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nm% 1 1 8 FACF K80 <br />transfer of this note may be registered only upon such books and <br />as otherwise provided in said resolution upon the surrender <br />hereof to the Note Registrar together with an assignment duly <br />executed by the registered owner hereof or his attorney or legal <br />representative in such form as shall be satisfactory to the Note <br />Registrar. Upon any such registration of transfer, the Note <br />Registrar shall deliver in exchange for this note a new note or <br />notes, registered in the name of the transferee, of authorized <br />denominations, in an aggregate principal amount equal to the <br />unredeemed principal amount of this note, of the same maturity <br />and bearing interest at the same rate. <br />It is hereby certified and recited that all acts, <br />conditions and things required by the Constitution and laws of <br />North Carolina to happen, exist and be. performed precedent to <br />and in the issuance of this note have happened, exist and have <br />been performed in regular and due form and time as so required <br />and that the total indebtedness of said District, including this <br />note, does not exceed any constitutional or statutory limitation <br />.thereon. <br />This note shall not be valid or become obligatory: for any <br />purpose or be entitled to any. benefit or security under said <br />resolution until this note shall have been authenticated by the <br />execution by the Note Registrar of the certificate of <br />authentication endorsed hereon. <br />IN WITNESS WHEREOF, Lee County Water and Sewer District No. <br />1 has caused this note to be signed by its Chairman and Clerk <br />and the corporate seal of said District to be impressed hereon, <br />all as of the 21st day of May, 2002. <br />(SEAL) <br />[Manual signature] <br />Chairman <br />[Manual signature] <br />Clerk <br />APPROVED AS TO LEGALITY: <br />Attorney for the District <br />