5-2-16 Reg. Meeting - Laserfiche WebLink

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BKO0028 PG -.0235 price of and interest on the 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. Section 5. The transfer of the Note may be registered only upon the registration books of the County upon the surrender thereof to the Note Registrar, together with an assignment duly executed by the registered owner 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 the Note a new Note, registered in the name of the transferee, in an aggregate principal amount equal to the principal amount of the Note. Notwithstanding the foregoing, the Note may only be transferred to a bank, insurance company or similar financial institution or any other entity approved by the Local Government Commission of North Carolina. The Note may not be exchanged for any denomination other than the outstanding principal amount thereof. In all cases in which the transfer of the Note shall be registered hereunder, the Note Registrar shall authenticate and deliver at the earliest practicable time a new Note in accordance with the provisions of this resolution. The Note surrendered in any such registration of transfer shall forthwith be canceled by the Note Registrar. The County or the Note Registrar may make a charge for shipping and out-of-pocket costs for every such registration of transfer of the Note sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such registration of transfer, but no other charge shall be made by the County or the Note Registrar for registering the transfer of the Note under this resolution. The person or entity in whose name the Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of the Note and the interest thereon shall be made only to or upon the order of the registered owner thereof or his or its legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon the Note and interest thereon to the extent of the sum or sums so paid. The County shall appoint such registrars, transfer agents, depositaries or other agents as may be necessary for the registration and registration of transfer of the Note within a reasonable time according to then current commercial standards and for the timely payment of principal and interest with respect to the Note. The Finance Director of the County, or any person at any time acting in such capacity, is hereby appointed the registrar, transfer agent and paying agent for the Note (collectively the "Note Registrar"), subject to the right of the Board of Commissioners for the County to appoint another Note Registrar, and as such shall keep at his office in the County, the books of the County for the registration, registration of transfer and payment of the Note as provided in this resolution. Section 6. The County covenants that, to the extent permitted by the Constitution and laws of the State of North Carolina, it will comply with the requirements of the Internal Revenue Code of 1986, as amended or as may be amended from time to time, and any Treasury regulations now or hereafter promulgated thereunder, to the extent necessary so that interest on 7