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397
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<br />and to pay interest thereon from the date hereof at the rate of ...........
<br />per centum ( ..... %).per annum until payment of such principal sum, such
<br />interest to the maturity hereof being payable semiannually on the 1st days
<br />of May and November in each.year upon the presentation and surrender of the
<br />coupons representing such interest as the same respectively become due. Both
<br />the principal of and the interest on this bond are payable at First Union
<br />National Bank of North Carolina, in the City of Charlotte, North Carolina,
<br />or, at the option of the holder or registered owner, at The Chase Manhattan
<br />Bank (National Association), in the Borough of Manhattan, City and State of
<br />New York, in any coin or currency of the United Stated of America which, at
<br />the respective dates of payment thereof, is legal tender for the payment of
<br />public and private debts. For the prompt payment hereof, both principal and
<br />interest as the same shall become due, the full faith and credit of said
<br />County are hereby irrevocably pledged.
<br /> This bond is one of a series of bonds issued by said County for the
<br />purpose of providing funds, with any other available funds, for providing
<br />additional school facilities in said County, and this bond is issued under
<br />and pursuant to.The Local Government Bond Act, as amended, Article 7, as
<br />amended, of Chapter 159 of the General Statues of North Carolina, an order
<br />which was approved by the.vote of a majority of the qualified voters of said
<br />County who voted thereon at a referendum duly called and held, and a resolu-
<br />tion duly passed by the Board of Commissioners for said County.
<br /> The bonds of this series at the time outstanding maturing prior to
<br /> May 1, 1991 are not subject to redemption prior to maturity. The bonds of
<br /> this series maturing on May 1, 1991 and thereafter may be redeemed, at the
<br /> option of said County, from'any moneys that may be made available for such
<br /> purpose, either in whole on any date not earlier than May 1, 1990 or in
<br /> part on any interest payment date not earlier than May 1, 1990, at the
<br /> principal amount of the bonds to be redeemed, together with interest accrued
<br /> thereon to the date fixed for redemption, plus a premium of 1/2 of 1% of
<br /> the principal amount for each calendar year or part thereof between the
<br /> redemption date and the maturity date of each bond to be redeemed, such
<br /> premium not to exceed 2% of such principal amount.
<br /> If less than all of the bonds of any one maturity shall be called for
<br /> redemption, the particular bonds of such maturity to be redeemed shall be
<br /> selected by lot by said County in such manner as said County in its discretion
<br /> may determine, and, if less than all of the bonds stated to mature on different
<br /> dates shall be called for redemption, the particular Bonds to be redeemed
<br /> shall be called in the inverse order of their maturities.
<br /> At l~ast thirty (30) days before the redemption date of any bonds, whether
<br /> such redemption be in whole or in part, said County shall cause a notice of
<br /> such redemption to be published once in a daily newspaper of general circulation
<br /> in the City of Charlotte, North Carolina, and in.a daily newspaper of general
<br /> circulation or a financial journal distributed in the Borough of Manhattan,
<br /> City and State of New York. On the date designated for redemption, notice
<br /> having been published as aforesaid, the bonds so Called for redemption shall
<br /> become and be due and payable at the redemption price provided for the
<br /> redemption of such bonds on such date, and, if moneys for payment of the
<br /> redemption price and the accrued interest are held by the paying agents,
<br /> interest on the bonds so called for redemption shall cease to accrue, the
<br /> coupons for any such interest payable subsequent to such redemption date shall
<br /> be void, the bonds so called for redemption shall cease to be entitled to any
<br /> benefit or security under said order or resolution, and the holders or registered
<br /> owners of the bonds so called for redemption shall have no rights in respect
<br /> thereof except to receive payment of the redemption price thereof and the
<br /> accrued interest so held by the paying agent~.
<br /> It is hereby certified and recited that all acts, conditions and things
<br /> required by the Constitution and laws of North Carolina to happen, exist and
<br /> be performed precedent to and in the issuance of this bond have happened,
<br /> exist and have been performed in regular and due form and time as so required;
<br /> that provision has been made for the levy and collection of a direct annual
<br /> tax upon all taxable property within said County sufficient to pay the principal
<br /> of and the interest on this bond as the same shall become due; and that the
<br /> total indebtedness of said County, including this bond, does not exceed any
<br /> constitutional or statutory limitation thereon.
<br /> This bond may be registered as to principal only in accordance with the
<br /> provisions endorsed hereon.
<br /> IN WITNESS WHEREOF, said County of Cabarrus,~by order of its Board of
<br /> Commissioners, has caused this bond to be executed with the facsimile
<br /> signatures of the Chairman and the Clerk of said Board, a facsimile of the
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