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ao <br />except as to number, denomination, rate of interest, privilege of redemption and <br />maturity, The Bonds are issued pursuant to a resolution adopted by such Board on <br />June 23, 2004, and the Constitution and laws of the State of North Carolina, <br />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 <br />of beneficial ownership interests in the Bonds in the principal amount of $5,000 or <br />any integral multiple thereof will be effected on the records of DTC and its <br />participants pursuant to rules and procedures established by DTC and its <br />participants, Principal, premium, if any, and interest on the Bonds are payable by <br />the County to DTC or its nominee as registered owner of the Bonds, The County is <br />not responsible or liable for such transfer of ownership or payments or for <br />maintaining, supervising or reviewing the records maintained by DTC, its <br />participants or persons acting through such participants. <br />Bonds maturing prior to February 1, 2015, are not subject to redemption, <br />prior to maturity. Bonds maturing on February 1, 2015, and thereafter are <br />redeemable, at the County's option, from any moneys that may be made available <br />for such purpose, in whole on any date not earlier than February 1, 2014, at a <br />redemption price equal to 100% of the principal amount to be redeemed, plus <br />interest accrued to the redemption date, without premium. <br />If less than all of the Bonds stated to mature on different dates are called for <br />redemption, the Bonds will be redeemed in the inverse order of their maturities. If <br />less than all of the Bonds of any one maturity are called for redemption, the <br />particular Bonds or portions of Bonds of such maturity to be redeemed will be <br />selected by lot in such manner as the County in its discretion may determine; <br />provided, however, that the portion of each Bond to be redeemed will be in the <br />principal amount of $5,000 or some integral multiple thereof, and that, in selecting <br />Bonds for redemption, each Bond will be considered as representing that number <br />of Bonds which is obtained by dividing the principal amount of such Bond by <br />$5,000. Notwithstanding the foregoing, so long as a book-entry system with DTC <br />Orange 04 GO bond resolution BR <br />