HomeMy WebLinkAboutC.054.93011_1016This bond is one of an issue of bonds designated "General Obligation School Bonds, Series 2006"
(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 vote of a
majority of the qualified voters of the County of Iredcll 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, 2017 are not subject to redemption prior to maturity. The
Bonds maturing on February 1, 2017 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 1, 2016, at a redemption price equal to 100% of the principal amount of Bonds to be redeemed,
plus interest accrued thereon to the date fixed for redemption.
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 multiple 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, if 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 shall be called for redemption, the maturities of the Bonds or portions of Bonds to be redeemed shall
be determined by the Issuer.
Not more than sixty (60) 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 of 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 of such Bonds or portions thereof on such date plus
accrued interest to such date and, if moneys for payment of such 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
issued to Cede & Co. or its legal representative upon the surrender hereof.
Any notice of redemption may state that the redemption to be effected is conditioned upon the
receipt by the Issuer, on or prior to the redemption date, of moneys sufficient to pay the redemption price of
and interest on the Bonds to be redeemed and that if such moneys are not so received, such notice shall be
of no force or effect and such Bonds shall not be required to be redeemed. In the event that such notice
contains such a condition and moneys sufficient to pay the redemption price of and interest on such Bonds
are not received by the Issuer on or prior to the redemption date, the redemption shall not be made and the
Issuer shall within a reasonable time thereafter give notice, in the manner in which the notice ofredemption
was given, that such moneys were not so received.
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 nominee 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 and interest payments to participants of DTC will be the responsibility of
DTC, and transfer of principal and interest 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 her 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 legal representative in such form as shall be satisfactory to the
Bond Registrar. Upon any such registration of transfer, the Bond Registrar shall deliver in exchange for this
Bond a new Bond or Bonds, registered in the name of the transferee, of authorized denominations, in an
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