April 19, 2021 - 6:00 PM - County Board of Commissioners Meeting Minutes

10 79 Meeting of the Johnston County Board of Commissioners April 19 , 2021 6 00 pm The Johnston County Board of Commissioners met in regular session Monday , April 19 , 2021 at 6 00 pm in the Old Superior Courtroom Courtroom No 4 at the Johnston County Courthouse , Smithfield , North Carolina The following members were present Present Chairman Chad M Stewart , Vice Chairman Larry Wood , Tony Braswell , Ted G Godwin , Patrick E Harris , RS “ Butch ” Lawter , Jr , and Fred J Smith , Jr Absent None Also Present County Manager Rick J Hester , County Attorney Jennifer J Slusser , Finance Officer and Deputy County Manager J Chad McLamb , Clerk to the Board Paula Woodard , and Paralegal Deputy Clerk to the Board Dana Cuddington Chairman Chad M Stewart called the meeting to order at 6 00 pm Commissioner Ted G Godwin opened the meeting with a prayer Commissioner Butch Lawter led everyone in the Pledge of Allegiance to the American Flag 1 Approval Discussion of Agenda Upon a motion by Commissioner Tony Braswell , seconded by Commissioner Patrick E Harris , and carried by unanimous vote , the Board approved the agenda as presented 2 Consent Agenda Items Upon a motion by Commissioner Ted G Godwin , seconded by Commissioner Larry Wood , and carried by unanimous vote , the Board approved the consent agenda items as follows A Department of Transportation – Additions to System The Board concurred with the Department of Transportation’s recommendation to add the following roads to the State Maintained System Constitution Avenue and Independence Drive – Freedom Farms – Cleveland Township Creech Place Drive – Creech Place – Elevation Township Mill Stream Drive – Lowell Mills – Micro Township B Town of Clayton – Appointments to Clayton Board of Adjustment Per a request by the Town of Clayton , the Board made the following appointments to the Clayton Board of Adjustment representing the ETJ area of the Town Jim Perricone , 404 Southmont Street , Clayton term expiring 12 31 2023 Marty D Bizzell , 1026 Brookhill Drive , Clayton term expiring 12 31 2022 Thomas L Antoine , 174 Plaza De Luke Square , Clayton term expiring 12 31 2021 C Sheriff’s Office – Request to Surplus Vehicles Per a request by Sheriff Steve Bizzell , the Board declared the following vehicles surplus that were involved in accidents and deemed total losses 2018 Dodge Charger VIN 2C3CDXAT4JH210752 County Asset # 013600 2020 Dodge Charger VIN 2C3CDXKT0LH171627 County Asset # 013905 D HAPP – Approval of the Fiscal Year 2021 - 2022 Annual Plan The Board approved the Fiscal Year 2021 - 2022 Streamlined Annual Plan as submitted in the agenda packet Page80 April 19 , 2021 – 6 00 pm Continued E Proclamation – Memorial Day 2021 , adopted as follows Memorial Day Proclamation Johnston County Board of Commissioners May 31 , 2021 WHEREAS , on Memorial Day , America undertakes its solemn duty to remember the brave Americans who sacrificed their lives for the cause of freedom and the security of our nation ; and WHEREAS , we are constantly reminded that there are those in the world who would attempt to deprive us of our freedom and undermine our nation’s very foundation ; and WHEREAS , military men and women from Johnston County have served our nation throughout American history with 248 Johnston County service members losing their lives in action in WWI , WWII , the Korean War , the Vietnam War , the Gulf War , and the War in Iraq and Afghanistan ; and WHEREAS , by honoring these proud Soldiers , Sailors , Airmen , Marines and Coast Guardsmen lost throughout our country’s history , we renew our commitment to upholding the democratic ideals they fought and died to preserve ; and WHEREAS , the citizens of Johnston County must never take for granted our privileges and freedom or forget to give thanks and honor to those who risk their lives so that we may enjoy our many blessings NOW , THEREFORE , the Johnston County Board of Commissioners does hereby proclaim May 31 , 2021 as Memorial Day in Johnston County and urges citizens to remember the bravery of those who gave their lives , so that their sacrifices serve as a reminder of the cost of our freedom th Adopted this the 19 day of April , 2021 3 Public Comment A Recognition of EMS Lieutenant Jessica Crawford Emergency Services Director Kevin Hubbard introduced and recognized EMS Lieutenant Jessica Crawford for recently receiving the 2021 Veterans of Foreign Wars VFW Public Servant Award for Emergency Services Personnel Each year the VFW selects law enforcement and emergency services personnel to receive the awards and candidates must have demonstrated recognition by their colleagues or those they serve , consistent excellence in the performance of their duties and dedication to their responsibilities Mr Hubbard stated Lieutenant Crawford has been a paramedic with Johnston County EMS since 2012 