HomeMy WebLinkAboutC.054.93011_1146This bond is one of an issue of bonds designated "General Obligation Public Improvement
Bonds, Series 2006" (the "Bonds') and issued by the Issuer for the purpose of providing funds, together
with any other available fords, for financing school and community college 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, two orders adopted by the Board of
Commissioners for the Issuer, each of which orders was approved by the vote 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 June 1, 2017 are not subject to redemption prior to maturity. The
Bonds maturing on June 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 June], 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 is 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
is 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 is 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 of redemption 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 is 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 is 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 maybe 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 aggregate principal amount equal to the unredeemed principal amount
of this Bond, of the same maturity and bearing interest at the same rate.
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 the Resolution.
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