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<br />[Front Side of Printed Bonds] <br /> <br />No.R- <br /> <br />$ <br /> <br />United States of America <br />State of North Carolina <br /> <br />MATURITY DATE <br /> <br />COUNTY OF CABARRUS, NORTH CAROLINA <br />PUBLIC IMPROVEMENT BOND, SERIES 2006 <br /> <br />INTEREST RATE <br /> <br />CUSIP <br /> <br />March 1,_ , <br /> <br />_% <br /> <br />The County of Cabarrus, North Carolina (the "County"), is justly indebted and for value <br /> <br />received hereby promises to pay to <br /> <br />or registered assigns or legal representative on the date specified above (or earlier as hereinafter <br /> <br />referred to), upon the presentation and surrender hereof, at the office of the Finance Officer of <br /> <br />said County, currently at Cabarrus County Governmental Center, 65 Church Street, SE, Concord, <br /> <br />North Carolina, 28026 (the "Bond Registrar"), the principal sum of <br /> <br />DOLLARS <br /> <br />and to pay interest on such principal sum from the date hereof, or from the March 1 or <br /> <br />September 1 next precedij;1g the date of authentication to which interest shall have been paid, <br /> <br />unless such date of authentication is a March 1 or September 1 to which interest shall have been <br /> <br />paid, in which case from such date, such interest to the maturity hereof being payable on March <br /> <br />1, 2007 and semiaunually: thereafter on September 1 and March 1 in each year, at the rate per <br /> <br />annum specified above, until payment of such principal sum. The interest so payable on any <br /> <br />such interest payment date will be paid to the person in whose name this Bond (or the previous <br /> <br />Bond or Bonds evidencing the same debt as that evidenced by this Bond) is registered at the <br /> <br />close of business on the record date for such interest, which shall be the 15th day (whether or not <br />8 <br /> <br />1=-5 <br />