Orange County NC Website
Browse       Search
Section 3 , 02 . Deposits to 2023 Project Fund % Payment of 2023 Project <br /> Costs , <br /> ( a) The Trustee will deposit into the 2023 Project Fund the amount <br /> specified in the certificate referenced in Section 1 , 08 (g) and all other amounts paid <br /> to it for deposit in the 2023 Project Fund . This certificate may also direct the Trustee <br /> as to the further application of amounts in the 2023 Project Fund without any <br /> requirement for additional direction or requisition . <br /> (b ) In addition, the Trustee will disburse moneys in the 2023 Project Fund <br /> from time to time, either to pay 2023 Project Costs directly to the County or the <br /> person indicated in the requisition to pay 2023 Project Costs or to reimburse the <br /> County for previous expenditures on 2023 Project Costs , upon the Trustee ' s receipt <br /> of a requisition substantially in the form of Exhibit E . The County need not submit <br /> any additional information other than the requisition , The Trustee may rely <br /> conclusively on requisitions as authorization for payments, and the Trustee has no <br /> duty or responsibility to verify any matters in the requisitions . <br /> ( c) Unless otherwise directed by the County, the Trustee will disburse <br /> moneys from the 2023 Project Fund that are due to the County by wire transfer to <br /> any bank account in the United States as a County Certificate may designate from <br /> time to time . Any electronic notice to the Trustee is subject to the provisions of <br /> Section 9 . 02 . <br /> Section 3 . 03 , Transfer of Unexpended Proceeds . When the County <br /> determines there are no more 2023 Project Costs to be paid from the 2023 Project <br /> Fund, the County will send a County Certificate to that effect to the Trustee , The <br /> Trustee will then withdraw all remaining moneys in the 2023 Project Fund and <br /> deposit those moneys in a separate account within the Payment Fund . The Trustee <br /> will then apply those moneys to Bond payments as directed by a County <br /> Representative , In the absence of any direction from the County, the Trustee will <br /> deposit those moneys in the Interest Account and use them to pay interest on the <br /> 2023 Bonds as the same becomes due . <br /> Section 3 . 04 . Creation of Accounts in Payment Fund , (a) The Trustee shall <br /> establish, in the 2021 Bond Payment Fund established under the Prior Agreement, <br /> three special accounts to be designated as the " 2023 Interest Account, " the " 2023 <br /> Principal Account" and the " 2023 Redemption Account , " The Trustee shall keep <br /> 11 <br />