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12 <br />This Bond is one of an issue of the County's [$19,175,000 General Obligation <br />Public Improvement Bonds / $28,000,000 General Obligation Refunding Bonds], <br />Series 2003 (the "Bonds"), of like date and tenor, except as to number, <br />denomination, rate of interest, [privilege of redemption] and maturity. The Bonds <br />are issued pursuant to a resolution adopted by such Board on February 17, 2003, and <br />the Constitution and laws of the State of North Carolina, including the Local <br />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 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 <br />of beneficial ownership interests in the Bonds in the principal amount of $5,000 or <br />any integral multiple thereof will be effected on the records of DTC and its <br />participants pursuant to rules and procedures established by DTC and its <br />participants. Principal, premium, if any, and interest on the Bonds are payable by <br />the County to DTC or its nominee as registered owner of the Bonds. The County is <br />not responsible or liable for such transfer of ownership or payments or for <br />maintaining, supervising or reviewing the records maintained by DTC, its <br />participants or persons acting through such participants. <br />[The Bonds are not subject to redemption prior to maturity.] <br />[Bonds maturing prior to March 1, 2013, are not subject to redemption prior <br />to maturity. Bonds maturing on March 1, 2013, and thereafter are redeemable, at <br />the County's option, from any moneys that may be made available for such purpose, <br />in whole on any date not earlier than March 1, 2012 or in part on any interest <br />payment date not earlier than March 1, 2012 at prices as follows: March 1, 2012 to <br />February 28, 2013, a redemption price of 101 % of the principal amount of each <br />Bond to be redeemed and thereafter, a redemption price of 100 % of such principal <br />amount, in each case plus interest accrued to the date fixed for redemption. ] <br />If less than all of the Bonds stated to mature on different dates are called for <br />redemption, the Bonds will be redeemed in the inverse order of their maturities. If <br />