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II <br /> 21 <br /> thereof for all purposes, and payment of or on account of the <br /> principal or redemption price of any such Bond and the interest on <br /> any such Bond shall be made only to or upon the order of the <br /> registered owner thereof or his legal representative. All such <br /> payments shall be valid and effectual to satisfy and discharge the <br /> liability upon such Bond, including the redemption premium, if any, <br /> and interest thereon, to the extent of the sum or sums so paid. <br /> The Issuer shall appoint such registrars, transfer agents, <br /> depositaries or other agents as may be necessary for the <br /> registration, registration of transfer and exchange of Bonds within <br /> a reasonable time according to then current commercial standards <br /> and for the timely payment of principal, interest and any <br /> redemption premium with respect to the Bonds. The Finance Director <br /> of the Issuer is hereby appointed the registrar, transfer agent and <br /> paying agent for the Bonds (collectively the "Bond Registrar") , <br /> subject to the right of the governing body of the Issuer to appoint <br /> another Bond Registrar, and as such shall keep at his office the <br /> books of the Issuer for the registration, registration of transfer, <br /> exchange and payment of the Bonds as provided in this resolution. <br /> Section 6. The Issuer covenants that, to the extent permitted <br /> by the Constitution and laws of the State of North Carolina, it <br /> will comply with the requirements of the Code, except to the extent <br /> that the Issuer obtains an opinion of bond counsel to the effect <br /> that noncompliance would not result in interest on the Bonds being <br /> 20 <br />