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This Bond is one of an issue of the County's [$19,175,000 General Obligation <br />Public Improvement Bonds / $28,000,000 General Obligation Refunding- Bonds], <br />Series 2003 (the "Bonds"), of like date and tenor, except as to number, denomination, <br />rate of interest, [privilege of redemption] and maturity. The Bonds are issued <br />pursuant to a resolution adopted by such Board on February 17, 2003, and the <br />Constitution and Laws of the State of North Carolina, including the Local Government <br />Bond Act. <br />The County's full faith and credit are pledged for the payment of principal of <br />and interest on this Bond. <br />The Bonds are issued by means of a book-entry system, with one bond <br />certificate for each maturity immobilized at The Depository Trust Company, New <br />York, New York ("DTC"), and not available for distribution to the public. Transfer <br />of beneficial ownership interests in the Bonds in the principal amount of $5,000 or <br />any integral multiple thereof will be effected on the records of DTC and its <br />participants pursuant to rules and procedures established by DTC and its participants. <br />Principal, premium, if any, and interest on the Bonds are payable by the County to <br />DTC or its nominee as registered owner of the Bonds. The County is not responsible <br />or liable for such transfer of ownership or payments or for maintaining, supervising <br />or reviewing the records maintained by DTC, its participants or persons acting <br />through such participants. <br />[The Bonds are not subject to redemption prior to maturity.] <br />[Bonds maturing prior to March 1, 2013, are not subject to redemption prior <br />to maturity. Bonds maturing on March 1, 2013, and thereafter are redeemable, at the <br />County's option, from any moneys that may be made available for such purpose, in <br />whole on any date not earlier than March 1, 2012 or in part on any interest payment <br />date not earlier than March 1, 2012 at prices as follows: March 1, 2012 to February <br />28, 2013, a redemption price of 1 O 1 % of the principal amount of each Bond to be <br />redeemed and thereafter, a redemption price of 100% of such principal amount, in <br />each case plus interest accrued to the date fixed for redemption.] <br />If less than all of the Bonds stated to mature on different dates are called for <br />redemption, the Bonds will be redeemed in the inverse order of their maturities. If <br />Less than all of the Bonds of any one maturity are called for redemption, the particular <br />85902.1 <br />