Laserfiche WebLink
BUUK 1=~ rr ~ j~j~ <br />schedule, in clearinghouse funds to DTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and <br />interest payments to participants of DTC will be the <br />responsibility of DTC; transfer of principal and interest <br />payments to beneficial owners by participants-of DTC will be the <br />responsibility of such participants and other nominees of <br />beneficial owners. The Issuer will not be responsible or liable <br />for maintaining, supervising or reviewing the records maintained <br />by DTC, its participants or persons acting through such <br />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 />5. 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 />a representative designated by said Secretary and the certificate <br />of authentication of the Bond Registrar to be endorsed on all <br />Bonds shall be executed as provided hereinafter. <br />In case any officer of the Issuer or the Local <br />Government Commission of North Carolina whose manual or facsimile <br />signature shall appear on any Bonds shall cease to be such <br />officer before the delivery of such Bonds, such manual or <br />17 <br />