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January 24, 2005 (Regular Meeting) Page 69 private debts on the respective dates of payment thereof. For the prompt payment hereof, both principal and interest as the same shall become due, the faith and credit of said County of Cabarrus are hereby irrevocably pledged. [Printed Bonds are to include the following paragraph] ADDITIONAL PROVISIONS OF THIS BOND ARE SET FORTH ON THE REVERSE HEREOF AND SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE. [Reverse Side of Printed Bonds] This Bond is one of an issue of Bonds designated "School Bonds, Series 2005" (the "Bonds") and issued by the County for the purpose of providing funds, with any other available funds, for the acquisition, construction, renovation and equipping of certain of the County's school facilities in said County. This Bond is issued under and pursuant to The Local Government Bond Act, as amended, Article 7 I as amended, of Chapter 159 of the General Statutes of North Carolina, a bond order adopted by the Board for said County which has taken effect as provided by law, and a resolution duly passed by said Board (the "Resolution"). The Bonds maturing prior to March 1, 2016 are not subject to redemption prior to maturity. The Bonds maturing on March 1, 2016 and thereafter may be redeemed, at the option of said County, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than March 1, 2015, at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption. If less than all of the Bonds of anyone maturity shall be called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot in such manner as the County in its discretion may determine; provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some whole multiple thereof and that, in selecting Bonds for redemption, each Bond shall be considered as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000. If less than all of the Bonds stated to mature on different dates shall be called for redemption, the particular Bonds or portions thereof to be redeemed shall be called in such maturities and amounts of those maturities as shall be determined by the County. Not more than 60 days nor less than 30 days before the redemption date of any Bonds to be redeemed, whether such redemption be in whole or in part, the County shall cause a notice of such redemption to be filed with the Bond Registrar and to be mailed, postage prepaid, to the registered owner of each Bond to be redeemed in whole or in part at the address of said owner appearing upon the registration books of the County. Failure to mail such notice or any defect therein as to any Bond or portion thereof shall not affect the validity of the redemption as to any Bond or portion thereof for which such notice was given as required hereby. On the date fixed for redemption, notice of such call for redemption having been given as aforesaid and not revoked as hereinafter provided, the Bonds or portions thereof called for redemption shall be due and payable at the redemption price provided therefor, plus accrued interest to such date. If moneys for payment of such redemption price and the accrued interest are held by the Bond Registrar as provided in the Resolution, interest on the Bonds or the portions thereof called for redemption shall cease to accrue, such Bonds or portions thereof shall cease to be entitled to any benefits or security under the. Resolution or to be deemed outstanding, and the registered owners of such Bonds .or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of redemption. If a portion of this Bond shall be called for redemption, a new Bond or Bonds in principal amount equal to the unredeemed portion hereof will be issued to the registered owner hereof or the legal representative of said owner upon the surrender hereof. The County shall have the right to revoke any call of Bonds for redemption if, on or prior to the third (3rd) business day preceding any date fixed for redemption of Bonds, the County gives written notice to the Bond Registrar and the registered owner of each Bond theretofore called for redemption that the County has elected to revoke its call of such Bonds for :r:edemption. [The following four paragraphs are to be included in the form of Bond so long as the Bonds are being issued pursuant to a book-entry system.] The Bonds initially are being issued by means of a book-entry system with no physical distribution of Bond certificates to be made except as provided in the Resolution. Initially one fully registered Bond certificate for each stated maturity of the Bonds, in the aggregate principal amount of the Bonds of such stated maturity and. registered in the name of the