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600 1 Pt,~C r231 <br />® This bond is issued in accordance with the Registered <br />Public Obligations Act, Chapter 159E of the General Statutes of <br />North Carolina, and pursuant to The Local Government Finance Act <br />of the State of North Carolina, as amended, bond orders adopted <br />by the Board of Commissioners of the County (the "Bond Orders") <br />and a resolution adopted by said Board of Commissioners (the <br />"Resolution") to pay capital costs of improving the County's <br />senior citizens center and public buildings. <br />The bonds maturing on and after February 1, 2003 shall <br />be subject to redemption prior to their stated maturities at the <br />option of the County on or after February 1, 2002, in whole at <br />any time or in part on any interest payment date, at a redemption <br />price equal to the principal amount of each bond to be redeemed <br />together with accrued interest thereon to the redemption date <br />plus a redemption premium of one-half of one percent (1/2 of 1%) <br />of the principal amount of each bond to be redeemed for each <br />period of twelve months or part thereof between the redemption <br />date and the maturity date of each bond to be redeemed, provided <br />that such premium shall not exceed two percent (2%) of such <br />principal amount. If less than all of the bonds of any maturity <br />are called for redemption, the bonds to be redeemed shall be <br />selected by lot; provided, however, that the portion of any bond <br />to be redeemed shall be in the principal amount of $5,000 or some <br />multiple thereof and that, in selecting bonds for redemption, the <br />Bond Registrar shall treat each bond as representing that number <br />of bonds which is obtained by dividing the principal amount of <br />such bond by $5,000. For so long as a book-entry system is used <br />for determining beneficial ownership of the bonds, if less than <br />all of the bonds within a maturity rate to be redeemed, The <br />Depository Trust Company ("DTC") and its participants shall <br />determine which of the bonds within a maturity are to be <br />redeemed. If less than all of the bonds of different maturities <br />are called for redemption, the bonds to be redeemed shall be <br />called in the inverse order of their maturities. <br />Not more than forty-five (45) nor less than thirty (30) <br />days before the redemption date of any bonds to be redeemed, <br />whether such redemption be in whole or in part, the County shall <br />cause a notice of such redemption to be mailed, postage prepaid, <br />to DTC or its nominee. On the date fixed for redemption, notice <br />having been given as aforesaid, the bonds or portions thereof so <br />called for redemption shall be due and payable at the redemption <br />price provided for the redemption of such bonds or portions <br />thereof on such date and, if moneys for payment of such <br />redemption price and the accrued interest are held by the Bond <br />Registrar as provided in the Resolution, interest on the bonds or <br />the portions thereof so called for redemption shall cease to <br />accrue. If a portion of this bond shall be called for <br />redemption, a new bond or bonds in principal amount equal to the <br />unredeemed portion hereof will be issued to DTC or its nominee <br />upon the surrender hereof. <br />7 <br />