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532 <br /> <br /> At the corporate trust office of the Bond Registrar, in the manner and <br />subject to the conditions provided in said resolution, this bond may be <br />exchanged for an equal aggregate principal amount of bonds having maturities <br />corresponding to the maturities of the installments of principal of this bond <br />then unpaid, issuable in fully registered form in the denomination of $1,000 <br />or any integral multiple thereof and bearing interest at the same rate. <br /> <br /> This bond is registered as to both principal and interest in the name of <br />the United States of America, Farmers Home Administration, on books of said <br />District kept by the Clerk to the Board of Commissioners for Cabarrus County, <br />North Carolina, as the governing body of said District, as Bond Registrar, and <br />the transfer hereof may hereafter be registered by the registered owner hereof <br />only upon an execution of an assignment hereon duly executed by such <br />registered owner or his attorney or legal representative. Notice of such <br />assignment shall be given promptly by the assignor to the Bond Registrar by <br />registered mail, such notice to be in such form as shall be satisfactory to <br />the Bond Registrar, and upon receipt of such notice this bond shall be <br />registered as to both principal and interest on such registration books in the <br />name of the assignee named in such notice. <br /> <br /> This bond or any part hereof at the time outstanding may be redeemed, at <br />the option of said District, at any time prior to the maturity of any install- <br />ment of the principal hereof, either in whole or in part in the inverse order <br />of the maturity dates of the installments of principal, from any moneys that <br />may be made available for such purpose, at the aggregate principal amount of <br />the installments of principal to be redeemed, together with the interest <br />accrued thereon to the date fixed for redemption, but without any premium. <br /> <br /> On the date designated for redemption, notice having been given and <br />moneys for payment of the redemption price being held in trust for such <br />purpose, all as provided in said resolution, this bond or part hereof shall <br />become and be due and payable, and the interest on this bond or part hereof so <br />redeemed shall cease to accrue. <br /> <br /> The Bond Registrar shall not be required to exchange or register any <br />transfer of (i) any bond during a period beginning at the opening of business <br />fifteen (15) days before the day of the mailing of a notice of redemption of <br />bonds or any portion thereof and ending at the close of business on the day of <br />such mailing or (ii) any bond called for redemption in whole or in part <br />pursuant to said resolution. <br /> <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 <br />required; that provision has been made for the levy and collection of a direct <br />annual tax upon all taxable property within said District sufficient to pay <br />the principal of and the interest on this bond as the same shall become due; <br />and that the total indebtedness of said District, including this bond, does <br />not exceed any constitutional or statutory limitation thereon. <br /> <br /> Reference is hereby made to the supplemental opinion of Brown & Wood, New <br />York New York, bond counsel, delivered in connection with the issuance of this <br />bond, for certain information relating to the exemption from federal income <br />taxation of the interest on this bond. <br /> <br /> IN WITNESS WHEREOF, the Water and Sewer District of Cabarrus County, in <br />Cabarrus County, North Carolina by resolution of the Board of Commissioners <br />for Cabarrus County, North Carolina, as the governing body of said District, <br />has caused this bond to be executed by the Chairman of and the Clerk to said <br />Board of Commissioners and the corporate seal of said District to be impressed <br />hereon, all as of the ..... day of September 1986. <br /> <br />[Manual signature] <br />Chairman of the Board <br /> of Commissioners <br /> <br />[Manual signature] <br /> Clerk to the Board <br /> of Commissioners <br /> <br /> <br />