Orange County NC Website
premium equal to the greater of 1 % of the amount prepaid or the " Break Funding <br /> Fee " in an amount computed as follows ; <br /> The " Current Rate " shall be subtracted from the " Original Rate . " If the result is zero <br /> or a negative number, there is no Break Funding Fee . If the result is a positive <br /> number, then the resulting percentage shall be multiplied by the amount being <br /> prepaid times the " Remaining Term " divided by 360 . That is , the " Break Funding <br /> Fee " [Principal Amount Being Prepaid x ( Original Rate - Current Rate ) x <br /> (Remaining Term / 360 days ) ] plus accrued interest, <br /> The registered owner of this Bond shall calculate the Break Funding Fee in <br /> accordance with its customary practices , and the Bondholder ' s calculation shall be <br /> conclusive absent manifest error . <br /> " Remaining Term " means the number of days from the calculation date to the final <br /> Payment Date on the 2023A Bond . " Current Rate " means the "Treasury Constant <br /> Maturities Rate , " as defined below, effective on the calculation date . " Original Rate " <br /> means the Treasury Constant Maturities Rate effective on April 12 , 2023 . <br /> " Federal Reserve Banking Day" means any day other than a Saturday or Sunday that <br /> is neither a legal holiday nor a day on which Federal Reserve is authorized or <br /> required by law, regulation or executive order to close . <br /> " Treasury Constant Maturities Rate " means the bond equivalent yield for United <br /> States Treasury securities (bills on a discounted basis shall be converted to bond <br /> equivalent yield ) with the maturity closest to the Remaining Term as published on <br /> the Federal Reserve Board website ( currently : federalreserve . gov/ releases / hlS /) , <br /> or another recognized electronic source, two Federal Reserve Banking Days prior to <br /> the determination date , <br /> Prepayment provisionsfor .2023B Bond 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 /> 29 <br />