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2001 - 10-01-01 Regular Meeting
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2001 - 10-01-01 Regular Meeting
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2/26/2009 2:03:42 PM
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Minutes
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Board of Commissioners
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BuCX L8 HTF 667 C 1 i <br />5. The Bonds are not subject to redemption prior to their stated maturities, <br />6. Bonds, upon surrender thereof at the office of the Bond Registrar together <br />with an assignment duly executed by the registered owner or his attorney or legal representative <br />in such, form as shall be satisfactory to the Bond Registrar, may, at the option of the registered <br />owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same <br />maturity, of any denomination or denominations authorized by this resolution and bearing <br />interest at the same rate. <br />The transfer of any Bond may be registered only upon the registration books of <br />the Issuer upon the surrender thereof to the Bond Registrar together with an assignment duly <br />executed by the registered owner or his attorney or legal representative in such form as shall be . <br />satisfactory to the Bond Registrar. Upon any such registration of transfer, the Bond Registrar <br />shall authenticate and deliver in exchange for such Bond a new Bond or Bonds, registered in the <br />name of the transferee, of any denomination or denominations authorized by this resolution, in <br />an aggregate principal amount equal to the unpaid principal amount of such Bond so <br />surrendered, of the same maturity and bearing interest at the same rate. <br />In all cases in which Bonds shall be exchanged or the transfer of Bonds shall be <br />registered hereunder, the Bond Registrar shall authenticate and deliver at the earliest practicable. <br />time Bonds is accordance with the provisions of this resolution. All Bonds surrendered in any <br />such exchange or registration of transfer shall forthwith be cancelled by the Bond Registrar. The <br />Issuer or the Bond Registrar may make a charge for shipping and out-of-pocket costs for every <br />such exchange or registration of transfer of Bonds sufficient to reimburse it for any tax or other <br />governmental charge required to be paid with respect to such exchange or registration of transfer, <br />but no other charge shall be made for exchanging or registering the transfer of Bonds under this <br />resolution. <br />The Issuer shall appoint such registrars, transfer agents, depositaries or other <br />agents and make such other arrangements as may be necessary for the registration, registration of <br />transfer and exchange of Bonds within a reasonable time according to then commercial standards <br />and for the timely payment of principal and interest with respect to the Bonds. The Issuer's <br />Finance Officer is hereby appointed the registrar, transfer agent and paying agent for the Bonds <br />(collectively, the "Bond Registrar"), subject to the right of the governing body of the Issuer to <br />appoint another Bond Registrar, and as such shall keep at her office at the Lee County <br />Government Center, Sanford, North Carolina 27331-1968, the books of the Issuer for the <br />registration, registration of transfer, exchange and payment of the Bonds as provided in this <br />resolution. <br />7. The Local Government Commission of North Carolina is hereby requested to <br />sell the Bonds and to state in the Notice of Sale of the Bonds that bidders may name one rate of <br />interest for part of the Bonds and another rate or rates for the balance of the Bonds. The Bonds <br />shall bear interest at such rate or rates as may be named in the proposal to purchase said Bonds <br />which shall be accepted by the Local Government Commission. The Issuer hereby reserves the <br />right to adjust the aggregate principal amount of the Bonds and the principal amount of each <br />maturity of the Bonds after the opening of bids for the Bonds. The Issuer specifically reserves <br />the right to increase or decrease the aggregate principal amount of the Bonds by an amount not to <br />11 <br />
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