Orange County NC Website
Browse       Search
77 <br /> the Trustee in connection with any transfer. The Trustee may require the person requesting any transfer or <br /> exchange to reimburse it for any shipping and tax or other governmental charge payable in connection <br /> therewith. <br /> REDEMPTION PROVISIONS <br /> 2024A Bonds <br /> Optional Redemption. The 2024A Bonds maturing on or after October 1, 20 are subject to <br /> redemption at the County's option,in whole or in part on any date on or after October 1,20_,upon payment <br /> of the principal amount to be redeemed plus interest accrued to the redemption date,without premium. <br /> Mandatory Sinking Fund Redemption. The 2024A Bonds maturing on October 1,20_,are subject <br /> to mandatory sinking fund redemption, at a redemption price equal to the principal amount to be redeemed <br /> plus accrued interest, if any, to the redemption date, without premium, on October 1, in the years and <br /> amounts as follows: <br /> Year Amount <br /> *Maturity. <br /> Selection. If less than all of the 2024A Bonds are to be optionally redeemed as described above, <br /> the County in its discretion may elect which maturities of 2024A Bonds are to be redeemed. If less than all <br /> the 2024A Bonds of any maturity are to be redeemed, the Trustee shall select the 2024A Bonds to be <br /> redeemed by lot;provided,however,that so long as a book-entry system with DTC is used for determining <br /> beneficial ownership of 2024A Bonds, if less than all the 2024A Bonds within a maturity are to be <br /> redeemed,the parties agree that DTC may determine which of the 2024A Bonds within the maturity are to <br /> be redeemed in accordance with DTC's then-current rules and procedures. <br /> In any case, (1)the portion of any 2024A Bond to be redeemed must be in the principal amount of <br /> $5,000 or some multiple thereof, and(2)in selecting 2024A Bonds for redemption, each 2024A Bond will <br /> be considered as representing that number of 2024A Bonds which is obtained by dividing the principal <br /> amount of that 2024A Bond by$5,000.If a portion of a 2024A Bond is called for redemption,a new 2024A <br /> Bond of the same maturity in principal amount equal to the unpaid portion will be delivered to the registered <br /> owner upon the surrender of the 2024A Bond. <br /> Effect of Call for Redemption. If on or before the date fixed for redemption funds are deposited <br /> with the Trustee to pay the principal and interest accrued to the redemption date with respect to the 2024A <br /> Bonds called for redemption,the 2024A Bonds or portions of the 2024A Bonds called for redemption cease <br /> to accrue interest from and after the redemption date, and thereafter those 2024A Bonds (1) are no longer <br /> entitled to the benefits provided by the Trust Agreement and (2) are not deemed to be Outstanding under <br /> the Trust Agreement. <br /> Notice of Redemption. The Trustee, at the County's direction, upon being satisfactorily <br /> indemnified with respect to expenses and with at least two Business Days' notice, will send notice of <br /> redemption no less than 30 nor more than 60 days prior to the redemption date,as follows: (1)with respect <br /> to any 2024A Bonds being called for redemption for which DTC or its nominee is the registered owner,to <br /> 5 <br />