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12 <br /> This Bond is one of an issue of the County's $5,900,000 General Obligation <br /> School Bonds, Series 2017A (the "Bonds"), of like date and tenor, except as to <br /> number, denomination, rate of interest, privilege of redemption and maturity. The <br /> Bonds are issued pursuant to a resolution adopted by the County's governing Board <br /> of Commissioners on October 3, 2017, and the Constitution and laws of the State of <br /> North Carolina, including the Local Government 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 of <br /> beneficial ownership interests in the Bonds in the principal amount of$5,000 or any <br /> integral multiple thereof will be effected on the records of DTC and its participants <br /> pursuant to rules and procedures established by DTC and its participants. Principal <br /> and interest on the Bonds are payable by the County to DTC or its nominee as <br /> registered owner of the Bonds. The County is not responsible or liable for such <br /> transfer of ownership or payments or for maintaining, supervising or reviewing the <br /> records maintained by DTC, its participants or persons acting through such <br /> participants. <br /> Bonds maturing prior to February 1, 2028, are not subject to redemption <br /> prior to maturity. Bonds maturing on February 1, 2029, and thereafter are <br /> redeemable, at the County's option, from any moneys that may be made available <br /> for that purpose, in whole or in part on any date not earlier than February 1, 2028, <br /> at a redemption price of 100% of the principal amount to be redeemed, plus interest <br /> accrued to the redemption date, without premium. <br /> If less than all the Bonds stated to mature on different dates are called for <br /> redemption, the County will select the Bonds to be redeemed in such manner as the <br /> County may determine. If less than all of the Bonds of any one maturity are called <br /> for redemption, the particular Bonds or portions of Bonds to be redeemed from that <br /> maturity will be selected by lot in such manner as the County in its discretion may <br />