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38 <br /> Exhibit C - Form of 2020 Bond <br /> Registered Bond Number R-1 <br /> LIMITED OBLIGATION BOND, SERIES 2020 <br /> ORANGE COUNTY, NORTH CAROLINA <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 <br /> Capital One Public Funding, LLC <br /> or registered assigns (the "Bondholder"), the principal sum of <br /> [FORTY-THREE MILLION DOLLARS] <br /> [*****$431000,000*****] <br /> in principal installments payable on each October 1 as shown on Schedule I. together <br /> with interest on the unpaid principal from the date hereof until payment of the entire <br /> principal sum at the annual rate of 2.70%, payable on each April 1 and October 1, <br /> beginning October 1, 2020, subject to redemption and adjustment as described <br /> below. <br /> Interest is payable (a) from May_, 2020, if this Bond is authenticated prior to <br /> October 1, 2020, or (b) otherwise from the April 1 or October 1 that is, or immediately <br /> precedes,the date on which this Bond is authenticated (unless payment of interest on <br /> this Bond is in default, in which case this Bond will bear interest from the date to <br /> which interest has been paid). In all events, (1) all payments on this Bond will be <br /> applied first to interest accrued and unpaid to the payment date and then to principal, <br /> and (2) if not sooner paid,the entire principal of and interest on this Bond will be due <br /> and payable on October 1, 2040. Principal and interest are payable in lawful money <br /> of the United States of America. <br /> 17 <br />