and she began her career as a cadet with Clayton EMS Mr Hubbard commended Lieutenant Crawford for her service to Johnston County The Board congratulated and applauded Lieutenant Crawford for the award and thanked her for her outstanding service B Human Resources – Extension of COVID - 19 Sick Leave Policy Human Resources Director Lu Hickey recalled that the Board adopted the following COVID - 19 Sick Leave Policy at their January 20 , 2021 meeting Beginning January 1 , 2021 through March 31 , 2021 CSL is available for employees impacted by the coronavirus for the following reasons ? If an employee is subject to a federal , state of local quarantine order related to the Coronavirus ; ? If the employee has been advised by a healthcare provider to self - quarantine due to concerns related to the Coronavirus ; ? If the employee is experiencing symptoms of the Coronavirus and is seeking a medical diagnosis Employees will qualify for COVID - 19 Sick Leave CSL based on the following conditions ? Employees are limited to a total of up to 80 hours , or two weeks , of paid sick leave between the previously mandated Emergency Paid Sick Leave and the new leave type , COVID - 19 Sick Leave CSL ? Those who have exhausted Emergency Paid Sick Leave beginning April 1 , 2020 through December 31 , 2020 will not qualify for COVID - 19 Sick Leave CSL ; and ? Part - time employees are eligible for COVID - 19 Sick Leave CSL equal to the hours that the employee works , on average , during a two week periodPage81 April 19 , 2021 – 6 00 pm Continued Ms Hickey requested the Board to consider extending the policy from April 1 , 2021 until June 30 , 2021 She noted the policy would not apply to employees that have already exhausted their COVID - 19 sick leave , and the extension would be for those that have not had to use the leave Upon a motion by Commissioner Patrick E Harris , seconded by Commissioner Tony Braswell , and carried unanimously , the Board extended the COVID - 19 Sick Leave Policy from April 1 , 2021 until June 30 , 2021 C Register of Deeds – Request for New Position Register of Deeds Craig Olive requested the Board of Commissioners to approve a new position for his office Mr Olive spoke on the increased workload within the Register of Deeds Office and stated even during the COVID - 19 Pandemic , their work has not slowed down Mr Olive stated the Vital Records Division currently has two employees but there is a need for three employees in order to meet the growing demand for services Commissioner Tony Braswell thanked Mr Olive and his office for their work especially during the COVID - 19 Pandemic Commissioner Braswell commented that Mr Olive’s office as well as all the County departments have continued to work hard during this difficult time Motion to Approve New Position Commissioner Tony Braswell moved the Board approve a new position for the Register of Deeds Office Commissioner Fred J Smith , Jr seconded the motion Discussion At the inquiry of Commissioner Butch Lawter , Mr Olive stated the new position is needed immediately and based on the County’s continued growth he does not see that changing Commissioner Fred J Smith , Jr noted that Mr Olive’s office is funded through the revenue that the office generates from their services and not taxpayer dollars Vote The motion carried unanimously 4 Friends of Johnston County Parks – Earth Day Cleanup Event Derrick Applewhite , Jr representing the Friends of Johnston County Parks informed the Board that in honor of Earth Day , they will be hosting a cleanup event throughout Johnston County on April 24 , 2021 from 9 00 am until 12 00 pm to clean up parks , trails , roads , and open spaces Mr Applewhite stated they will be collaborating with the North Carolina Department of Transportation as well as the local Parks & Recreation Departments across the County for the event He noted participating areas include Archer Lodge , Benson , Clayton , Cleveland , McGee’s Crossroads , Kenly , Selma , and Smithfield as well as the Bentonville Battlefield State Historic Site and the Triangle Land Conservancy’s Flower Hill Preserve Mr Applewhite stated they will be following all safety protocols and he invited the Commissioners to be a part of the event Commissioner Butch Lawter expressed his appreciation to Mr Applewhite and the Friends of Johnston County Parks noting that when they saw a need , they jumped in to make a difference Commissioner Lawter stated it has been impressive to follow their progress and he commended them for their efforts County Manager Rick Hester stated staff recommends the Board consider waiving solid waste disposal fees for this event Commissioner Tony Braswell moved the Board approve the waiver of solid waste disposal fees for the th April 24 cleanup event hosted by the Friends of Johnston County Parks , seconded by Commissioner Patrick E Harris , and carried unanimously Page82 April 19 , 2021 – 6 00 pm