Orange County NC Website
I <br /> l <br /> t <br /> i <br /> I <br /> I <br /> the Trustee in connection with any transfer . The Trustee may require the person requesting any transfer or j <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 /> i <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 /> G; <br /> Year Amount k <br /> E <br /> F <br /> � f <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 f <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 /> I <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 . j <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 /> i <br /> 5 <br />