1997 - 02-17-97 Regular Meeting - Laserfiche WebLink

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gook H puE 792 24 payment of public and private debts on the respective dates of payment thereof. 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 of the State of North Carolina, as amended, a bond order adopted by the Board of Commissioners of the County on March 11, 1996 (the "Bond Order") and a resolution adopted by said Board of Commissioners on February 17, 1997 (the "Resolution") to provide funds to pay capital costs of constructing and renovating public schools in the County. The issuance of this bond and the indebtedness evidenced thereby have been approved by a majority of the qualified voters of the County voting at an election held in the County on May 7, 1996. The bonds will be issued in fully registered form by means of a book entry system with no physical distribution of bond certificates made to the public. One bond certificate for each maturity will be issued to The Depository Trust Company ("DTC") and immobilized in its custody. The book entry system will evidence ownership of the bonds in principal amounts of $5,000 or whole multiples thereof, 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 County will not be responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. The bonds maturing on and after April 1, 2008 shall be subject to redemption prior to their stated maturities at the option of the County on or after April 1, 2007, in whole at any time or in part on any interest payment date, at a redemption price equal to the principal amount of each bond to be redeemed together with accrued interest thereon to the redemption date plus a redemption premium of one-half of one percent (1/2 of le) of the principal amount of each bond to be redeemed for each period of twelve months or part thereof between the redemption date and the maturity date of each bond to be redeemed, provided that such premium shall not exceed two percent (2°s) of such principal amount. it less than all of the bonds of any maturity are called for redemption, the bonds to be redeemed shall be selected in such manner as the County shall determine; provided, however, that the portion of any bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof and that, in selecting bonds for redemption, the Bond Registrar shall treat -6-