BC 1996 11 18 - Laserfiche WebLink

Home Browse Search

190 The Bonds and the endorsements thereon shall be in substantially the following form: [Front Side of Printed Bonds] United States of America State of North Carolina COUNTY OF CABARRUS Maturity Date February 1 ...... SCHOOL BOND, SERIES 1997 Interest Rate Cusip The County of Cabarrus, in the State of North Carolina, is justly indebted and for value received hereby promises to pay to or registered assigns or legal representative on the date specified above, upon the presentation and surrender hereof, at the office of the Finance Director of said County (the "Bond Registrar"), the principal sum of ....................... DOLLARS and to pay interest on such principal sum from the date hereof or from the August 1 or February 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is an August 1 or February 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on August 1, 1997 and semiannually thereafter on February 1 and August 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 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 1997" (the "Bonds") and issued by said 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 and this Bond is issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, orders adopted by the Board for said Issuer which have taken effect as provided by law, and a resolution duly passed by said Board (the "Resolution"). The Bonds maturing prior to February 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on February 1, 2008 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 February 1, 2007, at the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a redemption premium of h of 1% of the principal amount of each Bond to be redeemed for each period of 12 months or part thereof between the redemption date and the maturity date of such Bond, such premium not to exceed 2% of such principal amount. If less than all of the Bonds of any one 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.