Orange County NC Website
32 <br /> ARTICLE I <br /> THE 2024 BONDS <br /> Section 1.01. Provision for 2021 Bonds; Advance. (a) The County will <br /> issue, and the Trustee will authenticate and deliver, 2021 Bonds in an aggregate <br /> principal amount of[$13,000,000], consisting of two separate series as follows: <br /> * $ Limited Obligation Bonds, Series 2021A (the "Series A <br /> Bonds"); and <br /> * $ Taxable Limited Obligation Bonds, Series 2021B (the <br /> "Series B Bonds"). <br /> (b) The County is receiving a total of $ (the "Amount <br /> Advanced") from the sale of the 2021 Bonds. The County will use the Amount <br /> Advanced as provided in this Supplemental Agreement to pay Project Costs. <br /> Section 1.02. Bonds Constitute Installment Contracts. Each of the 2024 <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; 2024 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 2024 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 2024 Bonds to the <br /> same extent as to all Prior Bonds. <br /> 3 <br />