Orange County NC Website
Browse       Search
ARTICLE I <br /> THE 2023 BONDS <br /> Section 1 . 01 . Provision for 2023 Bonds ; Advance . (a) The County will <br /> issue, and the Trustee will authenticate and deliver, 2023 Bonds in an aggregate <br /> principal amount of $ 14, 298 , 000 . <br /> (b) The County acknowledges that the amount paid to the County from the <br /> issuance and sale of the 2023 Bonds will be $ 14 , 298 , 000 . The County will use the <br /> amount paid as provided in this Supplemental Agreement to pay 2023 Project Costs , <br /> Section 1 . 02 . Bonds Constitute Installment Contracts . Each of the 2023 <br /> Bonds, together with the County' s corresponding obligations under the Trust <br /> Agreement and the Deed of Trust, constitutes a separate " installment contract" <br /> within the meaning of Section 160A - 20 between the County and the owner of that <br /> Bond . The County' s payment obligations , and its other obligations under this <br /> Agreement and with respect to the Bonds, are secured by the lien on the Mortgaged <br /> Property created under the Deed of Trust and by the other security provided for in <br /> the Trust Agreement, <br /> Section 1 . 03 . Agreement Supplements Prior Agreement; 2023 Bonds <br /> Are Additional Bonds. (a) This Supplemental Agreement is a "supplemental <br /> agreement" for the issuance of Additional Bonds as provided in the Prior <br /> Agreement, and the 2023 Bonds are " Additional Bonds " as defined in the Prior <br /> Agreement. <br /> ( b ) Except as modified by this Supplemental Agreement, all terms of the <br /> Prior Agreement remain in effect and apply with respect to the 2023 Bonds to the <br /> same extent as to all Prior Bonds , <br /> Section 1 . 04 . Form and Details ; Payments . (a) The 2023 Bonds will be <br /> issued initially as two fully registered bonds . The 2023 Bonds will be in <br /> substantially the form of Exhibit C, with any changes as the Trust Agreement <br /> permits or requires . Each of the 2023 Bonds will be dated the date of its initial <br /> delivery to the Lender . All interest payments will be calculated based on a 3604day <br /> year consisting of twelve 30 - day months and subject to adjustment as provided in <br /> this Supplemental Agreement. <br /> 3 <br />