HomeMy WebLinkAboutC.054.93009_1585 (2)of authentication to which interest shall have been paid, unless such date of authentication is a February I or August I to
which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on
February I, 1998 and semiannually thereafter on February I and August I in each year, at the rate per annum specified
above, until payment of such principal sum. The interest so payable on any such interest payment date will be paid to the
person in whose name this bond (or the previous bond or bonds evidencing the same debt as that evidenced by this bond)
Is registered at the close of business on the record date for such interest, which shall be the 15th day (whether or not a
business day) of the calendar month next preceding such interest payment date, by check mailed to such person at his
address as it appears on the bond registration books of the Issuer. Both the principal of and the interest on this Bond shall
be paid in any coin or currency of the United States of America that is legal tender for the payment of public and private
debts on the respective dates of payment thereof. For the prompt payment hereof, both principal and interest as the same
shall become due, the faith and credit of the Issuer are hereby irrevocably pledged.
This bond is one of an issue of bonds designated "General Obligation School Bonds, Series 1997" (the "Bonds") and
issued by the issuer for the purpose of providing funds, together with any other available funds, for financing school
facilities, and this bond is Issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as
amended, of Chapter 159 of the General Statutes of North Carolina, an order adopted by the Board of Commissioners for
the Issuer, which order was approved by the vole of a majority of the qualified voters of the County of Iredell who voted
thereon at a referendum duly called and held, and a resolution duly passed by said Board (the "Resolution").
The Bonds maturing prior to February 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on
February 1, 2008 and thereafter may be redeemed, at the option of the Issuer, from any moneys that may be made
available for such purpose, either in whole or in part on any date not earlier than February I, 2007, at the principal amount
of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a redemption
premium of N2 of 1% of the principal amount of each Bond to be redeemed for each period of 12 months or part thereof
between the redemption date and the maturity date of such Bond, such premium not to exceed 2% of such principal
amount.
If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds or portions of Bonds
of such maturity to be redeemed shall be selected by lot in such manner as the Issuer in its discretion may determine;
provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some mutiple
thereof and that, in selecting Bonds for redemption, each Bond shall be considered as representing that number of Bonds
which is obtained by dividing the principal amount of such Bond by $5,000; provided further, however, that, so long as a
book -entry system with The Depository Trust Company, New York, New York ("DTC"), is used for determining beneficial
ownership of Bonds, H less than all of the Bonds within a maturity are to be redeemed, DTC shall determine by lot the
amount of the interest of each DTC direct participant in the Bonds to be redeemed. If less than all of the Bonds stated to
mature on different dates shall be called for redemption, the particular Bonds or portions of Bonds to be redeemed shall
be called in the Inverse order of their maturities.
Not more than sixty (80) nor less than thirty (30) days before the redemption date of any Bonds to be redeemed,
whether such redemption be In whole or In part, the Issuer shall cause a notice o1 such redemption to be filed with the Bond
Registrar and given by certified or registered mail to Cede & Co. at its address appearing upon the registration books of
the Issuer. On the date fixed for redemption, notice having been given as aforesaid, the Bonds or portions thereof so called
for redemption shall be due and payable at the redemption price provided for the redemption price and the accrued interest
have been deposited by the Issuer as provided in the Resolution, interest on the Bonds or the portions thereof so called
for redemption shall cease to accrue. If a portion of this Bond shall be called for redemption, a new Bond or Bonds in
principal amount equal to the unredeemed portion hereof will be issed to Cede & Co. or its legal representative upon the
surrender hereof.
The Bonds are being issued by means of a book -entry system with no physical distribution of bond certificates to be
made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated
to mature, in the aggregate principal amount of the Bonds stated to mature on such date and registered in the name of
Cede & Co., a norndnee of DTC, Is being issued and required to be deposited with DTC and immobilized in its custody.
The book -entry system will evidence ownership of the Bonds in the principal amount of $5,000 or any multiple thereof, with
transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established
by DTC and its participants. Transfer of principal, Interest and any redemption premium payments to participants of DTC
will be the responsibility of DTC and transfer of principal, interest and any redemption premium payments to beneficial
owners of the Bonds by participants of DTC will be the responsibility of such participants and other nominees of such
beneficial owners. The Issuer will not be responsible or liable for such transfers of payments or for maintaining, supervising
or reviewing the records maintained by DTC, its participants or persons acting through such participants.
In certain events, the Issuer will be authorized to deliver replacement Bonds in the form of fully -registered certificates
In the denomination of $5,000 or any multiple thereof in exchange for the outstanding Bonds as provided in the Resolution.
At the office of the Bond Registrar, In the manner and subject to the conditions provided in the Resolution, Bonds may
be exchanged for an equal aggregate principal amount of Bonds of the same maturity, of authorized denominations and
bearing Interest at the same rate.
The Bond Registrar shall keep at his office the books of the Issuer for the registration of transfer of Bonds. The transfer
of this Bond may be registered only upon such books and as otherwise provided in the Resolution upon the surrender
hereof to the Bond Registrar together with an assignment duly executed by the registered owner hereof or his attorney or
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