Orange County NC Website
W Legislation (whether or not yet introduced in Congress of the United States <br /> ("Congress")) shall be enacted or be actively considered for enactment by the Congress or <br /> recommended to the Congress by the President of the United States or favorably reported for <br /> passage to either House of Congress by any committee of such House, or a conference committee <br /> of both Houses , to which such legislation had been referred for consideration, or a decision by a <br /> federal court of the United States or the United States Tax Court shall be rendered, or an order, <br /> ruling, regulation or official statement by or on behalf of the Treasury Department of the United <br /> States or the Internal Revenue Service or other governmental agency shall be made or proposed, or <br /> a release or official statement made by the President of the United States or by the Treasury <br /> Department of the United States or the Internal Revenue Service, with respect to federal taxation <br /> upon revenues or other income of the general character to be derived by the County or upon interest <br /> received on obligations of the general character of the Bonds which in the Underwriters ' judgment, <br /> materially adversely affects the market for the Bonds ; or <br /> ( ii) Legislation shall hereafter be enacted or actively considered for enactment <br /> or introduction, with an effective date on or prior to the Closing, or a decision by a court of the <br /> United States shall be rendered or a stop order, ruling, regulation or proposed regulation by or on <br /> behalf of the Securities and Exchange Commission or other agency having jurisdiction shall be <br /> made, to the effect that the issuance, sale and delivery of the Bonds , or any other obligations of any <br /> similar public body of the general character of the County is in violation of the Securities Act of <br /> 1933 , as amended, of the Securities Exchange Act of 1934, as amended, or of the Trust Indenture <br /> Act of 1939 , as amended or with the purpose or effect of otherwise prohibiting the issuance, sale <br /> or delivery of the Bonds , as contemplated hereby, or of obligations of the general character of the <br /> Bonds ; or <br /> ( iii) There shall have occurred any outbreak or escalation of hostilities or other <br /> national or international calamity or crisis , the effect of such outbreak, calamity or crisis on the <br /> financial markets of the United States being such as , in the Underwriters ' judgment, would <br /> materially adversely affect the market for, or market price of, the Bonds ; or <br /> (iv) There shall be in force a general suspension of trading on the New York <br /> Stock Exchange or minimum or maximum prices for trading shall have been fixed and be in force , <br /> or maximum ranges for prices for securities shall have been required and be in force on the New <br /> York Stock Exchange whether by virtue of a determination by that Exchange or by order of the <br /> Securities and Exchange Commission or any other governmental authority having jurisdiction ; or <br /> (v) A general banking moratorium shall have been declared by federal , State <br /> or New York authorities having jurisdiction, and be in force, or a major financial crisis or a material <br /> disruption in commercial banking or securities settlement or clearances services shall have occurred <br /> such as to make it, in the judgment of the Underwriters , impractical or inadvisable to proceed with <br /> the offering of the Bonds as contemplated in the Official Statement; or <br /> (vi ) an event shall occur which makes untrue or incorrect in any material <br /> respect, as of the time of such event, any statement or information contained in the Official <br /> Statement or which is not reflected in the Official Statement but should be reflected therein in order <br /> to make the statements contained therein not misleading in any material respect and requires an <br /> amendment of or supplement to the Official Statement and the effect of which, in the judgment of <br /> the Underwriters , would materially adversely affect the market for the Bonds or the sale, at the <br /> contemplated offering prices (or yields) , by the Underwriters of the Bonds ; or <br /> - 8 - <br />