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March 18, 2013 (Regular Meeting) Page 1461
<br />interest so payable on any such interest payment date will be paid to the
<br />person in whose name this Bond (or the previous Bond or Bonds evidencing the
<br />same debt as that evidenced by this Bond) is registered at the close of
<br />business on the record date for such interest, which shall be the 15th day
<br />(whether or not a business day) of the calendar month next preceding such
<br />interest payment date, by check mailed to such person at his address as it
<br />appears on the bond registration books of the County. Both the principal of
<br />and the interest on this Bond shall be paid in any coin or currency of the
<br />United States of America that is legal tender for the payment of public and
<br />private debts on the respective dates of payment thereof. For the prompt
<br />payment hereof, both principal and interest as the same shall become due, the
<br />faith and credit of the County are hereby irrevocably pledged.
<br />[Printed Bonds are to include the following paragraph]
<br />ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE HEREOF
<br />AND SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE.
<br />[Reverse Side of Printed Bonds]
<br />This Bond is one of an issue of Bonds designated "General Obligation
<br />Refunding Bonds, Series 2013" (the "Bonds ") and issued by the County for the
<br />purpose of providing funds, with any other funds necessary, for refunding a
<br />portion of the County's outstanding (i) School Bonds, Series 2005, dated
<br />March 1, 2005 and (ii) Public Improvement Bonds, Series 2006, dated September
<br />1, 2006. This Bond is issued under and pursuant to The Local Government Bond
<br />Act, as amended, Article 7, as amended, of Chapter 159 of the General
<br />Statutes of North Carolina, an order adopted by the Board of Commissioners
<br />(the "Board ") of the County which has taken effect as provided by law, and a
<br />resolution duly passed by the Board of the County (the "Resolution ").
<br />[The Bonds maturing prior to March 1, 20 are not subject to
<br />redemption prior to maturity. The Bonds maturing on March 1, 20 and
<br />thereafter may be redeemed, at the option of the County, from any moneys that
<br />may be made available for such purpose, either in whole or in part on any
<br />date not earlier than March 1, 20 , at a redemption price equal to 1000 of
<br />the principal amount of the Bonds to be redeemed, together with interest
<br />accrued thereon to the date fixed for redemption, without premium.
<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 lot in such manner as the County in its
<br />discretion may determine; provided, however, that the portion of any Bond to
<br />be redeemed shall be in the principal amount of $5,000 or some whole multiple
<br />thereof and that, in selecting Bonds for redemption, each Bond shall be
<br />considered as representing that number of Bonds which is obtained by dividing
<br />the principal amount of such Bond by $5,000. If less than all of the Bonds
<br />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 such
<br />maturities and amounts of those maturities as shall be determined by the
<br />County.
<br />Not more than 60 days nor less than 30 days before the redemption date
<br />of any Bonds to be redeemed, whether such redemption be in whole or in part,
<br />the County shall cause a notice of such redemption to be filed with the Bond
<br />Registrar and to be mailed, postage prepaid, to the registered owner of each
<br />Bond to be redeemed in whole or in part at the address of said owner
<br />appearing upon the registration books of the County. Failure to mail such
<br />notice or any defect therein as to any Bond or portion thereof shall not
<br />affect the validity of the redemption as to any Bond or portion thereof for
<br />which such notice was given as required hereby. On the date fixed for
<br />redemption, notice of such call for redemption having been given as aforesaid
<br />and not revoked as hereinafter provided, the Bonds or portions thereof so
<br />called for redemption shall be due and payable at the redemption price
<br />provided therefor, plus accrued interest to such date. If moneys for -
<br />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 called for redemption shall cease to accrue, such Bonds or
<br />portions thereof shall cease to be entitled to any benefits or security under
<br />the Resolution or to be deemed outstanding, and the registered owners of such
<br />Bonds or portions thereof shall have no rights in respect thereof except to
<br />receive payment of the redemption price thereof, plus accrued interest to the
<br />date of redemption. If a portion of this Bond shall be called for
<br />redemption, a new Bond or Bonds in principal amount equal to the unredeemed
<br />portion hereof will be issued to the registered owner hereof or the legal
<br />representative of said owner upon the surrender hereof.
<br />The County shall have the right to revoke any call of Bonds for
<br />redemption if, on or prior to the third (3rd) business day preceding any date
<br />fixed for redemption of Bonds, the County gives written notice to the Bond
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