Orange County NC Website
Browse       Search
plus (ill) a prepayment premium equal to the greater of 1 % of the amount prepaid <br /> or a " Break Funding 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 days . That is , the " Break <br /> Funding Fee " = [Principal Amount Being Prepaid x ( Original Rate - Current Rate) x <br /> ( Remaining Term / 360 days) ] plus accrued interest. <br /> The registered owner of the 2023A 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 / h15 /) , <br /> or another recognized electronic source, two Federal Reserve Banking Days prior to <br /> the determination date . <br /> ( c) 2023B Bond - - (1) The County may prepay the principal of the 2023B <br /> Bond, in whole or in part, at the County' s option on any date, upon payment of the <br /> principal amount to be prepaid plus interest accrued to the prepayment date . <br /> (ii ) For a prepayment made on or before June 30, 2030 , the County must <br /> also pay a prepayment premium of 2 % of the principal amount to be prepaid . No <br /> premium or penalty is payable for a redemption of the 2023B Bond made after June <br /> 30 , 2030 . <br /> 8 <br />