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Principal and interest are payable in lawful money of the United States of <br /> America . Interest is to be calculated on the basis of a 360 - day year consisting of <br /> twelve 30 - day months . <br /> This Bond is one of an issue of $ 67 , 360 , 000 Limited Obligation Bonds, Series <br /> 2025 (the " Bonds " ) , of like date and tenor, except as to number, denomination, rate <br /> of interest, privilege of redemption and maturity. The Bonds are issued under, and <br /> are equally and ratably secured by, a Trust Agreement dated as of June 1 , 2021 (the <br /> " Trust Agreement ") , as supplemented, between the County and The Bank of New <br /> York Mellon Trust Company, N .A., as trustee (the "Trustee ") . <br /> This Bond constitutes an installment contract within the meaning of Section <br /> 160A- 20 of the North Carolina General Statutes, as the same may be in effect from <br /> time to time (" Section 160A- 20 ") , between the County and the owner (from time to <br /> time) of this Bond . The Bonds are payable solely from funds appropriated on an <br /> annual basis by the County' s governing Board of Commissioners and other funds <br /> available for the purpose of payment pursuant to the Trust Agreement, such as <br /> certain net insurance and condemnation awards and the proceeds of remedial <br /> action, which revenues and other moneys have been pledged as described in the <br /> Trust Agreement to secure payment of the Bonds . Neither the County' s faith and <br /> credit nor its taxing power is pledged to the payment of any amounts due under the <br /> Bonds . As provided for under Section 160A= 20 , no deficiency judgment may be <br /> rendered against the County in any action for breach of a contractual obligation <br /> under the Bonds or the Trust Agreement. <br /> To further secure its obligations under the Trust Agreement, the County has <br /> granted, for the benefit of the Trustee on behalf of the owners of the Bonds, a <br /> security interest in certain public facilities, including the underlying real property, <br /> and certain other property pursuant to the Trust Agreement and a Deed of Trust <br /> and Security Agreement dated as of June 1 , 2021 , as modified . <br /> Reference is made to the Trust Agreement, the Deed of Trust referenced <br /> above and all amendments and supplements for the provisions , among others , with <br /> respect to the nature and extent of the security, the rights, duties and obligations of <br /> the County and the Trustee, the rights of the Owners of the Bonds and the terms <br /> upon which the Bonds are executed, delivered and secured, to all of which <br /> provisions the owner of this Bond, by the acceptance of this Bond, agrees . Additional <br /> 26 <br />