Orange County NC Website
20 <br /> NOW, THEREFORE, in consideration of the covenants contained in this <br /> Supplemental Agreement, the parties agree as follows: <br /> ARTICLE I <br /> THE 2023 BONDS <br /> Section 1.01. Provision for 2023 Bonds; Advance. (a) The County will <br /> issue, and the Trustee will authenticate and deliver, 2023 Bonds in an aggregate <br /> principal amount of[$14,500,000] . <br /> (b) The County acknowledges that the amount paid to the County from the <br /> issuance and sale of the 2023 Bonds will be $ . The County will use the <br /> amount paid as provided in this Supplemental Agreement to pay 2023 Project Costs. <br /> Section 1.02. Bonds Constitute Installment Contracts. Each of the 2023 <br /> Bonds, together with the County's corresponding obligations under the Trust <br /> Agreement and the Deed of Trust, constitutes a separate "installment contract" <br /> within the meaning of Section 160A-20 between the County and the owner of that <br /> Bond. The County's payment obligations, and its other obligations under this <br /> Agreement and with respect to the Bonds, are secured by the lien on the Mortgaged <br /> Property created under the Deed of Trust and by the other security provided for in <br /> the Trust Agreement. <br /> Section 1.03. Agreement Supplements Prior Agreement; 2023 Bonds <br /> Are Additional Bonds. (a) This Supplemental Agreement is a "supplemental <br /> agreement" for the issuance of Additional Bonds as provided in the Prior <br /> Agreement, and the 2023 Bonds are "Additional Bonds" as defined in the Prior <br /> Agreement. <br /> (b) Except as modified by this Supplemental Agreement, all terms of the <br /> Prior Agreement remain in effect and apply with respect to the 2023 Bonds to the <br /> same extent as to all Prior Bonds. <br /> Section 1.04. Form and Details; Payments. (a) The 2023 Bonds will be <br /> issued initially as two fully registered bonds. The 2023 Bonds will be in <br /> substantially the form of Exhibit C, with any changes as the Trust Agreement <br /> 2 <br />