Orange County NC Website
Section 1.08. Delivery of 2022 Bonds. The Trustee will authenticate and <br /> deliver the 2022 Bonds when it has received the following items: <br /> (a) Certified copies of County Board resolutions (i) approving the terms <br /> and conditions under which the 2022 Bonds are to be executed and delivered and <br /> (ii) authorizing the execution, delivery and issuance of the 2022 Bonds, this <br /> Supplemental Agreement, and Deed of Trust Supplement #4 (as described in Exhibit <br /> B) <br /> (b) Evidence satisfactory to the Trustee that the LGC has approved the <br /> issuance of the 2022 Bonds <br /> (c) An executed copy of this Supplemental Agreement <br /> (d) An executed copy of Deed of Trust Supplement #4, which extends the <br /> benefit of the security provided to the Trustee under the Prior Deed of Trust to <br /> secure the County's performance of its obligations under this Supplemental <br /> Agreement and 2022 Bonds, as contemplated by Section 1.06(iv) of the 2018 <br /> Agreement <br /> (e) An Opinion of Bond Counsel to the effect that the execution and <br /> delivery of the 2022 Bonds as Additional Bonds is permitted under the terms of the <br /> Prior Agreement and has been duly authorized <br /> (f) A County Certificate directing the Trustee as to the application of the <br /> proceeds from the sale of the 2022 Bonds <br /> (g) Evidence of the issuance or proposed issuance of one or more lender's <br /> title insurance policies (or an appropriate endorsement to an existing policy) in <br /> favor of the Trustee, in an aggregate face amount of insurance equal to the total <br /> amount of Outstanding Bonds plus the principal amount of the 2022 Bonds, and <br /> including the instrument referenced in (d) above as an insured instrument <br /> Section 1.09. Limited Obligation. The 2022 Bonds are limited obligations <br /> of the County, as provided and described in Section 4.05 of the 2018 Agreement. <br /> 6 <br />