Orange County NC Website
32 <br /> ARTICLE I <br /> THE 2025 BONDS <br /> Section 1.01. Provision for 2025 Bonds; Advance. (a) The County will <br /> issue, and the Trustee will authenticate and deliver, 2025 Bonds in an aggregate <br /> principal amount of[$78,000,000]. <br /> (b) The County is receiving a total of $ (the "Amount <br /> Advanced") from the sale of the 2025 Bonds. The County will use the Amount <br /> Advanced as provided in this Supplemental Agreement to pay Project Costs. <br /> Section 1.02. Bonds Constitute Installment Contracts. Each of the 2025 <br /> Bonds, together with the County's corresponding obligations under the Trust <br /> Agreement and the Deed of Trust, constitutes a separate "installment contract" <br /> within the meaning of Section 160A-20 between the County and the owner of that <br /> Bond. The County's payment obligations, and its other obligations under this <br /> Agreement and with respect to the Bonds, are secured by the lien on the Mortgaged <br /> Property created under the Deed of Trust and by the other security provided for in <br /> the Trust Agreement. <br /> Section 1.03. Agreement Supplements Prior Agreement; 2025 Bonds <br /> Are Additional Bonds. This Supplemental Agreement is a "supplemental <br /> agreement" for the issuance of Additional Bonds as provided in the 2021 <br /> Agreement, and the 2025 Bonds are "Additional Bonds" as defined in the 2021 <br /> Agreement. Except as modified by this Supplemental Agreement, all terms of the <br /> 2021 Agreement remain in effect and apply with respect to the 2025 Bonds to the <br /> same extent as to all Prior Bonds. <br /> Section 1.04. Form and Details; Payments. The 2025 Bonds will be <br /> numbered R-1 upward for identification, will be designated "Limited Obligation <br /> Bonds, Series 2025," and will be in substantially the form of Exhibit C, with any <br /> changes as this Supplemental Agreement permits or requires. The 2025 Bonds will <br /> be issued as fully registered bonds payable as to interest semiannually until <br /> payment on each Payment Date at the following rates (calculated based on a 360- <br /> day year consisting of twelve 30-day months), and payable as to principal on <br /> October 1 in the following years and amounts: <br /> 3 <br />