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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 /> E <br /> maintained by DTC , its participants or persons acting through such participants . <br /> r <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 />