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March 15, 2004 ~ ~
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<br /> (d) That the shortest period of time in which the Bonds To Be Refunded
<br /> can be finally paid without making it unduly burdensome on the taxpayers of
<br /> the Issuer, as determined by the Local Government Commission of North
<br /> Carolina, is a period which expires not later than December 31, 20[20].
<br /> Section 2. Pursuant to the Refunding Bond Order there shall be issued
<br /> bonds of the Issuer in an aggregate principal amount not to exceed
<br /> $40,000,000, subject to adjustment as hereinafter set forth, designated
<br /> "General Obligation Refunding Bonds, Series 2004" and dated as of April 1,
<br /> 2004, or such other date as may be designated by the County Manager or
<br /> Finance Officer (the "Bonds"). The Chairman or Vice-Chairman of the Board,
<br /> the County Manager or the Finance Officer, respectively, each acting on
<br /> behalf of the Issuer, may increase or decrease the aggregate principal amount
<br /> of the Bonds by any amount, so long as such amount shall not exceed
<br /> $40,000,000, as determined to be in the best interest of the Issuer, and may
<br /> make any such increase or decrease either before or after the bids are
<br /> opened. The Bonds shall be stated to mature (subject to the right of prior
<br /> redemption and =o adjustment as hereinafter set forth) annually, February 1
<br /> (or such other date designated in accordance with the immediately preceding
<br /> sentence), $330,000 2005, $220,000 2006, $225,000 2007, $1,930,000 2008,
<br /> $1,980,000 2009, $2,630,000 2010, $3,480,000 2011, $3,405,000 2012,
<br /> $3,395,000 2013, $3,380,000 2014, $3,370,000 2015, $3,360,000 2016,
<br /> $3,345,000 2017 and $2,120,000 2018. The foregoing notwlthstandang, the
<br /> Chairman or Vace-Chairman of the Board, County Manager or Finance Officer,
<br />respectively, each acting on behalf of the Issuer, may increase or decrease
<br />the principal amount of the Bonds maturing at each maturaty, either before or
<br />after the opening of bids (including elimination of a maturity), provaded
<br />that the aggregate principal amount of the Bonds shall not exceed
<br />$40,000,000. The Bonds shall bear interest at a rate or rates to be
<br />determined by the Local Government Commission of North Carolana at the tame
<br />the Bonds are sold, which interest to the respective maturities thereof shall
<br />be payable on [August 1, 2004 (or such other date as is designated by the
<br />County Manager Or the Finance Officer in connec=aon with the sale of the
<br />Bonds) and semiannually thereafter on February I and August i of each year
<br />(or other semaannual dates designated by the County Manager or the Finance
<br />Officer an connection wath the sale of the Bonds) untal payment of such
<br />principal sum.
<br /> Notwithstandang the foregoing provasions of this resolution, since
<br />interest rates on a proposed sale date are unpredictable, at any time before
<br />the bonds are awarded, the County Manager or the Finance Officer,
<br />respectively, acting on behalf of the Issuer, may from tlme to time defer
<br />sale of all or any portion of the Bonds (including postponement to a later
<br />date, to a subsequently announced date or indefinately).
<br /> Section 3. Each Bond shall bear anterest from the interest payment
<br />date next preceding the date on which it is authenticated unless it as (a)
<br />authenticated upon an interest payment date in which event at shall bear
<br />Interest from such interest payment date or (b) authenticated prior to the
<br />first anterest payment date in which event it shall bear interest from its
<br />date; provided, however, that if at the time of authentication anterest is in
<br />default, such Bond shall bear interest from the date to whach interest has
<br />been paid.
<br /> The principal of and the interest and any redemption premium on the
<br />Bonds shall be payable in any coin or currency of the Unated States of
<br />Ameraca whach as legal tender for the payment of publac and private debts on
<br />the respective dates of payment thereof
<br /> Section 4 The Bonds initially will be issued by means of a book-entry
<br />system with no physical distribution of Bond certificates to be made except
<br />as hereinafter provided Initially one fully registered Bond certificate for
<br />each stated maturity of the Bonds, in the aggregate principal amount of the
<br />Bonds of such stated maturity and registered in the name of the Securities
<br />Depository Nominee (defined below), a nominee of the Securities Deposatory
<br />(defined below), will be issued and requared to be deposited with the
<br />Securities Depository and immobilized in its custody. The book-entry system
<br />of the Securities Depository will evidence positions held in the Bonds by the
<br />Securities Depository's participants, with beneficial ownership of the Bonds
<br />in the principal amount of $5,000 or any whole multiple thereof being
<br />evidenced in the records of such participants. Transfers of benefacial
<br />ownership wall be effected on the records of the Securities Depository and
<br />its participants pursuant to rules and procedures established by the
<br />Securities Depository and ate participants.
<br /> The issuer and =he Bond Registrar will recognize the Securities
<br />Depository Nominee or the Securities Depository, as the case may be, while
<br />the registered owner of Bonds, as the owner of Bonds for all purposes,
<br />including payments of principal of, and redemption premium, if any, and
<br />interest on the Bonds, notices and voting. The principal of and any
<br />redemption premium on each Bond shall be payable to the Securities Depository
<br />Nominee or any other person appearing on the registration books of the Issuer
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