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eco( - 48 Po 831 <br />interest on the notes shall be payable in any coin or currency <br />of the United States of America which, at the time of payment, <br />is legal tender for the payment of public and private debts. <br />(3) The power to fix the rate of interest to be borne by <br />the notes and to determine the denomination or denominations of <br />the notes, which .denomination or denominations shall be $100,000 <br />and multiples of $1,000 in excess of $100,000, is hereby <br />delegated to the Chairman of the governing body of the Issuer <br />and Clerk of the Issuer who are hereby authorized and directed <br />to cause said notes to be prepared and to execute said notes <br />when they shall have been sold by the Local Government <br />Commission of North Carolina. <br />(4) The.notes shall be issued in fully registered form by <br />means of a book entry system with no physical distribution of <br />note certificates made to the public. One note certificate for <br />the entire issue will be issued to The Depository Trust Company, <br />New York, New York ( "DTC "), and immobilized in its custody. The <br />book entry. system will evidence ownership of notes with <br />transfers of beneficial ownership effected on the records of DTC <br />and its participants pursuant to rules and procedures <br />established by DTC. Principal of and interest on the notes will <br />be payable by the Issuer on the maturity date thereof, in same <br />day funds, to DTC or its nominee or any other person appearing <br />on the registration books of the Issuer hereinafter provided for <br />as the registered owner of the notes or his registered assigns <br />or legal representative at such office of the Note Registrar <br />mentioned hereinafter or such other place as the Issuer may <br />determine upon the presentation and surrender thereof. Transfer <br />of principal and interest payments to participants of DTC will <br />be the responsibility of DTC; transfer of principal and interest <br />payments to beneficial owners by participants of DTC will be the <br />responsibility of such participants and other nominees of <br />beneficial owners. The.Issuer will not be responsible or liable <br />for maintaining, supervising or reviewing the records maintained <br />by DTC, its participants or persons acting through such <br />participants. <br />In the event that (a) DTC determines not to continue to act <br />as securities depository for any notes, or (b) the Issuer <br />determines that continuation of the book entry system of <br />evidence and transfer of ownership of any notes would adversely <br />affect the interests of the ,beneficial owners of the notes, the <br />Issuer will discontinue the book entry system with DTC. If the <br />Issuer identifies another qualified securities depository to <br />replace DTC, the Issuer. will make arrangements with DTC and such <br />other depository to effect such replacement and deliver <br />