Agenda - 02-01-1988 - Laserfiche WebLink

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For the prompt payment hereof, both principal and in- 238 terest as the same shall become due, the faith and credit of said County of Orange are hereby irrevocably pledged. This bond is duly authorized and issued under and pur- suant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, an order which has taken effect, and a resolution duly passed by the Board of Commissioners for said County, for the purpose of providing funds, with any other available funds, for constructing a portion of a sanitary sewer system for said County. At the office of the Bond Registrar, in the manner and subject to the conditions provided in said resolution, this bond may be exchanged for an equal aggregate principal amount of bonds having maturities corresponding to the maturities of the installments of principal of this bond then unpaid, issuable in fully registered form in the denomination of $500 or any integral multiple thereof and bearing interest at the same rate. This bond is registered as to both principal and inter- est in the name of the United States of America, Farmers Home Administration, on books of said County kept by the Finance Director for the County as Bond Registrar, and the transfer hereof may hereafter be registered by the registered owner hereof only upon an execution of an assignment hereon duly executed by such registered owner or his attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice this bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice. -20- BROWN&WOOD.ONE WORLD TRADE CENTER.NEW YORK.N.Y 1 00413