Orange County NC Website
35 <br /> (f) An Opinion of Bond Counsel to the effect (i) that the issuance of the <br /> 2026A Bonds is permitted under the terms of the 2018 Agreement and has been <br /> duly authorized, and (ii) that the issuance of the 2026A Bonds in itself will have no <br /> adverse effect on the exemption from Federal income tax with respect to any Prior <br /> Bonds with respect to which any such interest is intended to be exempt <br /> (g) Evidence of the issuance or proposed issuance of one or more lender's <br /> title insurance policies (or an appropriate endorsement to an existing policy) in <br /> favor of the Trustee, in an aggregate face amount of insurance equal to the total <br /> amount of Prior Bonds plus the principal amount of the 2026A Bonds, and including <br /> the instrument referenced in (d) above as an insured instrument <br /> Section 1.07. Limited Obligation. The 2026A Bonds are limited obligations <br /> of the County, as provided and described in Section 4.05 of the 2018 Agreement. <br /> ARTICLE II <br /> REDEMPTION <br /> Section 2.01. Redemption Dates and Prices. The 2026A Bonds are subject <br /> to redemption only as provided in this Section. <br /> (a) Optional Redemption - The 2026A Bonds maturing on or after April 1, <br /> 2038 are subject to redemption at the County's option, in whole or in part on any <br /> date on or after April 1, 2037, upon payment of the principal amount to be <br /> redeemed plus interest accrued to the redemption date, without any prepayment <br /> penalty or premium. <br /> (b) Mandatory Sinking Fund Redemption - The 2026A Bonds maturing on <br /> April 1, 20 and April 1, 20 are required to be redeemed in part prior to <br /> maturity pursuant to the terms of the sinking fund requirements of Section 2.05 at a <br /> redemption price equal to the principal amount to be redeemed plus interest <br /> accrued to the redemption date, without any prepayment penalty or premium. <br /> Section 2.02. Selection of 2026A Bonds for Redemption. <br /> 6 <br />