Orange County NC Website
32 <br /> (ii) No premium or penalty is payable for a redemption of the 2022B Bond <br /> made under this Section after May 12, 2032. For a prepayment made on or before <br /> May 12, 2032, the County must pay the Make Whole Prepayment Premium. <br /> (iii) If the County redeems a portion of the 2022B Bond, the County will <br /> prepare, and the Trustee will deliver, a new 2022B Bond in principal amount equal <br /> to the unpaid portion to the registered owner upon the surrender of the 2022B <br /> Bond. <br /> Section 2.02. Redemption Notices. (a) The Trustee, at the County's <br /> direction, upon being satisfactorily indemnified by the County with respect to <br /> expenses and with at least two Business Days' notice, will send notice of redemption <br /> no less than 30 nor more than 60 days prior to the redemption date, to the <br /> registered owner of the 2022B Bond at its address as it appears on the Trustee's <br /> registration books, by registered or certified mail. The Trustee shall also send a copy <br /> of the notice to the LGC. <br /> (b) Any redemption notice may state that the redemption to be effected is <br /> conditioned upon -- <br /> (i) the Trustee's receipt on or prior to the redemption date of moneys <br /> sufficient to pay the principal of and interest on the 2022B Bonds or <br /> portions thereof to be redeemed; or <br /> (ii) any other condition not unacceptable to the Trustee. <br /> If a notice contains a condition and the Trustee either (i) does not receive <br /> moneys sufficient to pay the principal of and interest on the 2022B Bond on or <br /> prior to the redemption date, or (ii) the stated condition is not fulfilled, <br /> in either case on or before the redemption date, <br /> then redemption will not be made, and the Trustee must, within a reasonable <br /> time, give notice the same way the redemption notice was given that the moneys <br /> were not so received (or condition was not fulfilled) and the redemption was not <br /> made. <br /> 7 <br />