Orange County NC Website
Browse       Search
35 <br /> favor of the Trustee, in an aggregate face amount of insurance equal to the total <br /> amount of Outstanding Bonds plus the principal amount of the 2024 Bonds, and <br /> including the instrument referenced in (d) above as an insured instrument <br /> Section 1.07. Limited Obligation. The 2024 Bonds are limited obligations <br /> of the County, as provided and described in Section 4.05 of the 2021 Agreement. <br /> ARTICLE II <br /> REDEMPTION <br /> Section 2.01. Redemption Dates and Prices. The 2024 Bonds are subject <br /> to redemption only as provided in this Section. <br /> (a) Optional Redemption of Series A Bonds - The Series A Bonds maturing <br /> on or after October 1, are subject to redemption at the County's option, in <br /> whole or in part on any date on or after October 1, . upon payment of <br /> the principal amount to be redeemed plus interest accrued to the redemption date, <br /> without any prepayment penalty or premium. <br /> (b) Mandatory Sinking Fund Redemption of Series A Bonds -- The Series A <br /> Bonds maturing on October 1, and October 1, are required to be <br /> redeemed in part prior to maturity pursuant to the terms of the sinking fund <br /> requirements of Section 2.05 at a redemption price equal to the principal amount to <br /> be redeemed plus interest accrued to the redemption date, without any prepayment <br /> penalty or premium. <br /> (c) No Redemption of Series B Bonds. The Series B Bonds are not subject to <br /> redemption prior to their stated maturity dates. <br /> Section 2.02. Selection of Series A Bonds for Redemption. <br /> (a) If less than all the Series A Bonds are to be redeemed pursuant to the <br /> provisions of subsection 2.01(a), they will be redeemed among maturities in any <br /> manner the County chooses. <br /> (b) If less than all of the Series A Bonds of any maturity are to be <br /> redeemed, the Trustee must select the Series A Bonds to be redeemed by lot; <br /> 6 <br />