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58 <br /> THE 2020 BONDS <br /> AUTHORIZATION <br /> The County is issuing the 2020 Bonds pursuant to the provisions of Section 20 of Chapter 160A of <br /> the North Carolina General Statutes and Article 8 of Chapter 159 of the North Carolina General Statutes, <br /> each as amended(collectively, the "Act"), and a resolution of the Board of Commissioners of the County <br /> adopted on April 7,2020. Each 2020 Bond will be deemed an"installment contract"under the Act. <br /> In addition, the County's issuance of the 2020 Bonds received the approval of the North Carolina <br /> Local Government Commission (the "LGC") on April 7, 2020. The LGC is a division of the State <br /> Treasurer's office charged with general oversight of local government finance in the State of North Carolina <br /> (the "State"). LGC approval is required for substantially all bond issues and other local government <br /> financing arrangements in the State. Before approving an installment financing (which includes the <br /> financing arrangement for the 2020 Bonds), the LGC must determine, among other things, that (1) the <br /> proposed financing is necessary and expedient, (2)the financing,under the circumstances, is preferable to <br /> a general obligation or revenue bond issue for the same purpose, and (3) the sums to fall due under the <br /> proposed financing are not excessive for the local government. <br /> GENERAL <br /> Payment Terms. The 2020 Bonds will be dated their date of delivery. Interest on the 2020 Bonds <br /> is payable on each April 1 and October 1 (the "Payment Dates"), beginning October 1, 2020, at the rates <br /> set forth on the inside front cover page of this Official Statement(calculated on the basis of a 360-day year <br /> consisting of twelve 30-day months). Interest payments will be made to the person shown as the owner of <br /> the 2020 Bond as of the applicable Record Date. "Record Date"means the end of the calendar day on the <br /> 15th day of the month(whether or not a Business Day)preceding a Payment Date. Principal on the 2020 <br /> Bonds is payable on October 1 in the years and amounts set forth on the inside front cover page of this <br /> Official Statement. Payments will be effected through DTC. See Appendix E, "BOOK-ENTRY ONLY <br /> SYSTEM"hereto. <br /> Registration and Exchange. So long as DTC or its nominee is the registered owner of the 2020 <br /> Bonds, transfers and exchanges of beneficial ownership interests in the 2020 Bonds will be available only <br /> through DTC Participants and DTC Indirect Participants. See Appendix E, "BOOK-ENTRY ONLY <br /> SYSTEM" hereto. The Trust Agreement describes provisions for transfer and exchange applicable if a <br /> book-entry system is no longer in effect. These provisions generally provide that the transfer of the 2020 <br /> Bonds is registrable by the Owners thereof, and the 2020 Bonds may be exchanged for an equal aggregate, <br /> unredeemed principal amount of 2020 Bonds of the authorized denomination and of the same maturity and <br /> interest rate, only upon presentation and surrender of the 2020 Bonds to the Trustee at the principal <br /> corporate trust office of the Trustee together with an executed instrument of transfer in a form approved by <br /> the Trustee in connection with any transfer. The Trustee may require the person requesting any transfer or <br /> exchange to reimburse it for any shipping and tax or other governmental charge payable in connection <br /> therewith. <br /> REDEMPTION PROVISIONS <br /> Optional Redemption. The 2020 Bonds maturing on or after October 1, 20 are subject to <br /> redemption at the County's option,in whole or in part on any date on or after October 1,20_,upon payment <br /> of the principal amount to be redeemed plus interest accrued to the redemption date,without premium. <br /> 4 <br />