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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.