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March 15, 2004 Page 395 Registrar to be endorsed on all Bonds shall be executed as provided hereinafter. In case any officer of the Issuer or the Local Government Commission of North Carolina whose manual or facsimile signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery, and any Bond may bear the manual or facsimile signatures of such persons as at the actual time of the execution of such Bond shall be the proper officers to sign such Bond although at the date of such Bond such persons may not have been such officers. No Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this resolution until it shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed thereon. Section 6. The Bonds and the endorsements thereon shall be in substantially the following form: [Bond form begins on next page] [Front Side of Printed Bonds] No. R- $ United States of America State of North Carolina COUNTY OF CABARRUS, NORTH CAROLINA General Obligation Refunding Bonds, Series 2004 MATURITY DATE INTEREST RATE CUSIP The County of Cabarrus, North Carolina (the "Issuer"), is justly indebted and for value received hereby promises to pay to or registered assigns or legal representative on the date specified above (or earlier as hereinafter referred to), upon the presentation and surrender hereof, at the office of the Finance Officer of the Issuer, currently at Cabarrus County Governmental Center, 65 Church Street SE, Concord, North Carolina 28026 (the "Bond Registrar"), the principal sum of DOLLARS and to pay interest on such principal sum from the date hereof or from the February 1 or August 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is a February 1 or August 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on [August 1, 2004 and semiannually thereafter on February 1 and August 1 in each year, at the rate per annum specified above, until payment of such principal sum. The interest so payable on any such interest payment date will be paid to the person in whose name this Bond (or the previous Bond or Bonds evidencing the same debt as that evidenced by this Bond) is registered at the close of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar month next preceding such interest payment date, by check mailed to such person at his address as it appears on the bond registration books of the Issuer. Both the principal of and the interest on this Bond shall be paid in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the respective dates of payment thereof. For the prompt payment hereof, both principal and interest as the same shall become due, the faith and credit of the Issuer are hereby irrevocably pledged. [Printed Bonds are to include the following paragraph] ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE HEREOF AND SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. [Reverse Side of Printed Bonds] This Bond is one of an issue of Bonds designated "General Obligation Refunding Bonds, Series 2004" (the "Bonds") and issued by the Issuer for the purpose of providing funds, with any other funds necessary, for refunding the Issuer's School Bonds, Series 1997, dated February 1, 1997. This Bond is issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, orders adopted by the Board of Commissioners (the "Board) of the Issuer which have taken effect as provided by law, and a resolution duly passed by the Board of the Issuer (the "Resolution"). [The Bonds maturing prior to February 1, 20 are not subject to redemption prior to maturity. The Bonds maturing on February 1, 20 and thereafter may be redeemed, at the option of the Issuer, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than February 1, 20 , at the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for