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March 15, 2004 Page 397 <br /> <br />long as a book-entry system is used for determining beneficial ownership of <br />Bonds, if less than all of the Bonds of any one maturity shall be called for <br />redemption, the Securities Depository shall determine by lot the amount of <br />interest of each direct participant of the Securities Depository in the Bonds <br />within such maturity to be redeemed. <br /> In certain events, the Issuer may replace the Securities Depository at <br />the time with another qualified securities depository. In certain events, <br />the Issuer may discontinue the book-entry system and deliver replacement <br />Bonds in the form of fully registered certificates in the denomination of <br />$5,000 or any multiple thereof in exchange for the outstanding Bonds as <br />provided in the Resolution. <br /> At the office of the Bond Registrar, in the manner and subject to the <br />conditions provided in the Resolution, Bonds may be exchanged for an equal <br />aggregate principal amount of Bonds of the same maturity, of authorized <br />denominations and bearing interest at the same rate. <br /> The Bond Registrar shall keep at its office the books of the Issuer for <br />the registration of transfer of Bonds. The transfer of this Bond may be <br />registered only upon such books and as otherwise provided in the Resolution <br />upon the surrender hereof to the Bond Registrar together with an assignment <br />duly executed by the registered owner hereof or his attorney or legal <br />representative in such form as shall be satisfactory to the Bond Registrar. <br />Upon any such registration of transfer, the Bond Registrar shall authenticate <br />and deliver in exchange for this Bond a new Bond or Bonds, registered in the <br />name of the transferee, of authorized denominations, in an aggregate <br />principal amount equal to the unredeemed principal amount of this Bond, of <br />the same maturity and bearing interest at the same rate. <br /> The Bond Registrar shall not be required to exchange or register the <br />transfer of any Bond during a period beginning at the opening of business 15 <br />days before the day of the mailing of a notice of redemption of Bonds or any <br />portion thereof and ending at the close of business on the day of such <br />mailing or of any Bond called for redemption in whole or in part pursuant to <br />the Resolution. <br /> It is hereby certified and recited that all acts, conditions and things <br />required by the Constitution and laws of North Carolina to happen, exist and <br />be performed precedent to and in the issuance of this Bond have happened, <br />exist and have been performed in regular and due form and time as so <br />required; that provision has been made for the levy and collection of a <br />direct annual tax upon all taxable property within the geographic boundaries <br />of the Issuer sufficient to pay the principal of and the interest on this <br />Bond as the same shall become due; and that the total indebtedness of the <br />Issuer, including this Bond, does not exceed any constitutional or statutory <br />limitation thereon. <br /> <br /> [The following paragraphs through the Certificate of Authentication <br /> are to appear on the front side of printed Bonds.] <br /> <br /> This Bond shall not be valid or become obligatory for any purpose or be <br />entitled to any benefit or security under the Resolution until this Bond <br />shall have been authenticated by the execution by the Bond Registrar of the <br />certificate of authentication endorsed hereon. <br /> IN WITNESS WHEREOF, said County of Cabarrus, by resolution duly adopted <br />by its Board, has caused this Bond to be executed with the manual or <br />facsimile signatures of the [Chairman/Vice-Chairman and the Clerk to the <br />Board and its seal to be impressed or imprinted hereon, all as of the <br /> <br />day of April, 2004. <br /> COD-NTY OF CAB~LRRUS, NORTH CAROLINA <br /> [Man~al or Facsimile Signature ] <br /> [Chairman/Vice-Chairman] <br /> <br />[SEAL] <br /> <br />[Manual or Facsimile Signature ] <br /> <br />Clerk to the Board of Commissioners <br /> <br /> CERTIFICATE OF LOCAL GOVERNMENT COMMISSION <br /> The issuance of the within Bond has been approved under the provisions <br />of The Local Government Bond Act of North Carolina. <br /> [Manual or Facsimile Signature ] <br /> Secretary, Local Government Commission <br /> [By: ] <br /> [Designated Assistant] <br /> <br /> CERTIFICATE OF AUTHENTICATION <br /> This Bond is one of the Bonds of the series designated herein and <br />issued under the provisions of the within-mentioned Resolution. <br /> <br />COUNTY OF CAi~;LRRUS, NORTH CAROLINA <br />as Bond Registrar <br /> <br /> <br />