Continued 5 Buildings & Grounds – Sole Source Procurement – Detention Door Control System Building & Grounds Director Daniel Clifton requested the Board’s approval to utilize sole source purchasing for the replacement of the detention door control system in the current Jail Mr Clifton explained that Montgomery Technology Systems , LLC MTS is proposing to provide a Montgomery Technology , Inc MTI control system He stated MTI has been in business for over 30 years and has completed over 2,000 installations in the detention market Mr Clifton stated this same system will also be utilized at the new Detention Center and the utilization of this system at both locations will allow personnel to be familiar with the system and further , maintenance staff will be familiar with service and repair Mr Clifton noted the existing system is in need of immediate replacement because of rapidly failing parts and replacement parts being unavailable , which is both a logistical issue as well as a safety issue Upon a motion by Commissioner Fred J Smith , Jr , seconded by Commissioner Butch Lawter , and carried unanimously , the Board approved sole source procurement for the MTI system through Montgomery Technology Systems , LLC for the replacement of the detention door control system in the current jail 6 Broadband Study Update – ECC Technologies ECC Technologies Representative Jeff Brooks provided an update to the Board on the Broadband Infrastructure Study Mr Brooks reviewed the following information with the Board PagePage pageNumber583 April 19 , 2021 – 6 00 pm ContinuedPagePage pageNumber684 April 19 , 2021 – 6 00 pm ContinuedPagePage pageNumber785 April 19 , 2021 – 6 00 pm Continued The Commissioners discussed the information with Mr Brooks and how the Board can make sure that the citizens receive the best service in the future , considering the ever - changing technology Mr Brooks stated the Board’s next critical steps include identifying the needs and determining what the most pragmatic goals are for the County Commissioner Ted G Godwin stated there are a lot of citizens in the rural areas of the County that have issues with connectivity and he wants to see those areas identified and then look at how to fill those gaps in service Chairman Chad M Stewart agreed that considering the COVID - 19 Pandemic , everyone has learned just how important it is for people working from home and children in remote learning environments to have reliable broadband service Chairman Stewart stated the Board is committed to resolving the issue but he cautioned that unfortunately , it is not a quick process PagePage pageNumber886 April 19 , 2021 – 6 00 pm Continued 7 EMS – Community Paramedic Program Update and WellCare Contract Approval Emergency Services Assistant Director Josh Holloman addressed the Board and introduced Community Paramedic Program Coordinator Ashley Nelson Mr Holloman provided the Board with an overview of the Community Paramedic Program CPP and explained that while Emergency Medical Services is typically reactive , the CPP is a proactive service and based on prevention Mr Holloman stated the program began in 2015 through a partnership with Johnston Health and a Duke Endowment Grant that funded the first two years He stated the CPP provides care for patients identified as high utilizers that call EMS more than four times in a 30 - day period and the goal is to connect those patients with resources in an effort to prevent future calls Mr Holloman noted that often the high utilizers are patients who have been recently discharged from Johnston Health and are at a high risk for re - admittance within the next 30 days He stated since its beginning , the program has enrolled 1,700 patients with an 86 success rate and has received recognitions from the North Carolina Association of County Commissioners and the North Carolina Public Health Association Mr Holloman reported as part of Medicaid reform , North Carolina has partnered with five agencies to work as prepaid health plans that will administer the process for most Medicaid patients , with one of those being WellCare Mr Holloman asked the Board to consider approving a contract with WellCare for the County’s Community Paramedic Program Upon a question by Commissioner Larry Wood , Mr Holloman stated the CPP has two fulltime paramedics in addition to Coordinator Ashley Nelson and one vehicle Commissioner Ted G Godwin stated this program is viewed as being very valuable by Johnston Health and they appreciate everything that Ms Nelson and the staff does for the citizens Commissioner Patrick E Harris agreed and stated the program saves a lot of money because the hospital is at risk of losing revenue if a patient has to be readmitted within 30 days Commissioner Harris stated he has reviewed the proposed contract and supports the request because it would enhance the CPP Commissioner Patrick E Harris moved the Board approve