Orange County NC Website
Browse       Search
( c) Each redemption notice must specify (i) the complete designation of <br /> the 2023 Bond to be redeemed, (ii) the CUSIP numbers of the 2023 Bonds to be <br /> redeemed, if any, [iii) the dated dates, maturity dates and interest rates of the 2023 <br /> Bonds to be redeemed, (iv) the date fixed for redemption, (v) any conditions to the <br /> redemption, as contemplated by subsection (b ) above , (vi.) the principal amount of <br /> 2023 Bonds or portions thereof to be redeemed, (vii) the applicable redemption <br /> price, (viii ) the address of the place or places of payment, (ix) the Trustee ' s name <br /> and telephone number, and the name of a contact person , (x) that interest accrued <br /> to the date fixed for redemption will be paid as specified in the notice , and (xi) that <br /> on and after the established redemption date , interest on 2023 Bonds that have <br /> been redeemed will cease to accrue . The Trustee must also include in any <br /> redemption notice any additional information provided by the County for use in the <br /> notice . <br /> Section 2 . 03 . 2023 Bonds Payable on Redemption Date ; Interest Ceases <br /> To Accrue. If on or before the date fixed for redemption funds are deposited with <br /> the Trustee to pay the principal of and interest accrued to the redemption date on <br /> 2023 Bonds called for redemption, the 2023 Bonds ( or portions of the 2023 Bonds) <br /> called for redemption cease to accrue interest from and after the redemption date . <br /> Thereafter, those 2023 Bonds , or portions called for redemption, ( a) are no longer <br /> entitled to the benefits provided by the Trust Agreement and (b) are not deemed to <br /> be Outstanding under the Trust Agreement, <br /> ARTICLE III <br /> DEPOSIT AND USE OF 2023 PROCEEDS ; OTHER FUNDS <br /> Section 3 . 01 . Creation and Use of 2023 Project Fund . The Trustee will <br /> establish a special fund designated as the " Orange County 2023 Project Fund . " The <br /> Trustee will keep this Fund separate and apart from all other funds and moneys <br /> held by it, and the Trustee will hold and administer this Fund as provided in this <br /> Agreement. Moneys in the 2023 Project Fund will be expended only as described in <br /> Sections 3 . 02 and 3 . 03 . The Trustee is not required to disburse any moneys from the <br /> 2023 Project Fund during the continuation of any Event of Default. <br /> 10 <br />