Orange County NC Website
46 <br /> or another recognized electronic source, two Federal Reserve Banking Days prior to <br /> the determination date. <br /> Prepayment provisions for 2O23B Bond-- <br /> The County may prepay the principal of this Bond, in whole or in part, at the <br /> County's option on any date, upon payment of the principal amount to be prepaid <br /> plus interest accrued to the prepayment date. For a prepayment made on or before <br /> June 30, 2030, the County must also pay a prepayment premium of 2% of the <br /> principal amount to be prepaid. No premium or penalty is payable for a prepayment <br /> made after June 30, 2030. <br /> If the County redeems a portion of this Bond, the County will prepare, and the <br /> Trustee will deliver, a new Bond in principal amount equal to the unpaid portion to <br /> the registered owner upon the surrender of this Bond. All amounts prepaid will be <br /> applied first to any prepayment premium due for the Bond on that prepayment date, <br /> then to interest accrued to the prepayment date, and then to principal in inverse <br /> order of the maturity dates. No partial prepayment postpones the due dates of, or <br /> relieves the amounts of, any scheduled installment payments otherwise due. <br /> The Trustee will send redemption notice to the Bondholder, at its address as <br /> it appears on the register kept by the Trustee as provided in the Trust Agreement, <br /> not more than 60 nor less than 30 days prior to the redemption date. <br /> If on or before the date fixed for redemption funds have been deposited with <br /> the Trustee to pay the principal and interest accrued to the redemption date with <br /> respect to this Bond, this Bond or portion called for redemption will cease to accrue <br /> interest from and after the redemption date, will no longer be entitled to the <br /> benefits provided by the Trust Agreement, and will not be deemed to be <br /> Outstanding under the Trust Agreement. <br /> The Owner of this Bond has no right to enforce the provisions of the Trust <br /> Agreement or to institute action to enforce the covenants therein, or to take any <br /> action with respect to any event of default thereunder, or to institute, appear in or <br /> defend any suit or other proceeding with respect thereto, except as provided in the <br /> Trust Agreement. Changes to or supplements of the Trust Agreement may be made <br /> to the extent and in the circumstances permitted by the Trust Agreement. <br /> 28 <br />