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411
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<br />or registered assigns or legal representative on the date specified above, upon
<br />the presentation and surrender hereof, at the office of the Finance Director of
<br />said County (the "Bond Registrar"), the principal sum of
<br /> ..................... DOLLARS
<br />and to pay interest on such principal sum from the date hereof or from February
<br />1 or August 1 next preceding the date of authentication to which interest shall
<br />have been paid, unless such date of authentication is a February 1 or August 1
<br />to which interest shall have been paid, in which case from such date, such
<br />interest to the maturity hereof being payable on February 1, 1991 and
<br />semiannually thereafter on August 1 and February 1 in each year, at the rate per
<br />annum specified above, until payment of such principal sum. The interest so
<br />payable on any such interest payment date will be paid to the person in whose
<br />name this bond (or the previous bond or bonds evidencing the same debt as that
<br />evidenced by this bond) is registered at the close of business on the record
<br />date for such interest, which shall be the 15th day (whether or not a business
<br />day) of the calendar month next preceding such interest payment date, by check
<br />mailed to such person at his address as it appears on the bond registration
<br />books of said County. Both the principal of and the interest on this Bond shall
<br />be paid in any coin or currency of the United States of America that is legal
<br />tender for the payment of public and private debts on the respective dates of
<br />payment thereof. For the prompt payment hereof, both principal and interest as
<br />the same shall become due, the faith and credit of said County of Cabarrus are
<br />hereby irrevocably pledged.
<br /> This bond is one of an issue of bonds designated "School Bonds, Series
<br />1990" (the "Bonds") and issued by said County for the purpose of providing
<br />funds, with any other available funds, for erecting additional school facilities
<br />and improving existing school facilities in said County, and this bond is issued
<br />under and pursuant to The Local Government Bond Act, as amended, Article 7, as
<br />amended, of Chapter 159 of the General Statutes of North Carolina, an order
<br />adopted by the Board of Commissioners for said County, which order was approved
<br />by the vote of a majority of the qualified voters of said County who voted at
<br />a referendum duly called and held, and a resolution duly passed by said Board
<br />of Commissioners (the "Resolution").
<br /> The Bonds maturing prior to February 1, 2001 are not subject to redemption
<br />prior to maturity. The Bonds maturing on February 1, 2001 and thereafter may
<br />be redeemed, at the option of said County, from any moneys that may be made
<br />available for such purpose, either in whole or in part on any date not earlier
<br />than February 1, 2000, at the principal amount of the Bonds to be redeemed,
<br />together with interest accrued thereon to the date fixed for redemption, plus
<br />a redemption premium of 1/2 of 1% of the principal amount of each Bond to be
<br />redeemed for each period of 12 months or part thereof between the redemption
<br />date and the maturity date of such Bond, such premium not to exceed 2% of such
<br />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
<br />discretion may determine; provided, however, that the portion of any Bond to be
<br />redeemed shall be in the principal amount of $5,000 or some multiple thereof
<br />and that, in selecting Bonds for redemption, each Bond shall be considered as
<br />representing that number of Bonds which is obtained by dividing the principal
<br />amount of such Bond by $5,000. So long as a book-entry system with The
<br />Depository Trust Company, New York, New York ("DTC"), is used for determining
<br />beneficial ownership of Bonds, if less than all of the Bonds within a maturity
<br />are to be redeemed, DTC and its participants shall determine by lot which of the
<br />Bonds within a maturity are to be redeemed. 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 of Bonds to be redeemed shall be called in the
<br />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
<br />its address appearing upon the registration books of said County. On the date
<br />fixed for redemption, notice having been given as aforesaid, the Bonds or
<br />portions thereof so called for redemption shall be due and payable at the
<br />redemption price provided for the redemption of such Bonds or portions thereof
<br />on such date and, if moneys for payment of such redemption price and the
<br />accrued interest are held by the Bond Registrar as provided in the Resolution,
<br />interest on the Bonds or the portions thereof so called for redemption shall
<br />cease to accrue. If a portion of this Bond shall be called for redemption, a
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