the provider agreement between the County and WellCare Health Plans , Inc for the Community Paramedic Program , as submitted in the agenda packet Commissioner Ted G Godwin seconded the motion , which carried unanimously 8 Economic Development – Update to the Board Economic Development Director Chris Johnson stated Economic Development is a team sport and he feels that Johnston County has a great team Mr Johnson commented that he began his employment with Johnston County eight years ago and he has enjoyed every single day Mr Johnson stated the Economic Development Department is currently a two - person operation and he praised Economic Development Technician Janel Parker for her work in the office He noted in the last 16 months , the office has responded to over 100 Requests for Information RFI but unfortunately , there were 40 DNR’s Did Not Respond Mr Johnson continued that Johnston County is fortunate to be involved with the Research Triangle Regional Partnership and he values the working relationship the office has with other surrounding counties Mr Johnson stated he is excited to work with Clayton’s Economic Development Director Patrick Pierce and looks forward to future collaborations on projects He also recognized the towns as well as Chambers of Commerce for all they do for the County and thanked the many County departments that provide assistance to his office Mr Johnson informed the Board that today most consultants want more and more options He stated Johnston County has 12 certified sites in the inventory and he is very appreciative to all those landowners that have been willing to put up their property at no cost Mr Johnson reported even for all its success , Johnston County is lacking in product development as it relates to existing buildings He stated the lack of existing product is the reason why the office had 40 DNR’s Mr Johnson spoke on various spec building programs utilized in other counties and stated Johnston County needs to consider some type of program if it wants to remain competitive He also noted that strategic land purchases must be considered because with the number of developers looking for land in the County , it is driving the land costs up more and more Mr Johnson encouraged the Board to consider strategic land purchasing and product development , stating if the County wants to remain competitive , then it needs to be aggressive Mr Johnson concluded his remarks by recognizing Economic Development Advisory Board Chairman Randy Jones and he thanked all the members that serve with Mr Jones Mr Johnson stated the Advisory BoardPagePage pageNumber987 April 19 , 2021 – 6 00 pm Continued consists of citizens from all across Johnston County that do a fine job and he wants to continue to maximize their strength Advisory Board Chairman Randy Jones echoed the comments by Mr Johnson stating the competition is fierce and more product is needed Chairman Chad M Stewart thanked Mr Jones and all the other members on the Advisory Board for their service to the County 9 Finance – Introduction and Adoption of a General Obligation Refunding Bond Order The following Bond Order was discussed and its title was read ORDER AUTHORIZING 37,700,000 REFUNDING BONDS BE IT ORDERED by the Board of Commissioners for the County of Johnston , North Carolina 1 That , pursuant to The Local Government Bond Act , as amended , the County of Johnston , North Carolina , is hereby authorized to contract a debt , in addition to any and all other debt which said County may now or hereafter have power or authority to contract , and in evidence thereof , to issue Refunding Bonds in an aggregate principal amount not exceeding 37,700,000 , for the purpose of providing funds , for i refunding all or a portion of the following outstanding general obligation bonds of said County 16,400,000 Public Improvement Bonds , Series 2014 , dated March 4 , 2014 and stated to mature on February 1 , 2022 to February 1 , 2034 , inclusive ; and 16,250,000 School Bonds , Series 2015 , dated April 21 , 2015 and stated to mature on February 1 , 2022 to February 1 , 2035 , inclusive ; and ii paying expenses related thereto 2 That taxes shall be levied in an amount sufficient to pay the principal of and the interest on said Refunding Bonds 3 That a sworn statement of debt shall be filed with the Clerk to the Board of Commissioners pursuant to NCGS § 159 - 55 and be open to public inspection 4 That this order shall take effect upon its adoption Commissioner Fred J Smith , Jr then moved that the foregoing Bond Order be “ introduced , ” such motion was seconded by Commissioner Ted G Godwin , and a vote thereon was as follows Ayes Commissioners Chad M Stewart , Larry Wood , Tony Braswell , Ted G Godwin , Patrick E Harris , Butch Lawter , and Fred J Smith , Jr Nays None The Board of Commissioners then designated the Director of Finance as the officer whose duty it shall be to make and file