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11 <br />which case this Bond will bear interest from the date to which interest has been <br />paid). <br />This Bond is one of an issue of the County's $64,400,000 General Obligation <br />School Bonds, Series 2018 (the "Bonds "), of like date and tenor, except as to number, <br />denomination, rate of interest, privilege of redemption and maturity. The Bonds are <br />issued pursuant to a resolution adopted by the County's governing Board of <br />Commissioners on June 5, 2018, and the Constitution and laws of the State of North <br />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 August 1, 2027, are not subject to redemption prior <br />to maturity. Bonds maturing on August 1, 2027, and thereafter are redeemable, at <br />the County's option, from any moneys that may be made available for that purpose, <br />in whole or in part on any date not earlier than August 1, 2026, at a redemption <br />price of 100% of the principal amount to be redeemed, plus interest accrued to the <br />redemption date, without premium. <br />If less than all of 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 />