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523
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<br />the United States of America, Farmers Home Administration (the "FmHA"), in
<br />which event said bonds shall be dated as of the date of delivery thereof).
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<br /> Said bonds (the "bonds") shall be stated to mature (subject to the right
<br />of prior redemption as hereinafter set forth) annually, June 1, $69,000 1989,
<br />$74,000 1990, $79,000 1991, $85,000 1992, $92,000 1993, $98,000 1994, $106,000
<br />1995, $114,000 1996, $123,000 1997, $132,000 1998, $142,000 1999, $153,000
<br />2000, $164,000 2001, $177,000 2002, $190,000 2003, $205,000 2004, $221,000
<br />2005, $238,000 2006, $251,000 2007 and 2008, $253,000 2009 to 2021, inclusive,
<br />$254,000 2022 and 2023 and $255,000 2024 and 2025, unless the bonds shall be
<br />awarded to the FmHA, in which event the bonds shall be stated to mature as
<br />hereinafter set forth. The bonds shall be issuable in fully registered form
<br />in the denomination of $1,000 or any multiple thereof and shall be numbered.
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<br /> The bonds shall bear interest at a rate or rates to be determined by the
<br />Local Government Commission of North Carolina at the time the bonds are sold,
<br />which interest to the respective maturities thereof shall be payable semi-
<br />annually on June 1 and December 1 of each year; provided, however, that the
<br />interest on any bond awarded to the FmHA to the respective maturities of the
<br />installments of the principal thereof shall be payable on June 1, 1986 and
<br />annually thereafter on the 1st day of June each year. Each bond shall bear
<br />interest from the interest payment date next preceding the date on which it is
<br />authenticated unless it is (a) authenticated upon an interest payment date in
<br />which event it shall bear interest from such interest payment date or (b)
<br />authenticated prior to the first interest payment date in which event it shall
<br />bear interest from its date; provided, however, that if at the time of authen-
<br />tication interest is in default, such bond shall bear interest from the date
<br />to which interest has been paid.
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<br /> The principal of and the interest and any redemption premium on the bonds
<br />shall be payable in any coin or currency of the United States of America which
<br />is legal tender for the payment of public and private debts on the respective
<br />dates of payment thereof. The principal of and any redemption premium on each
<br />bond, other than a bond registered in the name of the FmHA, shall be payable
<br />to the registered owner thereof or his registered assigns or legal represen-
<br />tative at the corporate trust office of the Bond Registrar mentioned herein-
<br />after upon the presentation and surrender thereof as the same shall become due
<br />and payable.
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<br /> Payment of the interest on each bond shall be made by the Bond Registrar
<br />on each interest payment date to the person appearing on the registration
<br />books of the Issuer hereinafter provided for as the registered owner of such
<br />bond (or the previous bond or bonds evidencing the same debt as that evidenced
<br />by such bond) at the close of business on the record date for such interest,
<br />which shall be the 15th day (whether or not a business day) of the calendar
<br />month next preceding such interest payment date, by check mailed to such
<br />person at his address as it appears on such registration books or, in the case
<br />of a bond registered in the name of the FmHA, as hereinafter provided. If the
<br />FmHA is the registered owner of the bonds, payment of the installments of
<br />principal and interest with respect thereto shall be made at the office of
<br />such fiscal agent as the FmHA shall designate without presentation or surrender
<br />thereof.
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<br /> Section 3. The bonds maturing prior to June 1, 1997 will not be subject
<br />to redemption prior to maturity. The bonds maturing on June 1, 1997 and
<br />thereafter will be redeemable, at the option of the Issuer, from any moneys
<br />that may be made available for such purpose, either in whole on any date not
<br />earlier than June 1, 1996, or in part on any interest payment date not earlier
<br />than June 1, 1996, at the principal amount of the bonds to be redeemed,
<br />together with interest accrued thereon to the date fixed for redemption, plus
<br />a redemption premium of 1/2 of 1% of the principal amount of each bond t° be
<br />redeemed for each calendar year or part thereof between the redemption date
<br />and the maturity date of such bond, such premium not to exceed 2% of such
<br />principal amount.
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<br /> If less than all of the bonds of any one maturity shall be called for
<br />redemption, the particular bonds or portions of bonds of such maturity to be
<br />redeemed shall be selected by the Issuer in such manner as the Issuer in its
<br />discretion may determine; provided, however, that the portion of any bond to
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