HomeMy WebLinkAboutC.054.93009_1859 (2)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 1999 Bond to any person other than a bank,
an insurance company or a similar financial institution unless
the Series 1998 Bond is rated "BBB -11 or higher by Standard &
Poor's Ratings Services or "Baa.3" 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 1998 Bond is subject to redemption at any time,
in whole or in part, 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 1998 Bond by the County pursuant to the Series
Resolution, at a redemption price equal to 100% of the principal
amount of the Series 1998 Bond to be redeemed together with
accrued interest to the redemption date.
The Series 1998 Bond is also subject to redemption, at the
option of the County, in whole or in part, at any time, at a
redemption price equal to 101* of the principal amount of the
Series 1998 Bond to be redeemed plus accrued interest to the
redemption date.
At least fifteen (15) days before the redemption date of the
Series 1998 Bond or any portion thereof, the Bond Registrar shall
cause a notice of any such redemption signed by the Bond
Registrar to be mailed, first class, postage prepaid, to the
Owner of the Series 1998 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 1998 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 1998
Bond or portion thereof to be redeemed plus accrued interest to
the date of redemption, interest on the Series 1998 Bond or
portion thereof called for redemption shall cease to accrue, the
Series 1998 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 1998 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.
In certain events, on the conditions, in the manner and with
the effect set forth in the Order, the principal of all Bonds
then outstanding under the order may become or may be declared
due and payable before the stated maturities thereof, together
with the interest accrued thereon.
Modifications or alterations of the Order may be made by the
County only to the extent and in the circumstances permitted by
the order.
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