing on 1, 2015, and thereafter are redeemable, at <br />the County's option, from any moneys that may be made available for such <br />purpose, irr whole on any date not earlier than 1, 2014, at a redemption price <br />equal to 100% of the principal amount to be redeemed, plus interest accrued to the <br />redemption date, without premium.] <br />If less than all of the Bonds stated to mature on different dates are called for <br />redemption, the Bonds to be redeemed will be selected in such manner as the <br />County may determine. If less than all of the Bonds of any one maturity are called <br />for redemption, the particular Bonds or portions of Bonds of such maturity to be <br />redeemed will be selected by lot in such manner as the County in its discretion may <br />determine; provided, however, that the portion of each Bond to be redeemed will <br />be in the principal amount of $5,000 or some integral multiple thereof, and that, in <br />selecting Bonds for redemption, each Bond will be considered as representing that <br />number of Bonds which is obtained by dividing the principal amount of such Bond <br />by $5,000. Notwithstanding the foregoing, so long as a book-entry system with <br />DTC is used for determining beneficial ownership of Bonds, if less than all of the <br />Bonds within a maturity are to be redeemed, DTC and its participants will <br />determine which of the Bonds within any such maturity are to be redeemed. If a <br />portion of a Bond is called for redemption, a new Bond in principal amount equal <br />to the unredeemed portion thereof will be issued to the registered owner upon the <br />surrender thereof. <br />The County will give notice of redemption by certified or registered mail to <br />DTC or its nominee as the registered owner of the Bonds. The County will mail <br />such notice not more than 60 days and not less than 30 days prior to the date fixed <br />