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62 <br /> North Carolina 27103 or FTN Financial Capital Markets at 845 Crossover Lane, Memphis, Tennessee <br /> 38117. After the offering period, copies of such documents may be obtained from the Trustee at 10161 <br /> Centurion Parkway,Jacksonville,Florida 32256. <br /> THE 2019B BONDS <br /> AUTHORIZATION <br /> The County is issuing the 2019B Bonds pursuant to the provisions of Section 20 of Chapter 160A <br /> of the North Carolina General Statutes and Article 8 of Chapter 159 of the North Carolina General <br /> Statutes, each as amended (collectively, the "Act"), and a resolution of the Board of Commissioners of <br /> the County adopted on October 1, 2019. Each 2019B Bond will be deemed an "installment contract" <br /> under the Act. <br /> hi addition, the County's issuance of the 2019B Bonds received the unanimous approval of the <br /> North Carolina Local Government Commission (the "LGC") on October 1, 2019. The LGC is a division <br /> of the State Treasurer's office charged with general oversight of local government finance in the State of <br /> North Carolina (the "State"). LGC approval is required for substantially all bond issues and other local <br /> government financing arrangements in the State. Before approving an installment financing (which <br /> includes the financing arrangement for the 2019B Bonds), the LGC must determine, among other things, <br /> that (1) the proposed financing is necessary and expedient, (2) the financing, under the circumstances, is <br /> preferable to a general obligation or revenue bond issue for the same purpose, and(3)the sums to fall due <br /> under the proposed financing are not excessive for the local government. <br /> GENERAL <br /> Payment Terms. The 2019B Bonds will be dated their date of delivery. Interest on the 2019B <br /> Bonds is payable on each April 1 and October 1 (the"Payment Dates"),beginning October 1,2020, at the <br /> rates set forth on the inside front cover page of this Official Statement (calculated on the basis of a 360- <br /> day year consisting of twelve 30-day months). Interest payments will be made to the person shown as the <br /> owner of the 2019B Bond as of the applicable Record Date. "Record Date"means the end of the calendar <br /> day on the 15th day of the month (whether or not a Business Day) preceding a Payment Date. Principal <br /> on the 2019B Bonds is payable on October 1 in the years and amounts set forth on the inside front cover <br /> page of this Official Statement. Payments will be effected through DTC. See Appendix E, <br /> "BOOK-ENTRY ONLY SYSTEM"hereto. <br /> Registration and Exchange. So long as DTC or its nominee is the registered owner of the 2019B <br /> Bonds, transfers and exchanges of beneficial ownership interests in the 2019B Bonds will be available <br /> only through DTC Participants and DTC Indirect Participants. See Appendix E, "BOOK-ENTRY <br /> ONLY SYSTEM" hereto. The Trust Agreement describes provisions for transfer and exchange <br /> applicable if a book-entry system is no longer in effect. These provisions generally provide that the <br /> transfer of the 2019B Bonds is registrable by the Owners thereof, and the 2019B Bonds may be <br /> exchanged for an equal aggregate, unredeemed principal amount of 2019B Bonds of the authorized <br /> denomination and of the same maturity and interest rate, only upon presentation and surrender of the <br /> 2019B Bonds to the Trustee at the principal corporate trust office of the Trustee together with an executed <br /> instrument of transfer in a form approved by the Trustee in connection with any transfer. The Trustee <br /> may require the person requesting any transfer or exchange to reimburse it for any shipping and tax or <br /> other governmental charge payable in connection therewith. <br /> REDEMPTION PROVISIONS <br /> 6 <br />