HomeMy WebLinkAboutC.054.93011_1715 (2)any redemption premium on the Bonds and other Parity Indebtedness as provided in the Order. The
Bonds shall not be deemed to constitute a debt, liability or obligation of the State of North Carolina or
any political subdivision thereof, other than the County, and the County is not obligated to pay the Bonds
or other Indebtedness except from the Obligated Revenues or moneys made available therefor under the
Order and any such use of such sources will not constitute a pledge of the County's taxing power. Neither
the faith and credit nor the taxing power of the State of North Carolina or the County or any political
subdivision of either of them is pledged to the payment of the principal of and the interest and any
redemption premium on the Bonds, and no Owner of Bonds has the right to compel the exercise of the
taxing power by the State of North Carolina or the County or any political subdivision of either of them in
connection with any default thereon.
The Bonds are issuable in fully -registered form in such denominations as the Board may by
resolution determine. At the principal corporate trust office of the Bond Registrar, in the manner and
subject to the limitations and conditions provided in the Order, Bonds may be exchanged for an equal
aggregate principal amount of Bonds of the same series and maturity, of authorized denominations and
bearing interest at the same rate.
The transfer of this bond is registrable by the registered owner hereof in person or by his attorney
or legal representative at the principal corporate trust office of the Bond Registrar but only in the manner
and subject to the limitations and conditions provided in the Order and upon surrender and cancellation of
this bond. Upon any such registration of transfer the County shall execute and the Bond Registrar shall
authenticate and deliver in exchange for this bond a new Bond or Bonds, registered in the name of the
transferee, of authorized denominations, in aggregate principal amount equal to the principal amount of
this bond, of the same series and maturity and hearing interest at the same rate. The County or the Bond
Registrar may make a charge for every such exchange or registration of transfer of Bonds sufficient to
reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or
registration of transfer, but no other charge shall be made to any registered owner for the privilege of
exchanging or registering the transfer of Bonds.
Notwithstanding any other provisions of the Order or the Series Resolution, the Bond Registrar
shall not register the transfer of the Series 2007 Bond to any person other than a bank, an insurance
company or a similar financial institution unless the Series 2007 Bond is rated `BBB-" or higher by
Standard & Poor's Ratings Services or "Baa3" or higher by Moody's Investors Service, Inc. or such
transfer has been previously approved by the Local Government Commission of North Carolina.
The Series 2007 Bond is subject to redemption at any time, in whole or in put, from the Net
Proceeds (as defined in the order) received by the County in the event of any accident, destruction, theft
or taking by eminent domain or condemnation with respect to the Solid Waste System and, in the case of
redemption in whole, other available moneys, provided that such other moneys do not exceed an amount
equal to one-third of the proceeds received by the County, credited towards the redemption of the Series
2007 Bond by the County pursuant to the Series Resolution, at a redemption price equal to 100% of the
principal amount of the Series 2007 Bond to be redeemed together with accrued interest to the redemption
date.
The Series 2007 Bond is also subject to redemption, at the option of the County, in whole, at any
time, at a redemption price equal to 1000% of the principal amount of the Series 2007 Bond to be
redeemed, plus $250.00 and accrued interest to the redemption date.
At least thirty (30) days before the redemption date of the Series 2007 Boal or any portion
thereof the Bond Registrar shall cause a notice of any such redemption signed by the Bond Registrar to
be mailed, fast class, postage prepaid, to the Owner of the Series 2007 Bond or portion thereof to be
redeemed, on the date fixed for redemption, notice having been mailed in the manner provided in the
Order, the Series 2007 Bond or portion thereof called for redemption shall be due and payable at the
redemption price provided therefor, plus accrued interest to such date. If there has been delivered to the
Trustee or the Bond Registrar and the Trustee or the Bond Registrar is then holding, in trust, money or
Defeasance Obligations, or a combination of both, sufficient to pay the redemption price of the Series
2007 Bond or portion thereof to be redeemed plus accrued interest to the date of redemption, interest on
the Series 2007 Bond or portion thereof called for redemption shall cease to accrue, the Series 2007 Bond
or portion thereof shall cease to be entitled to any benefit or security under the Order or to be deemed
outstanding; and the Owner of the Series 2007 Bond or portion thereof shall have no rights in respect
thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of
redemption.
The registered owner of this bond shall have no right to enforce the provisions of the Order or to
institute action to enforce the provisions therein, or to take any action with respect to any event of default
under the Order, or to institute, appear in or defend any suit or other proceeding with respect thereto,
except as provided in the Order.