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9 <br />denomination, rate of interest, privilege of redemption and maturity. The Bonds have <br />been authorized by a bond order adopted by the County's Board of Commissioners on <br />February 1, 2000, and are issued pursuant to a resolution adopted by such Board an <br />February 29, 2000, and the Constitution and laws of the State of North Carolina, <br />including the Local Government Bond Act, to provide funds, together with other <br />available funds, to pay capital costs of providing public buildings.] <br />The County's full faith and credit are pledged for the payment of principal of and <br />interest on this Bond. <br />The Bonds are issued by means of a book-entry system, with one bond certificate <br />for each maturity immobilized at The Depository Trust Company, New York, New York <br />("DTC"), and not available for distribution to the public. Transfer of beneficial ownership <br />interests in the Bonds in the principal amount of $5,000 or any integral multiple thereof <br />shall be effected on the records of DTC and its participants pursuant to rules and <br />procedures established by DTC and its participants. Principal, premium, if any, and <br />interest on the Bonds are payable by the County 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 April 1, 2011, are not subject to redemption prior to <br />maturity. Bonds maturing on April 1, 2011, and thereafter are redeemable, at the <br />County's option from any moneys that may be made available for such purpose, either in <br />whole or in part, on or after April 1, 2010, at the principal amount of the Bonds to be <br />redeemed, together with interest accrued thereon to the date fixed for redemption, plus a <br />premium of 1/2 of 1% of the principal amount of each Bond to be redeemed for each <br />period of 12 months or part thereof between the redemption date and the maturity date of <br />such Bonds, such premium not to exceed 2% of such principal amount. <br />If less than all of the Bonds stated to mature on different dates shall be called for <br />redemption, the Bonds shall be redeemed in the inverse order of their maturities. If less <br />than all of the Bonds of any one maturity are called for redemption, the particular Bonds <br />or portions of Bonds of such maturity to be redeemed shall be selected by lot in such <br />manner as the County in its discretion may determine; provided, however, that the <br />portion of each Bond to be redeemed shall be in the principal amount of $5,000 or some <br />integral multiple thereof, and that, in selecting Bands for redemption, each Bond shall be <br />considered as representing that number of Bonds which is obtained by dividing the <br />principal amount of such Bond by $5,000. Notwithstanding the foregoing, so long as a <br />book-entry system with DTC is used for determining beneficial ownership of Bonds, if <br />less than all of the Bonds within a maturity are to be redeemed, DTC and its participants <br />shall determine which of the Bonds within any such maturity are to be redeemed. If a <br />portion of a Bond is called for redemption, a new Bond in principal amount equal to the <br />unredeemed portion thereof shall be issued to the registered owner upon the surrender <br />thereof. <br />