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528
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<br />amended, of Chapter 162A of the General Statutes of North Carolina, The Local
<br />Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the
<br />General Statutes of North Carolina, an order which was approved by the vote of
<br />a majority of the qualified voters of said District who voted thereon at a
<br />referendum duly called and held, and a resolution duly passed by the Board of
<br />Commissioners for Cabarrus County, North Carolina, as the governing body of
<br />said District (the "Resolution").
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<br /> The bonds at the time outstanding maturing prior to June 1, 1997 are not
<br />subject to redemption prior to maturity. The bonds maturing on June 1, 1997
<br />and thereafter may be redeemed, at the option of said District, from any
<br />moneys that may be made available for such purpose, either in whole on any
<br />date not earlier than June 1, 1996, or in part on any interest payment date
<br />not earlier than June 1, 1996, at the principal amount of the bonds to be
<br />redeemed, together with interest accrued thereon to the date fixed for redemp-
<br />tion, plus a redemption premium of 1/2 of 1% of the principal amount of each
<br />bond to be redeemed for each calendar year or part thereof between the redemp-
<br />tion date and the maturity date of such bond, such premium not to exceed 2% of
<br />such principal amount.
<br />
<br /> If less than all of the bonds of any one maturity shall be called for
<br />redemption, the particular bonds or portions of bonds of such maturity to be
<br />redeemed shall be selected by said District in such manner as said District in
<br />its discretion may determine; provided, however, that the portion of any bond
<br />to be redeemed shall be in the principal amount of $1,000 or some multiple
<br />thereof and that, in selecting bonds for redemption, the Bond Registrar shall
<br />treat each Bond as representing that number of bonds which is obtained by
<br />dividing the principal amount of such bond by $1,000. If less than all of the
<br />bonds stated to mature on different dates shall be called for redemption, the
<br />particular bonds or portions thereof to be redeemed shall be called in the
<br />inverse order of their maturities.
<br />
<br /> Not more than sixty (60) nor less than thirty (30) days before the
<br />redemption date of any bonds to be redeemed, whether such redemption be in
<br />whole or in part, said District shall cause a notice of such redemption to be
<br />filed with the Bond Registrar and mailed, postage prepaid, to the registered
<br />owner of each bond to be redeemed in whole or in part at his address appearing
<br />upon the registration books of said District. On the date fixed for redemption,
<br />notice having been given as aforesaid, the bonds or portions thereof so called
<br />for redemption shall be due and payable at the redemption price provided for
<br />the redemption of such bonds or pbrtions thereof on such date and, if moneys
<br />for payment of such redemption price and the accrued interest are held by the
<br />bond Registrar as provided in the Resolution, interest on the bonds or the
<br />portions thereof so called for redemption shall cease to accrue. If a portion
<br />of this bond shall be called for redemption, a new bond or bonds in principal
<br />amount equal to the unredeemed portion hereof will be issued to the registered
<br />owner hereof or his legal representative upon the surrender hereof.
<br />
<br /> The bonds are issuable in fully registered form in the denomination of
<br />$1,000 or any integral multiple thereof. At the corporate trust office of the
<br />Bond Registrar, in the manner and subject to the conditions provided in the
<br />Resolution, bonds may be exchanged for an equal aggregate principal amount of
<br />bonds of the same maturity, of authorized denominations and bearing interest
<br />at the same rate.
<br />
<br /> The Bond Registrar shall keep at its corporate trust office the books of
<br />said District for the registration of transfer of bonds. The transfer of this
<br />bond may be registered only upon such books and as otherwise provided in the
<br />Resolution upon the surrender hereof to the Bond Registrar together with an
<br />assignment duly executed by the registered owner hereof or his attorney or
<br />legal representative in such form as shall be satisfactory to the Bond
<br />Registrar. Upon any such registration of transfer, the Bond Registrar shall
<br />deliver in exchange for this bond a new bond or bonds, registered in the name
<br />of the transferee, of authorized denominations, in an aggregate principal
<br />amount equal to the unredeemed principal amount of this bond, of the same
<br />maturity and bearing interest at the same rate.
<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 />
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