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10 <br />County is not responsible for sending notices of redemption to anyone other than DTC or <br />its nominee. <br />If (a) DTC determines not to continue to act as securities depository for the Bonds <br />or (b) the County so elects, the County will discontinue the book-entry system with DTC. <br />If the County fails to identify another qualified securities depository to replace DTC, the <br />County will deliver replacement Bonds in the form of fully-registered certificates. <br />The County's Finance Officer has been appointed Registrar for the Bonds. As <br />Registrar, the Finance Officer will maintain appropriate books and records indicating <br />ownership of the Bonds. The County will treat the registered owner of this Bond as the <br />person exclusively entitled to payment of principal and interest and the exercise of all <br />other rights and powers of the owner, except that interest payments will be made to the <br />person shown as owner on the County's registration books at the end of the day on the <br />15th day of the month preceding each interest payment date (whether or not such 15~' day <br />is a business day). <br />The County has designated the Bonds as "qualified tax-exempt obligations" for <br />the purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. <br />The Bonds are issued with the intent that North Carolina law will govern their <br />terms. <br />All acts, conditions and things required by the Constitution and laws of the State <br />of North Carolina to happen, exist or be performed precedent to and in the issuance of <br />this Bond have happened, exist and have been performed, and the issue of Bonds of <br />which this Bond is one, together with all other indebtedness of the County, is within <br />every debt and other limit prescribed by the Constitution and laws of the State of North <br />Carolina. <br />IN WITNESS WHEREOF, Orange County, North Carolina, has caused this Bond <br />to signed by the Chair of its Board of Commissioners, to be countersigned by the Clerk to <br />such Board, the County's seal to be affixed hereto and this Bond to be dated , <br />2010. <br />COUNTERSIGNED: (SEAL) <br />Sample only - do not sign] Sample only - do not sign) <br />Clerk, Board of Commissioners <br />Oran e County, North Carolina Chair, Board of Commissioners <br />Orange County, North Carolina <br />9 <br />