|
414
<br />
<br />of Chapter 159 of the General Statutes of North Carolina, an order adopted by the
<br />Board of Commissioners for said County, which has taken effect, and a resolution
<br />duly passed by said Board of Commissioners (the "Resolution").
<br /> The Bonds maturing prior to March 1, 2004 are not subject to redemption
<br />prior to maturity. The Bonds maturing on March 1, 2004 and thereafter may be re-
<br />deemed, at the option of said County, from any moneys that may be made available
<br />for such purpose, either in whole or in part on any date not earlier than March
<br />1, 2003, at the principal amount of the Bonds to be redeemed, together with
<br />interest accrued thereon to the date fixed for redemption, plus a redemption
<br />premium of 1/2 of 1% of the principal amount of each Bond to be redeemed for each
<br />period of 12 months or part thereof between the redemption date and the maturity
<br />date of such Bond, such premium not to 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 said County in its discretion
<br />may determine; provided, however, that the portion of any Bond to be redeemed
<br />shall be in the principal amount of $5,000 or some multiple thereof and that, in
<br />selecting Bonds for redemption, each Bond shall be considered as representing
<br />that number of Bonds which is obtained by dividing the principal amount of such
<br />Bond by $5,000 and, further, that The Depository Trust Company, New York, New
<br />York ("DTG") will determine by lot the amount of interest of each direct
<br />participant of DTC in such Bonds to be redeemed so long as a book-entry system
<br />with DTC is continued.
<br /> If less than all of the Bonds stated to mature on different dates shall
<br />be called for redemption, the particular Bonds or portions of Bonds to be
<br />redeemed shall be called in the inverse order of their maturities.
<br /> Not more than sixty (60) nor less than thirty (30) days before the
<br />redemption date of any Bonds to be redeemed, whether such redemption be in whole
<br />or in part, said County shall cause a notice of such redemption to be filed with
<br />the Bond Registrar and given by certified or registered mail to Cede & Co. at its
<br />address appearing upon the registration books of said County. On the date fixed
<br />for 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 price
<br />provided for the redemption of such Bonds or portions thereof on such date plus
<br />accrued interest to such date and, if moneys for payment of such redemption price
<br />and the accrued interest have been deposited by said County as provided in the
<br />Resolution, interest on the Bonds or the portions thereof so called for
<br />redemption shall cease to accrue. 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 Cede & Co. or its legal representative upon the
<br />surrender hereof.
<br /> The Bonds are being issued by means of a book-entry system with no physical
<br />distribution of bond certificates to be made except as provided in the
<br />Resolution. One fully-registered Bond certificate with respect to each date on
<br />which the Bonds are stated to mature, in the aggregate principal amount of the
<br />Bonds stated to mature on such date and registered in the name of Cede & Co., a
<br />nominee of DTC, is being issued and required to be deposited with DTC and
<br />immobilized in its custody. The book-entry system will evidence beneficial
<br />ownership of the Bonds in the principal amount of $5,000 or any multiple thereof,
<br />with transfers of ownership effected on the records of DTC and its participants
<br />pursuant to rules and procedures established by DTC and its participants.
<br />Transfer of principal, interest and any redemption premium payments to partici-
<br />pants of DTC will be the responsibility of DTC, and transfer of principal,
<br />interest and any redemption premium payments to beneficial owners of the Bonds
<br />by participants of DTC will be the responsibility of such participants and other
<br />nominees of such beneficial owners. Said County will not be responsible or
<br />liable for such transfers of payments or for maintaining, supervising or
<br />reviewing the records maintained by DTC, its participants or persons acting
<br />through such participants.
<br /> In certain events, said County will be authorized to deliver replacement
<br />Bonds in the form of fully-registered certificates in the denomination of $5,000
<br />or any multiple thereof in exchange for the outstanding Bonds as provided in the
<br />Resolution.
<br /> At the office of the Bond Registrar, in the manner and subject to the
<br />conditions provided in the Resolution, Bonds may be exchanged for an equal
<br />aggregate principal amount of Bonds of the same maturity, of authorized
<br />denominations and bearing interest at the same rate.
<br /> The Bond Registrar shall keep at his office the books of said County for
<br />the registration of transfer of Bonds. The transfer of this bond may be
<br />registered only upon such books and as otherwise provided in the Resolution upon
<br />
<br />
<br />
|