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Bonds or portions of Bonds of such maturity to be redeemed will be selected by lot <br />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 <br />$5,000 or some integral multiple thereof, and that, in selecting Bonds for redemption, <br />each Bond will be considered as representing that number of Bonds which is obtained <br />by dividing the principal amount of such Bond by $5,000. Notwithstanding the <br />foregoing, so long as a book-entry system with DTC is used for determining <br />beneficial ownership of Bonds, if less than all of the Bonds within a maturity are to <br />be redeemed, DTC and its participants will determine which of the Bonds within any <br />such maturity are to be redeemed. If a portion of a Bond is called for redemption, a <br />new Bond in principal amount equal to the unredeemed portion thereof will be issued <br />to the registered owner upon the surrender thereof. <br />The County will give notice of redemption by certified or registered mail to <br />DTC or its nominee as the registered owner of the Bonds. The County will mail such <br />notice not more than 60 days and not less than 30 days prior to the date fixed for <br />redemption, The County is not responsible for sending. notices of redemption to <br />anyone other than DTC or its nominee. <br />If (a) DTC determines not to continue to act as securities depository for the <br />Bonds or (b) the County so elects, the County will discontinue the book-entry system <br />with DTC. If the County fails to identify another qualified securities depository to <br />replace DTC, the County will deliver replacement Bonds in the form of fully- <br />registered certificates. <br />The County 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 <br />the person exclusively entitled to payment of principal, premium, if any, and interest <br />and the exercise of all other rights and powers of the owner, except that interest <br />payments will be made to the person shown as owner on the County's registration <br />books on the 15th day of the month preceding each interest payment date. <br />All acts, conditions and things required by the Constitution and laws of the <br />State of North Carolina to happen, exist or be performed precedent to and in the <br />issuance of this Bond have happened, exist and have been performed, and the issue <br />of Bonds of which this Bond is one, together will all other indebtedness of the <br />85902.1 <br />