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respective dates of payment thereof. For the prompt payment hereof, both principal and interest <br />as the same shall become due, the faith and credit of the Issuer are hereby irrevocably pledged. <br /> <br />[Printed Bonds are to include the following paragraph] <br /> <br /> ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE <br /> <br />HEREOF AND SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET <br />FORTH HERE. <br /> <br /> [Reverse Side of Printed Bonds] <br /> <br /> This Bond is one of an issue of Bonds designated "General Obligation Refunding Bonds, <br />Series 2004" (the "Bonds") and issued by the Issuer for the purpose of providing funds, with any <br />other funds necessary, for refunding the Issuer's School Bonds, Series .1997, dated February 1, <br />1997. This Bond is issued under and pursuant to The Local Government Bond Act, as amended, <br />Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, orders adopted <br />by the Board of Commissioners (the "Board) of the Issuer which have' taken effect as provided <br />by law, and a resolution duly passed by the Board of the Issuer (the "Resolution"). <br /> <br /> [The Bonds maturing prior to February 1, 20 are not subject to redemption prior to <br />maturity. The Bonds maturing on February 1, 20 and thereafter may be redeemed, at the <br /> <br />option of the Issuer, from any moneys that may be made available for such purpose, either in <br />whole or in part on any date not earlier than February 1, 20 , at the principal amount of the <br />Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, <br />plus a redemption premium of 1/2 of 1% of the principal amount of each Bond to be redeemed <br />for each period of 12 months or part thereof between the redemption date at/icl'the maturity date <br />of such Bond, such premium not to exceed 2% of such principal amount.] <br /> <br /> If less than all of the Bonds of any one maturity shall be called for redemption, the <br />particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot in <br />such manner as the Issuer in its discretion may determine; provided, however, that the portion of <br />any Bond to be redeemed shall be in the principal amount of $5,000 or some whole multiple <br />thereof and that, in selecting Bonds for redemption, each Bond shall be considered as <br />representing that number of Bonds which is obtained by dividing the principal amount of such <br /> <br />Bond by $5,000. If less than all of the Bonds stated to mature on different dates shall be called <br /> 8 <br /> <br /> <br />