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10 <br /> This Bond is one of an issue of the County's $14,540,000 General Obligation <br /> School Bonds, Series 2022 (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 May 3, 2022, 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 County will make all payments in lawful money of the United States. <br /> Interest will be calculated based on a 360-day year consisting of twelve 30-day <br /> months. <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. The County <br /> will pay principal and interest on the Bonds only to DTC or its nominee as registered <br /> owner of the Bonds. The County is not responsible or liable for such transfer of <br /> ownership or payments or for maintaining, supervising or reviewing the records <br /> maintained by DTC, its participants or persons acting through such participants. <br /> Bonds maturing prior to February 1, 2034, are not subject to redemption prior <br /> to maturity. Bonds maturing on February 1, 2034, 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 February 1, 2033, 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 in its discretion. If less than all of the Bonds of any one <br />