Orange County NC Website
Browse       Search
36 <br /> (a) If less than all the 2026A Bonds are to be redeemed pursuant to <br /> subsection 2.01(a), they will be redeemed among maturities in any manner the <br /> County chooses. <br /> (b) If less than all of the 2026A Bonds of any maturity are to be redeemed, <br /> the Trustee must select the 2026A Bonds to be redeemed by lot; provided, however, <br /> that so long as a book-entry system with DTC is used for determining beneficial <br /> ownership of 2026A Bonds to be redeemed, if less than all of the 2026A Bonds <br /> within a maturity are to be redeemed, the parties agree that DTC may determine <br /> which of the 2026A Bonds within the maturity are to be redeemed in accordance <br /> with DTC's then-current rules and procedures. <br /> (c) In any case, (i) the portion of any 2026A Bond to be redeemed must be <br /> in the principal amount of $5,000 or some integral multiple thereof, and (ii) in <br /> selecting 2026A Bonds for redemption, each 2026A Bond will be considered as <br /> representing that number of 2026A Bonds which is obtained by dividing the <br /> principal amount of that 2026A Bond by $5,000. If a portion of a 2026A Bond is <br /> called for redemption, the County will prepare, and the Trustee will deliver, a new <br /> 2026A Bond of the same series in principal amount equal to the unpaid portion to <br /> the registered owner upon the surrender of the 2026A 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 /> (i) With respect to any 2026A Bonds being called for redemption for <br /> which DTC or its nominee is the registered owner, to DTC, in whatever manner may <br /> be provided for under DTC's then-current rules and procedures (and if the Trustee <br /> is unable to determine those rules, by registered or certified mail, return receipt <br /> requested); <br /> (ii) With respect to any 2026A Bonds for which no book-entry-only system <br /> of registration is in effect, to each of the registered owners of those 2026A Bonds at <br /> their addresses as shown on the Trustee's registration books, by registered or <br /> certified mail; and <br /> 7 <br />