Orange County NC Website
Browse       Search
50 <br /> "Taxable Rate" means the interest rate per annum that provides the <br /> Bondholder with the same after tax yield that the Bondholder would have otherwise <br /> received had the Event of Taxability not occurred, taking into account the increased <br /> taxable income of the Lender as a result of such Event of Taxability. The Bondholder <br /> shall provide the County with a written statement explaining the calculation of the <br /> Taxable Rate, which statement shall, in the absence of manifest error, be conclusive <br /> and binding on the County. <br /> "Default Rate" means the lesser of (a) the sum of the Prime Rate plus 2.0% <br /> per annum and (b) the maximum lawful rate. <br /> "Prime Rate" means the per annum rate which the Lender's affiliate Truist <br /> Bank (whether or not that bank or any affiliate at any time is a registered <br /> Bondholder) announces from time to time as its" prime rate," as in effect from time <br /> to time. The prime rate is a reference or benchmark rate, is purely discretionary and <br /> does not necessarily represent the lowest or best rate charged to borrowing <br /> customers. The Lender's affiliate Truist Bank may make commercial loans or other <br /> loans at rates of interest at, above or below the prime rate. Each change in the prime <br /> rate will be effective from and including the date Truist Bank announces the change <br /> as effective. <br /> This Bond constitutes the entire issue of a [$ ] Limited Obligation <br /> Bonds, Series 2022A/2022B (the "Bond"), issued under, and secured by, a Trust <br /> Agreement dated as of June 1, 2018, between the County and The Bank of New York <br /> Mellon Trust Company, N.A., as trustee (the "Trustee"), as previously supplemented <br /> and as supplemented by a Fourth Supplemental Trust Agreement between the <br /> County and the Trustee and dated as of May 11, 2022 (as supplemented, the "Trust <br /> Agreement"). <br /> This Bond constitutes an installment contract within the meaning of Section <br /> 160A-20 of the North Carolina General Statutes between the County and the owner <br /> (from time to time) of this Bond. The Bond is payable solely from funds <br /> appropriated on an annual basis by the County's governing Board of Commissioners <br /> and other funds available for the purpose of payment pursuant to the Trust <br /> Agreement, such as certain net insurance and condemnation awards and the <br /> proceeds of remedial action, which revenues and other moneys have been pledged <br /> as described in the Trust Agreement to secure payment of the Bond. Neither the <br /> 25 <br />