HomeMy WebLinkAboutC.054.93011_1019for an equal aggregate principal amount of Bonds of the same maturity, of any denomination or
denominations authorized by this resolution and bearing interest at the same rate.
The transfer of any Bond may be registered only upon the registration books of the Issuer upon the
surrender thereof to the Bond Registrar together with an assignment duly executed by the registered owner
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 authenticate and deliver in exchange for such Bond a
new Bond or Bonds, registered in the name of the transferee, of any denomination or denominations
authorized by this resolution, in an aggregate principal amount equal to the unredeemed principal amount of
such Bond so surrendered, of the same maturity and bearing interest at the same rate.
In all cases in which Bonds shall be exchanged or the transfer of Bonds shall be registered
hereunder, the Bond Registrar shall authenticate and deliver at the earliest practicable time Bonds in
accordance with the provisions of this resolution. All Bonds surrendered in any such exchange or
registration of transfer shall forthwith be cancelled by the Bond Registrar. The Issuer or the Bond Registrar
may make a charge for shipping and out-of-pocket costs for every such exchange or registration of transfer
of Bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect
to such exchange or registration of transfer, but no other charge shall be made by the Issuer or the Bond
Registrar for exchanging or registering the transfer of Bonds under this resolution. The Bond Registrar
shall not be required to exchange or register the transfer of any Bond during a period beginning at the
opening of business fifteen (15) days before the day of the mailing of a notice of redemption of Bonds or
any portion thereof and ending at the close of business on the day of such mailing or of any Bond called for
redemption in whole or in part pursuant to Section 4 of this resolution.
As to any Bond, the person in whose name the same shall be registered shall be deemed and
regarded as the absolute owner thereof for al purposes, and payment of or on account of the principal or
redemption price of any such Bond and the interest on any such Bond shall be made only to or upon the
order of the registered owner thereof or his legal representative. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond, including the interest thereon, to the extent
of the sum or sums so paid.
The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be
necessary for the registration, registration of transfer and exchange of Bonds within a reasonable time
according to then current commercial standards and for the timely payment of principal and interest with
respect to the Bonds. The Director of Finance and Administrative Services of the Issuer is hereby appointed
the registrar, transfer agent and paying agent for the Bonds (collectively the "Bond Registrar"), subject to
the right of the governing body of the Issuer to appoint another Bond Registrar, and as such shall keep at his
office the books of the Issuer for the registration, registration of transfer, exchange and payment of the
Bonds as provided in this resolution.
Section 6. The Issuer covenants that, to the extent permitted by the Constitution and laws of the
State of North Carolina, it will comply with the requirements of the Code, except to the extent that the
Issuer obtains an opinion of bond counsel to the effect that noncompliance would not result in interest on
the Bonds being includable in gross income of the owners of the Bonds for purposes of federal income
taxation.
Section 7. The Issuer hereby undertakes, for the benefit of the beneficial owners of the Bonds, to
provide:
Section 9. by not later than seven months from the end of each fiscal year of the
Issuer, commencing with the fiscal year ending June 30, 2006, to each
nationally recognized municipal securities information repository
("NRMSIR") and to the state information depository for the State of North
Carolina ("SID"), if any, audited financial statements of the Issuer for such
fiscal year, if available, prepared in accordance with Section 159-34 of the
General Statutes of North Carolina, as it may be amended from time to
time, or any successor statute, or, if such audited financial statements of the
Issuer are not available by seven months from the end of such fiscal year,
unaudited financial statements of the Issuer for such fiscal year to be
replaced subsequently by audited financial statements of the Issuer to be
delivered within 15 days after such audited financial statements become
available for distribution;
Section 9. by not later than seven months from the end of each fiscal year of the
Issuer, commencing with the fiscal year ending June 30, 2006, to each
NRMSIR, and to the SID, if any, (i) the financial and statistical data as of a
date not earlier than the end of the preceding fiscal year for the type of
information included under the heading "The County — Debt Information
and — Tax Information" (excluding information on underlying units) in the
Official Statement relating to the Bonds and (ii) the combined budget of the
Issuer for the current fiscal year, to the extent such items are not included
in the audited financial statements referred to in (a) above;
Section 9. Cin a timely manner, to each NRMSIR or to the Municipal Securities
Rulemaking Board ("MSRB"), and to the SID, if any, notice of any of the
following events with respect to the Bonds, if material:
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