Orange County NC Website
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 /> ; <br /> I <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 , 2035 , are subject to redemption at the <br /> County' s option in whole or in part on any date on or after October 1 , 2034, upon <br /> 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 /> is provision, they will be redeemed among maturities in any manner <br /> pursuant to th <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 , 2041 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 01 <br /> 2040 365 , 000 <br /> 2041 * 360 , 000 <br /> 30 <br />