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98 <br /> "Independent Counsel" means an attorney duly admitted to the practice of <br /> law in the State as the County may select from time to time. <br /> "Interest Account" means the account of that name in the Payment Fund <br /> established in Section 3.04. <br /> "Legal Investments" means all investments as are legal investments for the <br /> County's funds, as determined at the time of investment, and "Investment <br /> Obligations" means the securities purchased as Legal Investments and held under <br /> this Agreement. <br /> "LGC" means the North Carolina Local Government Commission, or any <br /> successor to its functions. <br /> "Majority Owners" means, as of any date, the Owners of at least a majority in <br /> principal amount of the Bonds then Outstanding. <br /> "Mortgaged Property" has the meaning assigned to that term in the Deed of <br /> Trust, and generally includes the Pledged Facilities and the Pledged Sites. <br /> "MSRB" means the Municipal Securities Rulemaking Board, or any successor <br /> to its functions. <br /> "Net Proceeds" means all payments and proceeds derived from (a) claims <br /> made on account of insurance coverages required under this Agreement, (b) any <br /> exercise of condemnation or eminent domain authority related to all or any portion <br /> of the Mortgaged Property, (c) proceeds of title insurance related to the Mortgaged <br /> Property, or (d) any sale of the Pledged Facilities, as well as all judgments, <br /> settlements or other payments in lieu of any of the foregoing, but in any case <br /> reduced by the sum of all amounts (including legal fees, costs and expenses) <br /> expended by the County or the Trustee (i) to collect those gross proceeds or (ii) to <br /> remedy the event giving rise to the proceeds, all of which amounts will be paid or <br /> reimbursed from the gross proceeds. <br /> "Net Proceeds Fund" means the Orange County 2021 Net Proceeds Fund <br /> established in Section 3.04. <br /> "Opinion of Counsel" or "Opinion of Bond Counsel" means a written opinion <br /> of Independent Counsel or Bond Counsel, as appropriate. <br /> 67 <br />