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BOOK 16 PAq 78 2 1 <br />amounts of $5,000 or whole multiples thereof, with transfers of <br />beneficial ownership effected on the records of DTC and its <br />participants pursuant to rules and procedures established by LTC. <br />Interest on the Bonds will be payable at the times stated in the <br />preceding paragraph, and principal of the Bonds will be paid <br />annually on April 1, as set forth in the foregoing maturity <br />schedule, to DTC or its nominee as registered owner of the Bonds. <br />Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and <br />interest payments to beneficial owners by participants of DTC <br />will be the responsibility of such participants and other <br />nominees of beneficial owners. The Issuer will not be <br />responsible or liable for maintaining, supervising or reviewing <br />the records maintained by DTC, its participants or persons acting <br />through such participants. <br />In the event that (a) DTC determines not to continue to <br />act as securities depository for the Bonds, or (b) the Issuer <br />determines that continuation of the book entry system of evidence <br />and transfer of ownership of the Bonds would adversely affect the <br />interests of the beneficial owners of the Bonds, the Issuer will <br />discontinue the book entry system with DTC. If the Issuer fails <br />to identify another qualified securities depository to replace <br />DTC, the Issuer will authenticate and deliver replacement Bonds <br />in the form of fully registered certificates. <br />Each Bond shall bear interest from the interest payment <br />date next preceding the date on which it is authenticated unless <br />it is (a) authenticated upon an interest payment date in which <br />event it shall bear interest from such interest payment date, or <br />(b) authenticated prior to the first interest payment date in <br />which event it shall bear interest from its date; provided, <br />however, that if at the time of authentication interest is in <br />default, such Bond shall bear interest from the date to which <br />interest has been paid. <br />The principal of and the interest and any redemption <br />premium on the Bonds shall be payable in any coin or currency of <br />the United States of America which is legal tender for the <br />payment of public and private debts on the respective dates of <br />payment thereof. <br />4. The Bonds shall bear the manual or facsimile <br />signatures of the Chairman and the Clerk of the Board of <br />Commissioners of the Issuer and the official seal or a facsimile <br />of the official seal of the Issuer shall be impressed or <br />imprinted, as the case may be, on the Bonds. <br />The certificate of the Local Government Commission of <br />North Carolina to be endorsed on all Bonds shall bear the manual <br />or facsimile signature of the Secretary of said Commission or of <br />-3- <br />