BC 1988 05 23 - Laserfiche WebLink

Home Browse Search

376 or registered assigns or legal representative the principal sum of DOLLARS in such amounts and at such times as are set forth in Schedule A attached to this bond and to pay interest from the date hereof on the unpaid part of such principal sum at the rate per annum set forth in said Schedule A until payment thereof, such interest to the maturity hereof being payable on such interest payment dates as are set forth in said Schedule A. The interest so payable on any such interest payment date will be paid to the person in whose name this bond is registered at the close of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar month next preceding such interest payment date. Both the principal of and the interest on this bond are payable in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legal tender for the payment of public and private debts. During the time that the named payee set forth in the first paragraph of this bond is the registered owner of this bond, payment of the installments of principal and interest when due and payable on this bond shall be made at the office of the Clerk to the governing body of the Issuer, as the Bond Registrar in such case, by , without presentation or surrender of this bond and, during any such time as an assignee of said named payee is the registered owner of this bond, payment of the installments of principal when due an payable on this bond shall be made at the corporate trust office of , ~, North Carolina, as the Bond Registrar in such case, upon the presentation and surrender of this bond, and payment of the interest when due and payable on this bond shall be made by check mailed to such assignee at his address as it appears on the bond regis- tration books of the Issuer hereinafter mentioned without the presentation or surrender of this bond. Upon final payment, this bond shall be surrendered to the Bond Registrar for cancellation. For the prompt payment hereof, both principal and interest as the same shall become due, the faith and credit of the Issuer are hereby irrevocably pledged. This bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the resolution mentioned hereinafter until this bond shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed hereon. This bond is duly authorized and issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, an order which has taken effect and a resolution duly passed by the governing body of the Issuer, for the purpose of providing funds, with other available funds, for paying the cost of refunding, including related issuance expenses, certain outstanding bonds of the Issuer. At the office of the Bond Registrar, in the manner and subject to the conditions provided in said resolution, this bond may exchanged for an equal aggregate principal amount of bonds having maturities corresponding to the maturities of the installments of principal of this bond then unpaid, issuable in fully registered form in the denomination of $ or any multiple thereof and bearing interest at the same rate. This bond is registered as to both principal and interest in the name of the named payee set forth in the first paragraph of this bond, on the bond registration books of the Issuer kept by the Bond Registrar, and the transfer hereof may hereafter be registered by the registered owner hereof only upon an execution of an assignment hereon duly executed by such registered owner or his attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice this bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice. (Redemption provisions (dates, premiums, etc.) to be inserted.) If less than the outstanding principal amount of this bond shall be called for redemption, the particular installments of principal to be redeemed shall be called in the inverse order of their maturities.