Orange County NC Website
In any case, ( 1 ) the portion of any Bond to be prepaid will be in the principal <br /> amount of $ 5 , 000 or some integral multiple thereof, and ( 2 ) in selecting Bonds for <br /> redemption, each Bond will be considered as representing that number of Bonds <br /> which is obtained by dividing the principal amount of that Bond by $ 5 , 000 . If a <br /> portion of a Bond is called for redemption , a new Bond in principal amount equal to <br /> the unpaid portion will be issued to the registered owner upon the surrender of the <br /> Bond . <br /> The Trustee will send notice of redemption to DTC or its nominee as the <br /> Owner of the Bonds as provided in the Trust Agreement, The Trustee will send the <br /> notice not more than 60 days nor less than 30 days prior to the date fixed for <br /> redemption . Neither- the Trustee nor the County is responsible for sending notices of <br /> redemption to anyone other than DTC or its nominee, so long as all the Bonds to be <br /> redeemed are held in a book- entry- only form with DTC . <br /> If on or before the date fixed for redemption funds have been deposited with <br /> the Trustee to pay the principal and interest accrued to the redemption date with <br /> respect to the Bonds called for redemption, the Bonds or portions thereof thus <br /> called for redemption will cease to accrue interest from and after the redemption <br /> date , will no longer be entitled to the benefits provided by the Trust Agreement, and <br /> will not be deemed to be Outstanding under the Trust Agreement. <br /> The Owner of this Bond has no right to enforce the provisions of the Trust <br /> Agreement or to institute action to enforce the covenants therein, or to take any <br /> action with respect to any event of default thereunder, or to institute, appear in or <br /> defend any suit or other proceeding with respect thereto, except as provided in the <br /> Trust Agreement. Changes to or supplements of the Trust Agreement may be made <br /> to the extent and in the circumstances permitted by the Trust Agreement. <br /> Ownership of this Bond will be registered on the Bond register (as provided <br /> for in the Trust Agreement) to be kept for that purpose by the Trustee, which will <br /> act as Bond registrar for the Bonds . This Bond may be exchanged, and its transfer <br /> may be effected, only by the Owner hereof in person or by attorney duly authorized <br /> in writing at the designated office of the Trustee, but only in the manner, subject to <br /> the limitations and upon payment of the charges provided in the Trust Agreement, <br /> and upon surrender and cancellation of this Bond . Upon exchange or registration of <br /> such transfer a new registered Bond or Bonds of the same maturity and interest rate <br /> 28 <br />