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January 24, 2005 (Regular Meeting) Page 68 Securities Depository. For purposes of this resolution "Securities Depository Nominee" means! as to any Securities Depository, such Securities Depository or the nominee, if any, of such securities Depository in whose name the Bond certificates shall be registered on the registration books maintained by the Bond Registrar during the continuation with such Securities Depository of the book-entry system authorized by this resolution. The Depository Trust Company, New York, New York, is hereby appointed as the initial securities Depository, and Cede & Co., a .nominee thereof, is hereby appointed as the initial securities Depository Nominee, for the Bonds. Unless indicated otherwise, the provisions of this resolution that follow shall apply to all Bonds issued or issuable hereunder, whether initially or in replacement thereof. Section 5. The Bonds shall be executed with the manual or facsimile signatures of the Chairman or vice-Chairman of the Board and the Clerk to the Board, ,and the seal or a facsimile of the seal of the County shall be impressed or imprinted, as the case may beron the Bonds. The certificate of the Local Government Commission of North Carolina shall be endorsed on all Bonds and shall bear the manual or facsimile signature of the Secretary of said Commission or on behalf of the Secretary by a Designated Assistant and the certificate of authentication of the Bond Registrar to be endorsed on all Bonds shall be executed as provided hereinafter. In case any officer of the County or the Local Government Commission of North Carolina whose manual or facsimile signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery, and any Bond may bear the manual or facsimile signatures of such persons as at the actual time of the execution of such Bond shall be the proper officers to sign such Bond although at the date of such Bond such persons may not have been such officers. No Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this resolution until it shall have been authenticated by, the execution by the Bond Registrar of the certificate of authentication endorsed thereon. Section 6. The Bonds and the endorsements thereon shall be in substantially the fOllowing form: [Bond form begins on next page.] [Front Side of Printed Bonds] No. R- $ United States of America State of North Carolina COUNTY OF CABARRUS, NORTH CAROLINA MATURITY DATE March 1, SCHOOL BOND, SERIES 2005 INTEREST RATE % CUSIP (the "County"), is justly promises to pay to or registered assigns or legal representative on the date specified above (or earlier as hereinafter referred to). upon the presentation and surrender hereof, at the office of the Finance Officer of said County, currently at Cabarrus County Governmental Center, 65 Church Street, SE, Concord, North Carolina, 28026 (the "Bond Registrar"), the principal sum of DOLLARS and to pay interest on such principal sum from the date hereof, or from the March 1 or September 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is a March 1 or September 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on September 1, 2005 and semiannually thereafter on March 1 and September 1 in each year, at the rate per annum specified above, until payment of such principal sum. The interest so payable on any such interest payment date will be paid to the person in whose name this Bond (or the previous Bond or Bonds evidencing the same debt as that evidenced by 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, by check mailed to such person at his address as it appears on the bond registration books of said County. Both the principal of and the interest on this Bond shall be paid in any coin or currency of the United States of America that is legal tender for the payment of public and County and of for Cabarrus, value North Carolina received hereby The indebted