AG 2003 07 21 - Laserfiche WebLink

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principal amount of the Bonds shall not exceed $21,725,000 and that no annual installment shall be more than four times as great in amount as the smallest prior annual installment. The Bonds shall bear interest at a rate or rates to be determined by the Local Government Commission of North Carolina at the time the Bonds are sold, which interest to the respective maturities thereof shall be payable on March 1, 2004 (or such other date as is designated by the County Manager or the Finance Officer in connection with the sale of the Bonds) and semiannually thereafter on September 1 and March 1 of each year (or other semiannual dates designated by the County Manager or the Finance Officer in connection with the sale of the Bonds) until payment of such principal sum. Notwithstanding the foregoing provisions of this resolution, since interest rates on a proposed sale date are unpredictable, at any time before the bonds are awarded, the County Manager or the Finance Officer, respectively, acting on behalf of the Issuer, may from time to time defer sale of all or any portion of the Bonds (including postponement to a later date, to a subsequently announced date or indefinitely). Section 3. Each Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated unless it is (a) authenticated upon an interest payment date in which event it shall bear interest from such interest payment date or (b) authenticated prior to the first interest payment date in which event it shall bear interest from its date; provided, however, that if at the time of authentication interest is in default, such Bond shall bear interest from the date to which interest has been paid. The principal of and the interest and any redemption premium on the Bonds shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. Section 4. The Bonds initially will be issued by means of a book-entry system with no physical distribution of Bond certificates to be made except as hereinafter provided. Initially one fully registered Bond certificate for each stated maturity of the Bonds, in the aggregate principal amount of the Bonds of such stated maturity and registered in the name of the Securities Depository Nominee (defined below), a nominee of the Securities Depository (defined below), will be issued and required to be deposited with the Securities Depository and immobilized in its custody. The book-entry system of the Securities Depository will evidence positions held in the 3