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<br />person at his address as it appears on the bond registration books of said
<br />County. Both the principal of and the interest on this Bond shall be paid
<br />in any coin or currency of the United States of America that is legal
<br />tender for the payment of public and private debts on the respective dates
<br />of payment thereof. For the prompt payment hereof, both principal and
<br />interest as the same shall become due, the faith and credit of said County
<br />of Cabarrus are hereby irrevocably pledged.
<br /> This bond is one of an issue of bonds designated "Water Bonds,
<br />Series 1989" (the "Bonds") and issued by said County for the purpose of
<br />providing funds, with any other available funds, for enlarging and
<br />extending the water system of 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 Statutes of North Carolina, an order
<br />adopted by the Board of Commissioners for said County, which order was
<br />approved by the vote of a majority of the qualified voters of said County
<br />who voted at a referendum duly called and held, and a resolution duly
<br />passed by said Board of Commissioners (the "Resolution").
<br /> The Bonds maturing prior to March 1, 2000 are not subject to
<br />redemption prior to maturity. The Bonds maturing on March 1, 2000 and
<br />thereafter may be redeemed, at the option of said County, from any moneys
<br />that may be made available for such purpose, either in whole or in part on
<br />any date not earlier than March 1, 1999, at the principal amount of the
<br />Bonds to be redeemed, together with interest accrued thereon to the date
<br />fixed for redemption, plus a redemption premium of 1/2 of 1% of the
<br />principal amount of each Bond to be redeemed for each period of 12 months
<br />or part thereof between the redemption date and the maturity date of such
<br />Bond, such premium not to exceed 2% of such principal amount.
<br /> If less than all of the Bonds of any one maturity shall be called
<br />for redemption, the particular Bonds or portions of Bonds of such maturity
<br />to be redeemed shall be selected by lot in such manner as said County in
<br />its discretion may determine; provided, however, that the portion of any
<br />Bond to be redeemed shall be in the principal amount of $5,000 or some
<br />multiple thereof and that, in selecting Bonds for redemption, each Bond
<br />shall be considered as representing that number of Bonds which is obtained
<br />by dividing the principal amount of such Bond by $5,000. So long as a
<br />book-entry system with The Depository Trust Company, New York, New York
<br />("DTC"), is used for determining beneficial ownership of Bonds, if less
<br />than all of the Bonds within a maturity are to be redeemed, DTC and its
<br />participants shall determine which of the Bonds within a maturity are to be
<br />redeemed by lot. If less than all of the Bonds stated to mature on
<br />different dates shall be called for redemption, the particular Bonds or
<br />portions of Bonds to be redeemed shall be called in the inverse order of
<br />their maturities.
<br /> Not more than sixty (60) nor less than thirty (30) days before
<br />the redemption date of any Bonds to be redeemed, whether such redemption be
<br />in whole or in part, said County shall cause a notice of such redemption to
<br />be filed with the Bond Registrar and given by certified or registered mail
<br />to Cede & Co. at its address appearing upon the registration books of said
<br />County. On the date fixed for redemption, notice having been given as
<br />aforesaid, the Bonds or portions thereof so called for redemption shall be
<br />due and payable at the redemption price provided for the redemption of such
<br />Bonds or portions thereof on such date and, if moneys for payment of such
<br />redemption price and the accrued interest are held by the Bond Registrar as
<br />provided in the Resolution, interest on the Bonds or the portions thereof
<br />so called for redemption shall cease to accrue. If a portion of this Bond
<br />shall be called for redemption, a new Bond or Bonds in principal amount
<br />equal to the unredeemed portion hereof will be issued to Cede & Co. or its
<br />legal representative upon the surrender hereof.
<br /> The Bonds are being issued by means of a book-entry system with
<br />no physical distribution of bond certificates to be made except as provided
<br />in the Resolution. One Bond certificate with respect to each date on which
<br />the Bonds are stated to mature, in the aggregate principal amount of the
<br />Bonds stated to mature on such date and registered in the name of Cede &
<br />Co., a nominee of DTC, is being issued and required to be deposited with
<br />DTG and immobilized in its custody. The book-entry system will evidence
<br />ownership of the Bonds in the principal amount of $5,000 or any multiple
<br />thereof, with transfers of ownership effected on the records of DTC and its
<br />participants pursuant to rules and procedures established by DTC and its
<br />participants. Transfer of principal, interest and any redemption premium
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