Common use of The Bonds Clause in Contracts

The Bonds. The Bonds are being issued pursuant to Articles 10 and 11 (commencing with section 53570) of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (the “Act”) and the Trust Agreement. The Issuer is obligated by the County Employees Retirement Law of 1937, Chapter 3 of the Government Code of the State of California, Sections 31450 through 31898, inclusive, as amended (the “Retirement Law”), to make payments to the Orange County Employees Retirement System (the “System”) relating to pension benefits accruing to employees of the County of Orange. The proceeds of the Bonds will be used to: (i) refund the Issuer’s obligation to the System as evidenced by a debenture issued by the Issuer in favor of the System (the “Debenture”), and

The Bonds. The Bonds are being issued pursuant to Articles 10 and 11 (commencing with section 53570) of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code (the “Act”) and the Trust Agreement. The Issuer is obligated by the County Employees Retirement Law of 1937, Chapter 3 of the Government Code of the State of California, Sections 31450 through 31898, inclusive, as amended (the “Retirement Law”), to make payments to the Orange County Employees Retirement System (the “System”) relating to pension benefits accruing to employees of the County of Orange. The proceeds of the Bonds will be used to: (i) refund the Issuer’s obligation to the System as evidenced by a debenture issued by the Issuer in favor of the System (the “Debenture”), andand (ii) pay certain costs associated with the issuance and delivery of the Bonds.