Orange County NC Website
Browse       Search
11 <br /> This Bond is one of an issue of the County's $2,500,000 General Obligation <br /> Affordable Housing Bonds, Series 2021 (the "Bonds"), of like date and tenor, except <br /> as to number, rate of interest, privilege of redemption and maturity. The Bonds are <br /> issued pursuant to a resolution adopted by the County's governing Board of <br /> Commissioners on May 18, 2021, and the Constitution and laws of the State of North <br /> Carolina, including the Local Government Bond Act. <br /> The County's full faith and credit are pledged for the payment of principal of <br /> and interest on this Bond. <br /> The County will make all payments in lawful money of the United States. <br /> Interest is calculated based on a 360-day year consisting of twelve 30-day months. <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 /> York, New York ("DTC"), and not available for distribution to the public. Transfer of <br /> beneficial ownership interests in the Bonds in the principal amount of$5,000 or any <br /> integral multiple thereof will be effected on the records of DTC and its participants <br /> pursuant to rules and procedures established by DTC and its participants. Principal <br /> and interest on the Bonds are payable by the County to DTC or its nominee as <br /> registered owner of the Bonds. The County is not responsible or liable for such <br /> transfer of ownership or payments or for maintaining, supervising or reviewing the <br /> records maintained by DTC, its participants or persons acting through such <br /> participants. <br /> Bonds maturing prior to August 1, 2032,are not subject to redemption prior to <br /> maturity. Bonds maturing on August 1, 2032, and thereafter are redeemable, at the <br /> County's option, from any moneys that may be made available for that purpose, in <br /> whole or in part on any date not earlier than August 1, 2031, at a redemption price of <br /> 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 County will select the Bonds to be redeemed in such manner as the <br /> County may determine in its discretion. If less than all of the Bonds of any one <br /> 9 <br />