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No. R- no 19 PacE 7" (Form of Multiple Bonds) UNITED STATES OF AMERICA STATE OF NORTH CAROLINA LEE COUNTY WATER AND SEWER DISTRICT NO. I WATER BOND, SERIES 2002 INTEREST MATURITY DATE OF RATE DATE ORIGINAL ISSUE June 1, December 1, 2002 REGISTERED OWNER: PRINCIPAL SUM: DOLLARS Lee County Water and Sewer District No. 1 (hereinafter referred to as the "District "), a county water and sewer district in the State of North Carolina, acknowledges itself indebted and for value received hereby promises to pay to the registered owner named above on the date specified above, upon the surrender hereof, the principal sum shown above, and to pay to the registered owner hereof interest thereon from the date of this bond [or from the June I or December 1 next preceding the date of authentication to which such interest shall have been paid, unless such date of authentication is a June 1 or December 1 to which interest shall have been paid, in which case from such date] until it shall mature at the rate per annum as specified above, payable semi - annually on June 1 and December 1 of each year. Principal of this bond is payable by check by First - Citizens Bank & Trust Company, in Raleigh, North Carolina, as paying agent, or by the duly appointed alternate or successor paying agent (the 'Paying Agent "), in such coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Interest on this bond is payable by check by the Paying Agent mailed to the registered owner hereof at his address as it appears on the bond registry books of First - Citizens Bank & Trust Company, in Raleigh, North Carolina, as transfer agent (the "Transfer Agent "), at the close of business on the fifteenth day of the calendar month (whether or not a business day) next preceding each interest payment date, in such coin or 6