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the redemption price and interest on such Bonds are not received by the Bond Registrar on or <br />prior to the redemption date, the redemption shall not be made and the Bond Registrar shall <br />within a reasonable time thereafter give notice, in the manner in which the notice of redemption <br />was given, that such moneys were not so received. <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 Resolution. One bond <br />certificate with respect to each date on which the Bonds are stated to mature, in the aggregate <br />principal amount of the Bonds stated to mature on such date and registered in the name of Cede <br />& Co., as 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 ownership of the Bonds in the <br />principal amount of $5,000 or any whole multiple thereof, with transfers of ownership effected <br />on the records of DTC and its participants pursuant to rules and procedures established by DTC <br />and its participants. Transfer of principal and interest payments to participants of DTC will be <br />the responsibility of DTC, and transfer of principal and interest payments to beneficial owners of <br />the Bonds 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 liable for such <br />transfers of payments or for maintaining, supervising or reviewing the records maintained by <br />DTC, its participants or persons acting through such participants. <br />In certain events, said County will be authorized to deliver replacement Bonds in the <br />form of fully-registered certificates in the denomination of $5,000 or any whole multiple thereof <br />in exchange for the outstanding Bonds as provided in the Resolution. <br />At the office of the Bond Registrar, in the manner and subject to the conditions provided <br />in the Resolution, Bonds may be exchanged for an equal aggregate principal amount of Bonds of <br />the same maturity, of authorized denominations and bearing interest at the same rate. <br />The Bond Registrar shall keep at his office the books of said County for the registration <br />of transfer of Bonds. The transfer of this bond may be registered only upon such books and as <br />otherwise provided in the Resolution upon the surrender hereof to the Bond Registrar together <br />with an assignment duly executed by the registered owner hereof or his or her attorney or legal <br />representative in such form as shall be satisfactory to the Bond Registrar. Upon any such <br />registration of transfer, the Bond Registrar shall deliver in exchange for this bond a new Bond or <br />Bonds, registered in the name of the transferee, of authorized denominations, in an aggregate <br />principal amount equal to the unredeemed principal amount of this bond, of the same maturity <br />and bearing interest at the same rate. <br />The Bond Registrar shall not be required to exchange or register the transfer of any Bond <br />during a period beginning at the opening of business fifteen (15) days before the day of the <br />mailing of a notice of redemption of Bonds or any portion thereof and ending at the close of <br />business on the day of such mailing or of any Bond called for redemption in whole or in part <br />pursuant to the Resolution. <br />It is hereby certified and recited that all acts, conditions and things required by the <br />Constitution and laws of North Carolina to happen, exist and be performed precedent to and in <br />7 <br />