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OTHER-2024-030-Deed of Trust Supplement #2
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OTHER-2024-030-Deed of Trust Supplement #2
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Last modified
10/24/2024 10:44:33 AM
Creation date
10/24/2024 10:41:35 AM
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Template:
BOCC
Date
5/21/2024
Meeting Type
Business
Document Type
Others
Agenda Item
6-B
Document Relationships
Agenda 05-21-24; 6-b - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various Capital Investment Plan Projects
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
Agenda for May 21, 2024 BOCC Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
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STATE OF NORTH CAROLINA ) The collateral is or includes Fixtures . <br /> ORANGE COUNTY ) This instrument secures future advances . <br /> SUPPLEMENTDEED OF TRUST <br /> THIS DEED OF TRUST SUPPLEMENT # 2 (this " Supplement " ) is dated as of <br /> June 1 , 2024 , and is granted by ORANGE COUNTY, NORTH CA.ROLINA, a political <br /> subdivision of the State of North Carolina (the " County " ) , to Any K . Johnson, as <br /> trustee (the " Deed of Trust Trustee ") , for the benefit of THE BANK OF NEW YORK <br /> MELLON TRUST COMPANY, N .A . , AS TRUSTEE ( " BNY - M " ) , <br /> Introduction <br /> The County is issuing its $ 11 , 880 , 000 ( aggregate principal amount) Limited <br /> Obligation Bonds , Series 2024 ( the " 2024 Bonds " ) , under a Second Supplemental <br /> Trust Agreement dated as of June 1 , 2024 ( the " 2024 Agreement " ) , between the <br /> County and BNY - M , as trustee . The County is issuing the 2024 Bonds to provide <br /> funds , to be used together with other available funds , to acquire , construct, equip <br /> and otherwise improve a variety of County facilities and assets , as well as to pay <br /> financing costs and other related costs . <br /> The 2024 Agreement supplements a Trust Agreement dated as of June 1 , <br /> 2021 (the " 2021 Agreement" ) . Under the 2021 Agreement, as previously <br /> supplemented , the County has issued the " Prior Bonds , " as defined in Section 2 - 2 . <br /> The County secured its repayment obligation with respect to the Prior Bonds by <br /> granting a security interest in certain Mortgaged Property, as defined in the Existing <br /> Deed of Trust (as defined below) . <br /> The parties have now agreed that the Mortgaged Property will also secure the <br /> County' s repayment obligations with respect to the 2024 Bonds as provided in the <br /> 2024 Agreement . <br /> r. <br />
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