Agenda - 02-01-1988 - Laserfiche WebLink

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227 day of such mailing or (ii) any bond called for redemption in whole or in part pursuant to Section 3 of this resolution. As to any bond, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of any such bond and the interest on any such bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be necessary for the registration, registration of transfer and exchange of bonds within a reasonable time according to than current commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the bonds. NCNB National Bank of North Carolina, in the City of Charlotte, North Carolina, is hereby appointed the registrar, transfer agent and paying agent (the "Bond Registrar") for the bonds, subject to the right of the governing body of the Issuer to appoint another Bond Registrar and except as hereinafter provided, and as such shall keep at its corporate trust office the books of the Issuer for the registration, registration of transfer, exchange and payment _ ' of the bonds as provided in this resolution. If the FmHA is the purchaser of the bonds, then the Finance Director of the Issuer shall be the Bond Registrar; provided, however, that, in the event that a bond registered in the name of the FmHA is assigned, the paying agent with respect to such bond shall be NCNB National Bank of North Carolina, in the City of Charlotte, North Carolina. -9- BROWN&WOOD.ONE WORLD TRADE CENTER,NEW YORK.N.V.10040