Orange County NC Website
Browse       Search
(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 /> (1 ) 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 /> unable to determine those rules, by registered or certified mail, return receipt <br /> requested) ; <br /> (ii) With respect to any 2025 Bonds for which no book- entry- only system <br /> of registration is in effect, to each of the registered owners of those 2025 Bonds at <br /> their addresses as shown on the Trustee ' s registration books, by registered or <br /> certified mail ; and <br /> (ill) In any case, both (A) to the MSRB for posting on the EMMA System and <br /> ( B ) to the LGC . <br /> Notwithstanding anything to the contrary in this Supplemental Agreement, <br /> the County acknowledges and agrees that the Trustee is not acting as the disclosure <br /> or dissemination agent for purposes of Rule 15c242 in connection with any notice <br /> to be posted with the MSRB via the EMMA System . <br /> Failure to give any notice specified in (1) or (ii) , as applicable, or any defect in <br /> that notice, will not affect the validity of any proceedings for the redemption of any <br /> 2025 Bonds with respect to which no failure has occurred . Failure to give any notice <br /> specified in (iii) , or any defect in that notice, will not affect the validity of any <br /> proceedings for the redemption of any 2025 Bonds with respect to which the notice <br /> 7 <br />