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® BGD'% J19 PACE 7'§ currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. This bond is transferable by the registered owner hereof or his duly authorized attorney at the principal office of the Transfer Agent, upon surrender of this bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature satisfactory to the Transfer Agent, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new registered bond without coupons of the same maturity and in the same aggregate principal amount will be issued to the transferee. The person in whose name this bond is registered shall be deemed the owner hereof for all purposes, and the District, the Paying Agent and the Transfer Agent shall not be affected by any notice to the contrary. This bond is exchangeable at the sole expense of the District at any time, upon ninety days' notice, at the request of the registered owner hereof and upon surrender of this bond to the Transfer Agent together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Transfer Agent, for fully registered bonds in the denomination of $500 each or any integral multiple thereof, in an aggregate principal amount equal to the unpaid principal amount of this bond and in the form of such fully registered multiple bonds as is provided for in the resolution authorizing the issuance of this bond. This bond is issued in accordance with the Registered Public Obligations Act, Chapter 159E of the General Statutes of North Carolina, and pursuant to The Local Government Finance Act, Chapter 159 of said General Statutes, and a bond order adopted by the Board of Commissioners of the County of Lee, sitting as the governing body of the District, on September 25, 1995 to pay capital costs of providing water facilities for the District. The issuance of this bond and the contracting of the indebtedness evidenced thereby were approved by a majority of the qualified voters of the District voting at an election held on November 7,1995. The bonds not held or insured by the United States of America and maturing on and after June 1, 2013 shall be subject to redemption prior to their stated maturities at the option of the District, in whole or in part (in multiples of $500 of principal amount) on any date not earlier than June 1, 2012, at a redemption price equal to the principal amount of each bond to be redeemed together with accrued interest thereon to the redemption date, provided the redemption 7