Orange County NC Website
( d) If the County redeems a portion of a 2023 Bond, the County will <br /> prepare , and the Trustee will deliver, a new Bond in principal amount equal to the <br /> unpaid portion to the registered owner upon the surrender of the 2023 Bond <br /> subject to the partial prepayment. All amounts prepaid will be applied first to any <br /> prepayment premium due for that 2023 Bond on that prepayment date , then to <br /> interest accrued to the prepayment date, and then to installments of principal in <br /> inverse order of maturity, <br /> Section 2 . 02 . Redemption Notices . ( a) The Trustee , at the County' s <br /> direction , upon being satisfactorily indemnified by the County with respect to <br /> ith at least two Business Days ' notice , will send notice of redemption <br /> expenses and w <br /> no less than 30 nor more than 60 days prior to the redemption date, to the <br /> registered owner of the 2023 Bonds to be prepaid at the addresses as appear on the <br /> Trustee ' s registration books , by registered or certified mail . The Trustee shall also <br /> send a copy of the notice to the LGC , <br /> (b ) Any redemption notice may state that the redemption to be effected is <br /> conditioned upon. - - <br /> ( 1 ) the Trustee ' s receipt on or prior to the redemption date of moneys <br /> sufficient to pay the principal of and interest on the 2023 Bonds or <br /> portions thereof to be redeemed ; or <br /> (ii ) any other condition not unacceptable to the Trustee , <br /> If a notice contains a condition and the Trustee either (1) does not receive <br /> moneys sufficient to pay the principal of and interest on the 2023 Bond on or <br /> prior to the redemption date, or (ii ) the stated condition is not fulfilled, <br /> in either case on or before the redemption date, <br /> then redemption will not be made, and the Trustee must, within a reasonable <br /> time , give notice the same way the redemption notice was given that the moneys <br /> were not so received (or condition was not fulfilled) and the redemption was not <br /> made , <br /> 9 <br />