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38 <br /> Exhibit C - Form of 2020 Bond <br /> Number R- <br /> REGISTERED REGISTERED <br /> LIMITED OBLIGATION BOND, SERIES 2020 <br /> ORANGE COUNTY, NORTH CAROLINA <br /> INTEREST RATE MATURITY DATE DATED DATE CUSIP <br /> % October 1, 20xx May—, 2020 684566 XXX <br /> REGISTERED OWNER: *****CEDE & CO.***** <br /> PRINCIPAL AMOUNT: **** DOLLARS ($ )**** <br /> ORANGE COUNTY, NORTH CAROLINA (the "County"), for value received, <br /> promises to pay, but solely from the sources and in the manner provided, to the <br /> registered owner hereof, or registered assigns or legal representative, the principal <br /> amount stated above on the maturity date stated above, and to pay interest on this <br /> Bond semiannually on each April 1 and October 1, beginning October 1, 2020, at the <br /> annual rate stated above. <br /> Interest is payable (a) from the Dated Date stated above, if this Bond is <br /> authenticated prior to October 1, 2020, or (b) otherwise from the April 1 or October <br /> 1 that is, or immediately precedes, the date on which this Bond is authenticated <br /> (unless payment of interest on this Bond is in default, in which case this Bond will <br /> 16 <br />