5-2-16 Reg. Meeting - Laserfiche WebLink

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BK:00028 PG -.0231 The certificate of the Local Government Commission of North Carolina to be endorsed on the Note shall bear the manual or facsimile signature of the Secretary of said Commission and the certificate of authentication of the Note Registrar (hereinafter defined) to be endorsed on the Note shall be executed as hereinafter provided. In case any officer of the County or the Local Government Commission of North Carolina whose manual or facsimile signature shall appear on the Note shall cease to be such officer before the delivery of the Note, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and the Note may bear the manual or facsimile signatures of such persons as at the actual time of the execution of the Note shall be the proper officers to sign the Note although at the date of the Note such persons may not have been such officers. The Note shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under this resolution until it shall have been authenticated by the execution by the Note Registrar of the certificate of authentication endorsed thereon. The Note and the endorsements thereon shall be in substantially the following form: No. R-_ $5,000,000 United States of America State of North Carolina COUNTY OF LEE GENERAL OBLIGATION COMMUNITY COLLEGE BOND ANTICIPATION NOTE SERIES 2016 The County of Lee, North Carolina, a body politic and corporate duly organized and existing under the laws of the State of North Carolina, is justly indebted and for value received hereby promises to pay to First -Citizens Bank & Trust Company or registered assigns or legal representative, on the June 1, 2017, the principal sum of FIVE MILLION DOLLARS and to pay interest thereon, on the basis of a 360 -day year consisting of twelve 30 -day months, from the date hereof at the rate of one and four -hundredths per centum (1.04%) per annum, payable at its maturity to First -Citizens Bank & Trust Company in Columbia, South Carolina, or otherwise as specified by the registered owner of this Note. Both the principal of and the interest on this Note 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. Upon payment in full of the principal of and interest on this Note, the registered owner of this Note shall promptly cancel and surrender this Note at the office of the Finance Director of the County in Sanford, North Carolina (the "Note Registrar"). For the prompt payment hereof, both principal and interest as the same shall become due, the faith and credit of said County are hereby irrevocably pledged. This Note is designated as "General Obligation Community College Bond Anticipation Note, Series 2016" and is given for money borrowed in the amount of the face of this Note in 3