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July 21, 2003 Page 196
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<br />representative on the date specified above (or earlier as hereinafter
<br />referred to), upon the presentation and surrender hereof, at the office of
<br />the Finance Officer of the Issuer, currently at Cabarrus County Governmental
<br />Center, 65 Church Street SE, Concord, North Carolina 28026 (the ~'Bond
<br />Registrar"), the principal sum of
<br />DOLLARS and to pay interest on such principal sum from the date hereof or
<br />from the March 1 or September 1 next preceding the date of authentication to
<br />which interest shall have been paid, unless such date of authentication is a
<br />March 1 or September 1 to which interest shall have been paid, in which case
<br />from such date, such interest to the maturity hereof being payable on March
<br />1, 2004 and semiannually thereafter on September 1 and March 1 in each year,
<br />at the rate per annum specified above, until payment of such principal sum.
<br />The 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 Issuer. 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 Issuer are hereby irrevocably pledged.
<br />
<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 2003" (the "Bonds") and issued by the Issuer for the
<br />purpose of providing funds, with any other funds necessary, for refunding the
<br />Issuer's Water Bonds, Series 1992, dated April 1, 1992, and the Issuer's
<br />Refunding Bonds, Series 1993, dated November 1, 1993. This Bond is issued
<br />under and pursuant to The Local Government Bond Act, as amended, Article 7,
<br />as amended, of Chapter 159 of the General Statutes of North Carolina, orders
<br />adopted by the Board of Commissioners (the "Board) of the Issuer which have
<br />taken effect as provided by law, and a resolution duly passed by the Board of
<br />the Issuer (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 Issuer, 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 the principal amount of the Bonds to
<br />be redeemed, together with interest accrued thereon to the date fixed for
<br />redemption, plus a redemption premium of 1/2 of 1% of the principal amount of
<br />each Bond to be redeemed for each period of 12 months or part thereof between
<br />the redemption date and the maturity date of such Bond, such premium not to
<br />exceed 2% of such principal amount.]
<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 Issuer 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 />Issuer.
<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 Issuer 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 Issuer. 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 having been given as aforesaid, the Bonds or portions
<br /> thereof so called for redemption shall be due and payable at the redemption
<br /> price 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. If a portion
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