Orange County NC Website
51 <br /> County's faith and credit nor its taxing power is pledged to the payment of any <br /> amounts due under the Bond. As provided for under that Section 160A-20, no <br /> deficiency judgment may be rendered against the County in any action for breach of <br /> a contractual obligation under the Bond or the Trust Agreement. <br /> To further secure its obligations under the Trust Agreement, the County has <br /> granted, for the benefit of the Trustee on behalf of the owners of the Bonds, a <br /> security interest in certain public facilities and the related real property, and certain <br /> other property, pursuant to the Trust Agreement and a Deed of Trust and Security <br /> Agreement dated as of June 1, 2018, as previously supplemented and as <br /> supplemented by a Deed of Trust Supplement #4 dated as of May 11, 2022, <br /> delivered by the County for the Trustee's benefit (as supplemented, the "Deed of <br /> Trust"). <br /> The security provided to owners of the Bond under the Deed of Trust and <br /> otherwise is on parity with the security provided to owners of prior bonds issued <br /> under the Trust Agreement. Additional Bonds secured by a parity interest in the <br /> property securing the Bond may be issued under the terms and conditions set forth <br /> in the Trust Agreement. <br /> Reference is made to the Trust Agreement and the Deed of Trust referenced <br /> above for the provisions, among others, with respect to the nature and extent of the <br /> security, the rights, duties and obligations of the County and the Trustee, the rights <br /> of the Owners of the Bond and the terms upon which the Bond is executed, delivered <br /> and secured, to all of which provisions the owner of this Bond, by the acceptance of <br /> this Bond, agrees. <br /> [For 2022A -- The principal of this Bond may not be redeemed or prepaid <br /> prior to the stated principal pauyments dates.] <br /> (For 2022B-- <br /> This Bond may not be redeemed prior to maturity except as provided in this <br /> Bond and in the Trust Agreement. <br /> The County may prepay the principal of the 2022B Bond, in whole or in part, <br /> at the County's option, on any date, upon payment of the principal amount to be <br /> 26 <br />