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BK 00028 PG -O-2-32 anticipation of the receipt of the proceeds of the sale of a like amount of General Obligation Community College Bonds, duly authorized by orders adopted by the Board of Commissioners for the County of Lee, North Carolina on July 21, 2014, which orders were approved by the vote of a majority of the qualified voters of said County who voted thereon at a referendum duly called and held on November 4, 2014, and this Note is issued pursuant to and in full compliance with The Local Government Bond Act, as amended, and Article 9, as amended, of the General Statutes of North Carolina and a resolution duly adopted by said Board of Commissioners on May 2, 2016 (the "Resolution"). This Note is subject to redemption prior to its stated maturity, at the option of the County, from any moneys that may be available for such purpose, in whole, but not in part, on any date at a redemption price equal to 100% of the principal amount of this Note to be so redeemed, plus accrued interest thereon to the redemption date. At least ten (10) days prior to the redemption date of this Note, the Note Registrar shall cause a notice of such redemption to be mailed first class, postage prepaid to the registered owner of this Note (unless otherwise waived by the registered owner of this Note). On the date designated for redemption, notice having been given as aforesaid, this Note shall become due and payable at the redemption price provided for redemption on such date plus accrued interest to such redemption date. Any notice of redemption may state that the redemption to be effected is conditioned upon the receipt by the Note Registrar on or prior to the redemption date of moneys sufficient to pay the redemption price of and interest on this Note and that if such moneys are not so received, such notice shall be of no force or effect and this Note shall not be required to be redeemed. In the event that such notice contains such a condition and moneys sufficient to pay the redemption price of and interest on this Note are not received by the Note Registrar on or prior to the redemption date, the redemption shall not be made, and the Note Registrar shall within a reasonable time thereafter give notice, in the manner in which the notice of redemption was given, that such moneys were not so received. The Note Registrar shall keep at his or her office the books of the County for the registration of transfer of this Note. The transfer of this Note may be registered only upon such books and as otherwise provided in the Resolution upon the surrender hereof to the Note Registrar, together with an assignment duly executed by the registered owner hereof or his attorney or legal representative in such form as shall be satisfactory to the Note Registrar. Upon any such registration of transfer, the Note Registrar shall deliver in exchange for this Note a new Note registered in the name of the transferee in an aggregate principal amount equal to the principal amount of this Note, of the same maturity and bearing interest at the same rate. Notwithstanding the foregoing, the Note Registrar shall not register the transfer of this Note to any person or entity other than a bank, insurance company or similar financial institution or any other entity approved by the Local Government Commission of North Carolina. This Note may not be exchanged for any denomination other than the outstanding principal amount thereof. It is hereby certified and recited that all acts, conditions and things required by the Constitution and laws of North Carolina to happen, exist and be performed precedent to and in the issuance of this Note have happened, exist and have been performed in regular and due form E