2002 - 04-15-02 Regular Meeting - Laserfiche WebLink

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Du n 8 PAGE � 3� officer of said District (the "Note Registrar ") in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the date of payment thereof. For the prompt payment hereof, both principal and interest as the same become due, the faith and credit of the District are hereby irrevocably pledged. This note is given for the money borrowed in the amount of this note in anticipation of the receipt of the proceeds of the sale of $4,166,000 Water Bonds duly authorized by an order adopted by the Board of Commissioners of the County of Lee, sitting as the governing body of the District,.on September 25, 1995; and this.note is issued pursuant to and in full compliance with The Local Government Bond Act, as amended, Article 9, as amended, of Chapter 159 of the General Statutes of North Carolina and a resolution duly passed by said Board of Commissioners. This note is being issued in fully registered form by means of a book entry system with no physical distribution of note certificates made to the public. This note is to be deposited with The Depository Trust Company ( "DTC ") and immobilized in its custody. The book -entry system will evidence ownership of this note, with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The District will not be responsible or liable for such transfer of payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. In certain events, the District will be authorized to deliver replacement notes in the form of fully- registered certificates in exchange for this note as provided in said resolution. At the office of the Note Registrar, in the manner and subject to the conditions provided in said resolution, this note may be exchanged for an equal aggregate principal amount of notes of the same maturity, of authorized denominations and bearing interest at the same rate. The Note Registrar shall keep at her office the books of said District for the registration of transfer of notes. The