Orange County NC Website
Browse       Search
The Trustee must transfer any amounts not so used within 12 months of their <br /> deposit in the 2025 Redemption Account to the 2025 Interest Account for use on the <br /> next Payment Date to pay interest on the 2025 Bonds, and pending that use or in the <br /> absence of direction must invest those funds in Legal Investments described in <br /> Section 3 . 06 . <br /> Subject to retaining moneys necessary to pay 2025 Bonds that have been <br /> called for redemption but not yet presented for payment, the Trustee must use <br /> amounts in the 2025 Redemption Account as directed by a County Certificate to <br /> make transfers to the 2025 Interest Account or the 2025 Principal Account to the <br /> extent the balances in those Accounts may be insufficient . <br /> ( f) The Trustee must apply Net Proceeds deposited in the Redemption <br /> Account pursuant to Section 5 . 16 of the 2021 Agreement to the redemption of <br /> Bonds pursuant to the Trust Agreement as directed by a County Representative . <br /> Section 3 . 05 . Use of Net Proceeds Fund from Prior Agreement. The <br /> Trustee is to maintain and administer the Net Proceeds Fund established under the <br /> Prior Agreement to the same effect and purpose as provided in the Prior Agreement <br /> with respect to the 2025 Bonds as to all Prior Bonds generally. <br /> Section 3 , 06 , Restricted Yield Investment. Not later than June 1 , 2028 , the <br /> County shall (a) invest any " Covered Proceeds, " as defined below, that the County <br /> i <br /> holds , and (b ) direct the Trustee to invest any Covered Proceeds the Trustee holds, E <br /> in Legal Investments that either ( i ) provide a fixed yield at or below the " Restricted <br /> Yield, " as defined below, (ii) are described in Code Section 103 and are not " private E <br /> activity bonds" within the meaning of Code Section 141 , or (iii) are otherwise <br /> approved by a written opinion of Bond Counsel satisfactory to the Trustee , <br /> in any case the County may specify from time to time . It is the County' s <br /> responsibility, and not the Trustee ' s, to identify and maintain investments as <br /> required by this Section . <br /> The " Covered Proceeds " are any amounts on deposit in any Fund or Account <br /> under the Trust Agreement that represent proceeds of the 2025 Bonds, including <br /> proceeds from the investment of the 2025 Bond proceeds or proceeds from the sale <br /> or other disposition of property acquired or improved through the proceeds of the <br /> 2025 Bonds (including insurance proceeds) . <br /> 3 <br /> 12 <br /> 9 <br /> 3 <br /> i <br /> 7 <br /> i <br /> l <br />