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AG 2004 03 15
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AG 2004 03 15
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Last modified
3/9/2006 9:19:10 PM
Creation date
11/27/2017 11:37:27 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
3/15/2004
Board
Board of Commissioners
Meeting Type
Regular
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determined by the Local Government Cormnission of North Carolina at the time the Bonds are <br /> sold, which interest to the respective maturities thereof shall be payable on [August 1, 2004 (or <br /> such other date as is designated by the County Manager or the Finance Officer in connection <br /> with the sale of the Bonds) and semiannually thereafter on February 1 and August 1 of each year <br /> (or other semiannual dates designated by the County Manager or the Finance Officer in <br /> connection with the sale of the Bonds) until payment of such principal sum. <br /> <br /> Notwithstanding the foregoing provisions of this resolution, since interest rates on a <br /> proposed sale date are unpredictable, at any time before the bonds are awarded, the County <br /> Manager or the Finance Officer, respectively, acting on behalf of the Issuer, may from time to <br /> time defer sale of all or any portion of the Bonds (including postponement to a later date, to a <br /> subsequently announced date or indefinitely). <br /> <br /> Section 3. Each Bond shall bear interest from the interest payn~ent date next preceding <br /> the date on which it is authenticated unless it is (a) authenticated upon an interest payment date <br /> in which event it shall bear interest from such interest payment date or (b) authenticated prior to <br /> the first interest payment date in which event it shall bear interest from its date; provided, <br /> however, that if at the time of authentication interest is in default, such Bond shall bear interest <br /> from the date to which interest has been paid. <br /> <br /> The principal of and the interest and any redemption premium on the Bonds shall be <br />payable in any coin or currency of the United States of America which is legal tender for the <br />payment of public and private debts on the respective dates of payment thereof. <br /> <br /> Section 4. The Bonds initially will be issued by means of a book-entry system with no <br />physical distribution of Bond certificates to be made except as hereinafter pro,v,i,ded. Initially one <br />fully registered Bond certificate for each stated maturity of the Bonds, in the aggregate principal <br />amount of the Bonds of such stated maturity and registered in the name of the Securities <br />Depository Nominee (defined below), a nominee of the Securities Depository (defined below), <br />will be issued and required to be deposited with the Securities Depository and immobilized in its <br />custody. The book-entry system of the Securities Depository will evidence positions held in the <br />Bonds by the Securities Depository's participants, with beneficial ownership of the Bonds in the <br />principal amount of $5,000 or any whole multiple thereof being evidenced in the records of such <br />participants. Transfers of beneficial ownership will be effected on the records of the Securities <br /> <br /> <br />
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