HomeMy WebLinkAboutC.054.93011_1713 (2)04/16/2011
482,130.00
32,130.00
450,000.00
1,350,000.00
10/16/2011
474,097.50
24,097.50
450,000.00
900,000.00
04/16/2012
466,065.00
16,065.00
450,000.00
450,000.00
10/16/2012
458,032.50
8,092.50
450,000.00
0.00
Total
$4,941,787.50
$441,787.50
$4,500,000.00
EXHIBIT C
[Form of Series 2007 Bond]
No. R-1 $4,500,000
United States of America
State of North Carolina
COUNTY OF IREDELL
SPECIAL OBLIGATION BOND (SOLID WASTE SYSTEM PROJECT),
SERIES 2007
The County of Iredell, North Carolina (the "County % for value received, hereby promises to pay,
solely from the sources provided therefor as hereinafter set forth, to FIRST -CITIZENS BANK & TRUST
COMPANY or registered assigns or legal representative, the principal sum of
FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS ($4,500,000)
in semiannual installments on the dates and in the amounts set forth in the amortization schedule attached
hereto as SCHEDULE 1, in any lawful money of the United States of America on the date of payment
thereof, and to pay, solely from said sources, to the person in whose name this bond (or one or more
Predecessor Bonds, as defined in the order hereinafter mentioned), is registered at the close of business on
the regular record date for such interest, which shall be the 1st day of the calendar month in which an
interest payment date is scheduled (the "Regular Record Nate"), by the Bond Registrar to such person at
its address as it appears on the bond registration books of the County, interest on the unpaid portion of
said principal sum, calculated on the basis of a 360 -day year consisting of 12 months of 30 days each,
from the date of this bond or from the April 16 or October 16 next preceding the date of authentication to
which interest shall have been paid, unless such date of authentication is an April 16 or October 16 to
which interest shall have been paid, in which case from such date, on April 16 and October 16 in each
year, commencing April 16, 2008, in like money, at the rate of 3.571/6 per annum, except as hereinafter
provided, until payment of said principal sum. Any such interest not so punctually paid shall forthwith
cease to be payable to the person who was the registered owner on such Regular Record Date and may be
paid to the person in whose name this bond (or one or more Predecessor Bonds) is registered at the close
of business on a Special Record Date, as defined in the Order, for the payment of such defaulted interest
to be fixed by the Trustee hereinafter mentioned, notice whereof being given to registered owners not
more than fifteen (IS) days and not less than ten (10) days prior to such Special Record Date, or may be
paid in any other lawful manner not inconsistent with the requirements of applicable law or any securities
exchange on which the bonds may be listed and upon such notice as may be required by such law or
exchange, all as more fully provided in the ceder. The amounts representing interest are payable by check
mailed by First -Citizens Bank & Trust Company, Raleigh, North Carolina, or any successor bond
registrar (the "Bond Registrar') to the registered owner hereof as of the Regular Record Date preceding
the interest payment date at its address as it appears on the registration books of the Bond Registrar.
From and atter a Rate Adjustment Event, the annualized interest rate used to calculate the interest
on the Series 2007 Bond shall change to such rate as the then current Owner of the Series 2007 Bond may
reasonably determine shall be appropriate to provide such Owner with the same tax equivalent yield as it
enjoyed prior to the Rau Adjustment Event, provided, however, that such Owner shall provide to the
County a description of the methodology used to determine such tax equivalent yield. Upon each Rau
Adjustment Event, the schedule for payment of principal of and interest on the Series 2007 Bond shall be
adjusted from and after the date of such Rate Adjustment Event to reflect adjusted debt service payments
for the remaining term of the Series 2007 Bond based on the new interest rate to be bane by the Series
2007 Bond. The County shall additionally pay to such Owner or to any prior Owner any taxes, interest,
penalties or other charges assessed against or payable by such Owner or prior Owner and attributable to a
Rate Adjustment Event, notwithstanding the repayment of the entire principal amount of the Series 2007
Bond or any transfer or assignment of the Series 2007 Bond.
For purposes of the preceding paragraph, "Rate Adjustment Event" means any determination by
the Internal Revenue Service, any federal administrative agency or any court (a) that the County has taken
an action, or failed to take an action, with the result that the interest on the Series 2007 Bond is includable
in gross income of the Owner thereof for federal income tax purposes, or (b) that the Series 2007 Bond is
not a "qualified tax-exempt obligation" within the meaning of Section 265(bx3) of the Code as a result of
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