Orange County NC Website
Browse       Search
12 <br /> deposited to the Payment Fund, and the County may not direct the transfer of funds <br /> required to make any Bond Payment within 30 days of the date of the direction. <br /> (b) The County may apply transferred funds to pay or reimburse 2019 <br /> Project Costs as provided in Section 1.02. <br /> Section 1.02. Use of Funds in 2019 Proceeds Fund. <br /> (a) The definitions of"2019 Project" and "2019 Project Costs" in the 2019A <br /> Agreement are amended to read as stated in Exhibit A. <br /> (b) Notwithstanding any provisions of Section 3.03 of the 2019A <br /> Agreement, the Trustee will disburse moneys in the 2019 Proceeds Fund from time <br /> to time (i) directly to the County for the County's use in paying 2019 Project Costs, <br /> or (ii) to pay the person indicated in the requisition to pay 2019 Project Costs, or <br /> (iii) to reimburse the County for previous expenditures on 2019 Project Costs, in all <br /> cases upon the Trustee's receipt of a requisition substantially in the form of Exhibit <br /> E to the 2019A Agreement and signed by a County Representative. The County need <br /> not submit any additional information other than the requisition. The Trustee may <br /> rely conclusively on requisitions as authorization for payments. The Trustee has no <br /> duty or responsibility to verify any matters in the requisitions. <br /> Section 1.03. Amend Old Section 3.04; Transfer of Unexpended <br /> Proceeds When Projects Complete. Section 3.04 of the 2019A Agreement is <br /> amended to read as follows: <br /> Section 3.04. Transfer of Unexpended Proceeds When Projects <br /> Complete. When the County determines there are no more 2019 Project <br /> Costs to be paid from the 2019 Proceeds Fund, the County will send a <br /> County Certificate to that effect to the Trustee. The Trustee will then <br /> withdraw all remaining moneys in the 2019 Proceeds Fund and deposit <br /> those moneys in a separate account within the Payment Fund. The <br /> Trustee will then apply those moneys to Bond Payments on the 2019A <br /> Bonds as directed in a County Certificate. In the absence of any direction <br /> from the County, the Trustee will deposit those moneys in the Interest <br /> Account and use them to pay interest on the 2019A Bonds as the same <br /> becomes due. <br /> 3 <br />