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9 <br />Commissioners on December 7, 2009, and the Constitution and laws of the State of North <br />Carolina, including the Local Government Bond Act. <br />The County's full faith and credit are pledged for the payment of principal of and <br />interest on this Bond. <br />The Bonds are issued by means of a book-entry system, with one bond certificate <br />for each maturity immobilized at The Depository Trust Company, New York, New York <br />("DTC"), and not available for distribution to the public. Transfer of beneficial ownership <br />interests in the Bonds in the principal amount of $5,000 or any integral multiple thereof <br />will be effected on the records of DTC and its participants pursuant to rules and <br />procedures established by DTC and its participants. Principal and interest on the Bonds <br />are payable by the County to DTC or its nominee as registered owner of the Bonds. The <br />County is not responsible or liable for such transfer of ownership or payments or for <br />maintaining, supervising or reviewing the records maintained by DTC, its participants or <br />persons acting through such participants. <br />Bonds maturing prior to February 1, 2020, are not subject to redemption prior to <br />maturity. Bonds maturing on February 1, 2020, and thereafter are redeemable, at the <br />County's option, from any moneys that may be made available for such purpose, in whole <br />or in part on any date not earlier than February 1, 2019, at a redemption price of 100% of <br />the principal amount to be redeemed, plus interest accrued to the redemption date, <br />without premium. <br />If less than all of the Bonds stated to mature on different dates are called for <br />redemption, the Bonds to be redeemed will be selected in such manner as the County may <br />determine. If less than all of the Bonds of any one maturity are called for redemption, the <br />particular Bonds or portions of Bonds of such maturity to be redeemed will be selected <br />by lot in such manner as the County in its discretion may determine; provided, however, <br />that the portion of each Bond to be redeemed will be in the principal amount of $5,000 or <br />some integral multiple thereof, and that, in selecting Bonds for redemption, each Bond <br />will be considered as representing that number of Bonds which is obtained by dividing <br />the principal amount of such Bond by $5,000. Notwithstanding the foregoing, so long as <br />a book-entry system with DTC is used for determining beneficial ownership of Bonds, if <br />less than all of the Bonds within a maturity are to be redeemed, DTC and its participants <br />will determine which of the Bonds within any such maturity are to be redeemed. If a <br />portion of a Bond is called for redemption, a new Bond in principal amount equal to the <br />unredeemed portion thereof will be issued to the registered owner upon the surrender <br />thereof. <br />The County will give notice of redemption by certified or registered mail to DTC <br />or its nominee as the registered owner of the Bonds. The County will mail such notice not <br />more than 60 days and not less than 30 days prior to the date fixed for redemption. The <br />s <br />