Orange County NC Website
Browse       Search
43 <br /> (c) Unless otherwise directed by the County, the Trustee will disburse <br /> moneys from the Project Fund that are due to the County by wire transfer to any <br /> bank account in the United States as a County Certificate may designate from time to <br /> time. Any electronic notice to the Trustee is subject to the provisions of Section 9.02. <br /> Section 3.03. Transfer of Unexpended Proceeds. Upon the first to <br /> occur of (a) July 1, 2024, or (b) receipt of a County Certificate stating that there are <br /> no more 2021 Project Costs to be paid from the 2021 Proceeds Fund, the Trustee <br /> will withdraw all remaining moneys in the 2021 Proceeds Fund and deposit those <br /> moneys in the Payment Fund. The Trustee will then apply those moneys to Bond <br /> payments as directed by a County Representative. In the absence of any direction <br /> from the County, the Trustee will deposit those moneys in the Interest Account and <br /> use them to pay interest on the 2021 Bonds as the same becomes due. <br /> Section 3.04. Other Funds and Accounts. The Trustee will establish <br /> the following special funds and accounts, must keep the same separate and apart <br /> from all other funds and moneys held by it, and must hold and administer the same <br /> as provided in this Agreement: <br /> (a) Orange County 2021 Bond Payment Fund, and therein an Interest <br /> Account, a Principal Account and a Redemption Account; and <br /> (b) Orange County 2021 Net Proceeds Fund. <br /> Any amendment or supplement to this Agreement providing for the issuance <br /> of Additional Bonds may create additional funds or accounts related to those Bonds. <br /> Section 3.05. Payment Fund. (a) The Trustee must deposit in the proper <br /> account in the Payment Fund all amounts paid to it for deposit in the Payment Fund, <br /> including all amounts paid to it by the County for payments on the Bonds. <br /> (b) The County will make payments to the Trustee sufficient in times and <br /> amounts to allow the Trustee to make full and timely payment of all Bond Payments <br /> as the same become due. The County will make the payments to the Trustee not <br /> later than the 25th day of the month preceding a Payment Date. The County will <br /> make the payments in lawful money of the United States, by wire transfer or other <br /> transfer of immediately available funds to any account in the United States as the <br /> Trustee may designate to the County from time to time. <br /> 12 <br />