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11 <br /> paid). Interest is calculated based on a 360-day year consisting of twelve 30-day <br /> months. <br /> This Bond is one of an issue of the County's $20,060,000 General Obligation <br /> School Bonds, Series 2020 (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 April 7, 2020, 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, 2031, are not subject to redemption prior <br /> to maturity. Bonds maturing on August 1, 2031, 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, 2030, 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 /> 9 <br />