Orange County NC Website
35 <br /> (b) Mandatory Sinking Fund Redemption - The 2025 Bonds maturing on <br /> October 1, 20 and October 1, 20 are required to be redeemed in part prior <br /> to maturity pursuant to the terms of the sinking fund requirements of Section 2.05 <br /> at a redemption price equal to the principal amount to be redeemed plus interest <br /> accrued to the redemption date, without any prepayment penalty or premium. <br /> Section 2.02. Selection of 2025 Bonds for Redemption. <br /> (a) If less than all the 2025 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 2025 Bonds of any maturity are to be redeemed, <br /> the Trustee must select the 2025 Bonds to be redeemed by lot; provided, however, <br /> that so long as a book-entry system with DTC is used for determining beneficial <br /> ownership of 2025 Bonds to be redeemed, if less than all of the 2025 Bonds within a <br /> maturity are to be redeemed, the parties agree that DTC may determine which of the <br /> 2025 Bonds within the maturity are to be redeemed in accordance with DTC's then- <br /> current rules and procedures. <br /> (c) In any case, (i) the portion of any 2025 Bond to be redeemed must be <br /> in the principal amount of $5,000 or some integral multiple thereof, and (ii) in <br /> selecting 2025 Bonds for redemption, each 2025 Bond will be considered as <br /> representing that number of 2025 Bonds which is obtained by dividing the principal <br /> amount of that 2025 Bond by $5,000. If a portion of a 2025 Bond is called for <br /> redemption, the County will prepare, and the Trustee will deliver, a new 2025 Bond <br /> of the same series in principal amount equal to the unpaid portion to the registered <br /> owner upon the surrender of the 2025 Bond. <br /> Section 2.03. Redemption Notices. (a) The Trustee, at the County's <br /> direction, upon being satisfactorily indemnified with respect to expenses, and with <br /> at least two Business Days' notice, will send notice of redemption no less than 30 <br /> nor more than 60 days prior to the redemption date, as follows: <br /> (i) With respect to any 2025 Bonds being called for redemption for which <br /> DTC or its nominee is the registered owner, to DTC, in whatever manner may be <br /> provided for under DTC's then-current rules and procedures (and if the Trustee is <br /> 6 <br />