Orange County NC Website
Browse       Search
Any company or national banking association into which the Escrow Agent <br /> may be merged or converted, or with which it may be consolidated or any company <br /> resulting from any merger, conversion or consolidation to which the Escrow Agent <br /> may be a party, or any company to which the Escrow Agent may sell or transfer all <br /> or substantially all of its municipal corporate trust business, will be the successor to <br /> the Escrow Agent without the execution or filing of any paper or further act by the <br /> successor Escrow Agent. <br /> Upon the taking of office of any successor Escrow Agent, the new Escrow <br /> Agent must promptly cause notice of its appointment and contact information <br /> (identifying this Agreement) to be posted with the MSRB's EMMA continuing <br /> disclosure system with respect to the DTC Obligations. <br /> SECTION 13. (a) On or before August 1 in each of the years 2021 and 2022, <br /> the Escrow Agent must deliver to the County (i) a report of each transaction relating <br /> to the Escrow Fund for the prior fiscal year ended June 30, and (ii) a schedule of the <br /> assets of the Escrow Fund as of the preceding July 1. <br /> (b) Then, or before November 1, 2022, the Escrow Agent must send to the <br /> County a complete statement of all transactions concerning the Escrow Fund <br /> through the final disbursement of funds from the Escrow Fund as provided for in <br /> Section 6. <br /> (c) The County will promptly send a copy of each report received under <br /> this Section to the North Carolina Local Government Commission. <br /> SECTION 14. This Agreement may be amended to (a) correct language or to <br /> cure any ambiguity or defective provisions, omission, mistake or manifest error <br /> contained in this Agreement, or (b) to provide for the deposit of additional cash or <br /> securities in the Escrow Fund. All amendments must be in writing signed by all <br /> parties to this Agreement, but no consent of any owners of Refunded Obligations is <br /> required. <br /> SECTION 15. (a) The parties intend that North Carolina law will govern this <br /> Agreement and all matters of its interpretation. <br /> 8 <br />