Orange County NC Website
Failure to give any notice specified in ( 1 ) or (2) , as applicable, or any defect in that notice , will not <br /> affect the validity of any proceedings for the redemption of any 2025 Bonds with respect to which no failure <br /> has occurred . Failure to give any notice specified in (3 ), or any defect in that notice , will not affect the <br /> validity of any proceedings for the redemption of any 2025 Bonds with respect to which the notice specified <br /> in ( 1 ) or (2 ) is correctly given . Any notice mailed as provided in the Trust Agreement will conclusively be <br /> presumed to have been given regardless of whether received by any Owner . <br /> Notwithstanding anything in the Trust Agreement to the contrary, the only remedy for the Trustee ' s <br /> failure to post any notice with the EMMA system will be an action by the holders of the 2025 Bonds , as <br /> applicable, in mandamus for specific performance or similar remedy to compel performance . <br /> Any redemption notice , except a redemption notice in respect of a sinking fund payment date, may <br /> state that the redemption to be effected is conditioned upon ( 1 ) the Trustee ' s receipt on or prior to the <br /> redemption date of moneys sufficient to pay the principal of and premium , if any, and interest on the 2025 <br /> Bonds to be redeemed ; or (2 ) any other condition not unacceptable to the Trustee . If a notice contains a <br /> condition and the Trustee either ( i) does not receive moneys sufficient to pay the principal of and premium , <br /> if any , and interest on the 2025 Bonds on or prior to the redemption date , or ( ii) the stated condition is not <br /> fulfilled , in either case on or prior to the redemption date, then redemption will not be made and the Trustee <br /> must, within a reasonable time, give notice in a manner in which the redemption notice was given that the <br /> moneys were not so received (or condition was not fulfilled) and the redemption was not made . <br /> SECURITY AND SOURCES OF PAYMENT OF 2025 BONDS <br /> I <br /> GENERAL <br /> The 2025 Bonds are payable from payments to be made by the County pursuant to the Trust <br /> I <br /> Agreement and from certain other moneys, including certain Net Proceeds , if any, and certain amounts <br /> realized from any sale or lease of the Mortgaged Property, which payments and other moneys have been <br /> pledged to such payment as provided in the Trust Agreement , <br /> PAYMENT OF BONDS ; LIMITED OBLIGATION ; BUDGET AND APPROPRIATIONS <br /> 4 <br /> The County shall cause to be paid , when due, the principal of (whether at maturity , by acceleration, <br /> or otherwise) and the premium , if any, and interest on the Bonds at the places, on the dates and in the <br /> manner described in the Trust Agreement . The County is obligated to pay Additional Payments in amounts <br /> sufficient to pay the fees and expenses of the Trustee , taxes or other expenses required to be paid pursuant <br /> to the Trust Agreement . Additional Payments are to be paid by the County directly to the person or entity <br /> to which such Additional Payments are owed . <br /> E <br /> In the Trust Agreement, the County agrees to include in the initial proposal for each of the County ' s <br /> annual budgets for review and consideration by the Board of Commissioners for the County, in any Fiscal <br /> Year, items for all Bond Payments and the reasonably estimated Additional Payments corning due in such <br /> Fiscal Year . Notwithstanding that the initial proposed budget includes an appropriation for Bond Payments <br /> and Additional Payments , the Board of Commissioners may determine not to include such an appropriation <br /> in the final County budget for such Fiscal Year; further, the Board of Commissioners may amend an adopted <br /> budget to reduce or delete an approved appropriation . If for any Fiscal Year the County adopts an annual <br /> budget that does not appropriate (for that purpose) an amount equal to the Bond Payments or estimated <br /> Additional Payments for that Fiscal Year, fails to adopt an annual budget that appropriates (for that purpose) <br /> an amount equal to the Bond Payments and estimated Additional Payments coming due during that Fiscal <br /> Year within 15 days after the beginning of any Fiscal Year, or amends the annual budget to reduce the <br /> amounts appropriated for Bond Payments and Additional Payments below the amounts expected to be <br /> 6 <br /> i <br />