Orange County NC Website
Browse       Search
11 <br /> maturity are called for redemption, the particular Bonds or portions of Bonds to be <br /> redeemed from that maturity will be selected by lot in such manner as the County in <br /> its discretion may determine; provided, however, that the portion of each Bond to be <br /> redeemed will be in the principal amount of$5,000 or some integral multiple thereof, <br /> and that, in selecting Bonds for redemption, each Bond will be considered as <br /> representing that number of Bonds which is obtained by dividing the principal <br /> amount of such Bond by $5,000. Notwithstanding the foregoing, so long as a book- <br /> entry system with DTC is used for determining beneficial ownership of Bonds, if less <br /> than all of the Bonds within a maturity are to be redeemed, DTC and its participants <br /> will determine which of the Bonds within any such maturity are to be redeemed. If a <br /> portion of a Bond is called for redemption, the County will issue a new Bond to the <br /> registered owner in a principal amount equal to the unredeemed portion, upon the <br /> registered owner's surrender of the Bond. <br /> [Term bond redemption provisions, if needed] <br /> The County will send notice of redemption to DTC or its nominee as the <br /> registered owner of the Bonds in such manner as may be provided for under DTC's <br /> then-current operating procedures. The County will send this notice not more than <br /> 60 days and not less than 30 days prior to the date fixed for redemption. The County <br /> is not responsible for sending redemption notices to anyone other than DTC or its <br /> nominee. <br /> If (a) DTC determines not to continue to act as securities depository for the <br /> Bonds or (b) the County so elects, the County will discontinue the book-entry system <br /> with DTC. If the County does not identify another qualified securities depository to <br /> replace DTC,the County will deliver replacement Bonds in the form of fully-registered <br /> certificates. <br /> The County Finance Officer has been appointed Registrar for the Bonds. As <br /> Registrar, the Finance Officer will maintain appropriate books and records indicating <br /> ownership of the Bonds. The County will treat the registered owner of this Bond as <br /> the person exclusively entitled to payment of principal, [premium,if any,] and interest <br /> and the exercise of all other rights and powers of the owner, except that the County <br /> will make Bond payments to the person shown as owner on the County's registration <br />