Orange County NC Website
57 <br /> The Bonds are issued by means of a book-entry system, with one certificate <br /> for each maturity immobilized at The Depository Trust Company, New York, New <br /> York ("DTC"), and not available for distribution to the public. Transfer of beneficial <br /> ownership interests in the Bonds in the principal amount of $5,000 or any integral <br /> multiple thereof will be effected on the records of DTC and its participants pursuant <br /> to rules and procedures established by DTC and its participants. Principal and <br /> interest on the Bonds are payable to DTC or its nominee as registered owner of the <br /> Bonds. Neither the Trustee nor the County is responsible or liable for the transfer of <br /> ownership or payments or for maintaining, supervising or reviewing the records <br /> maintained by DTC, its participants or persons acting through such participants. <br /> If (a) DTC determines not to continue to act as securities depository for the <br /> Bonds or (b) the County so elects, the County and the Trustee will discontinue the <br /> book-entry system with DTC. If the County does not identify another qualified <br /> securities depository to replace DTC, the County will prepare and execute, and the <br /> Trustee will authenticate and deliver in exchange, replacement Bonds in the form of <br /> fully registered Bonds. <br /> The Bonds may not be redeemed prior to maturity except as provided in this <br /> Bond and in the Trust Agreement. <br /> The Bonds maturing on or October 1, , are subject to redemption at the <br /> County's option in whole or in part on any date on or after October 1, , <br /> upon payment of the principal amount to be prepaid plus interest accrued to the <br /> redemption date, without premium. If less than all the Bonds are to be redeemed <br /> pursuant to this provision, they will be redeemed among maturities in any manner <br /> the County chooses. <br /> The Trustee, from amounts received from or on behalf of the County, will <br /> redeem Bonds maturing on October 1, on October 1 in years and amounts <br /> upon payment of 100% of the principal amount thereof plus interest accrued to the <br /> redemption date, as follows: <br /> Year Amount ($1 <br /> To come <br /> *Final maturity <br /> 28 <br />