Orange County NC Website
as described in the Trust Agreement to secure payment of the Bond , Neither the <br /> County' s faith and credit nor its taxing power is pledged to the payment of any <br /> amounts due under the Bond . As provided for under that Section 160A � 20 , no <br /> deficiency judgment may be rendered against the County in any action for breach of <br /> a contractual obligation under the Bond or the Trust Agreement , <br /> To further secure its obligations under the Trust Agreement, the County has <br /> granted, for the benefit of the Trustee on behalf of the owners of the Bonds , a <br /> security interest in certain public facilities and the related real property, and certain <br /> other property, pursuant to the Trust Agreement and a Deed of Trust and Security <br /> Agreement dated as of June 1 , 2021 , as supplemented by a Deed of Trust <br /> Supplement # 1 dated as of June 13 , 2023 , delivered by the County for the Trustee ' s <br /> benefit (as supplemented , the " Deed of Trust" ) , <br /> While any default by the County under this Bond , the Deed of Trust or the <br /> Trust Agreement is continuing, this Bond will bear interest (but only during the <br /> pendency of the default) at a " Default Rate " equal to an annual interest rate equal to <br /> the lesser of (a) then - current annual interest rate on this Bond plus 4 . 00 % (400 <br /> basis points ) and (b) the maximum lawful rate . <br /> The security provided to owners of the Bond under the Deed of Trust and <br /> otherwise is on parity with the security provided to owners of prior bonds issued <br /> under the Trust Agreement . Additional Bonds secured by a parity interest in the <br /> property securing the Bond may be issued under the terms and conditions set forth <br /> in the Trust Agreement. <br /> Reference is made to the Trust Agreement and the Deed of Trust referenced <br /> above for the provisions, among others , with respect to the nature and extent of the <br /> security, the rights, duties and obligations of the County and the Trustee, the rights <br /> of the Owners of the Bond and the terms upon which the Bond is executed, delivered <br /> and secured, to all of which provisions the owner of this Bond, by the acceptance of <br /> this Bond, agrees , <br /> Prepayment provisions for 2D23A Bond - � <br /> The County may prepay the principal of the 2023A Bond in whole or in part at <br /> any time, at the County' s option , upon payment of (1) the principal amount to be <br /> prepaid, (ii) plus interest accrued to the prepayment date, phis (iii) a prepayment <br /> 28 <br />