with the Clerk to the Board of Commissioners the statement of estimated interest with respect to the bonds , which is required by The Local Government Bond Act , as amended , to be filed at the time the bond order is introduced Thereupon the Director of Finance filed with the Clerk to the Board of Commissioners , in the presence of the Board of Commissioners , the statement of estimated interest with respect to the bonds as so required The Board of Commissioners then designated the Director of Finance as the officer whose duty it shall be to make and file with the Clerk to the Board of Commissioners the sworn statement of debt of the County which is required by The Local Government Bond Act , as amended , to be filed after the bond order has been introduced Thereupon the Director of Finance filed with the Clerk to the Board of Commissioners , in the presence of the Board of Commissioners , the sworn statement of debt as so required Commissioner Fred J Smith , Jr then moved the adoption of the Bond Order entitled ORDER AUTHORIZING 37,700,000 REFUNDING BONDS and to ratify and confirm the appointment of Nexsen Pruet , PLLC and Davenport & Company , LLC , as bond counsel and financial advisor , respectively , with respectPage088 April 19 , 2021 – 6 00 pm Continued to said Refunding Bonds Commissioner Ted G Godwin seconded the motion and the Bond Order was passed and adopted by the following vote Ayes Commissioners Chad M Stewart , Larry Wood , Tony Braswell , Ted G Godwin , Patrick E Harris , Butch Lawter , and Fred J Smith , Jr Nays None The Clerk to the Board of Commissioners was thereupon directed to cause said Bond Order to be published , together with the appended statement as required by The Local Government Bond Act , as amended , once in the applicable Zone Edition of The News & Observer 10 Finance – Resolution Providing for Issuance of 14,510,000 GO Refunding Bonds , Series 2021 The Chairman introduced the following resolution , a summary of which had been provided to each Commissioner , a copy of which was available with the Clerk to the Board and which was read by title RESOLUTION PROVIDING FOR THE ISSUANCE OF 14,510,000 TAXABLE GENERAL OBLIGATION REFUNDING BONDS , SERIES 2021 , SUBJECT TO ADUSTMENT AS PROVIDED HEREIN BE IT RESOLVED by the Board of Commissioners the “ Board ” of the County of Johnston , North Carolina the “ County ” Section 1 The Board has determined and does hereby find , declare and represent a That an order the “ 2021 Order ” authorizing 37,700,000 Refunding Bonds was adopted by the Board on April 19 , 2021 , which order has taken effect b That none of the Bonds authorized to be issued by the 2021 Order have been issued , that no notes have been issued in anticipation of the receipt of the proceeds of the sale of the Bonds and that it is necessary at this time to issue all or a portion of said Bonds and to use the proceeds thereof , together with any other funds necessary , to advance refund all or a portion of each maturity of the County’s outstanding Public Improvement Bonds , Series 2014 , dated March 4 , 2014 the “ Bonds to be Refunded ” c That the prospective Bonds To Be Refunded financed , together with any other funds necessary , various public school and other public facilities of the County d That the shortest period of time in which the Bonds To Be Refunded can be finally paid without making it unduly burdensome on the taxpayers of the County , as determined by the Local Government Commission of North Carolina , is a period which expires not later than December 31 , 2051 Section 2 Pursuant to the 2021 Order there shall be issued Bonds of the County to refund the Bonds To Be Refunded in the aggregate principal amount of 14,510,000 , with such amount subject to adjustment as hereinafter set forth , designated “ Taxable General Obligation Refunding Bonds , Series 2021 ” and dated their date of delivery , or such other date as may be designated by the County Manager or Director of Finance the “ Series 2021 Bonds ” The Chairman or Vice - Chairman of the Board , the County Manager or the Director of Finance , respectively , each acting on behalf of the County , may increase or decrease the aggregate principal amount of the Series 2021 Bonds by any amount , so long as the aggregate principal amount of Series 2021 Bonds issued pursuant to the 2021 Order to refund the Bonds To Be Refunded shall not exceed 37,700,000 , as determined to be in the best interest of the County , and may make any such increase or decrease either before or after the bids are opened The Series 2021 Bonds shall be stated to mature subject to adjustment as hereinafter set forth annually , February 1 or such other date designated in accordance with the immediately preceding sentence , 265,000 2022 , 195,000 2023 , 200,000 2024 , 1,600,000 2025 , 1,555,000 2026 , 1,530,000 2027 , 1,505,000 2028 , 1,480,000 2029 , 1,460,000 2030 , 1,440,000 2031 , 1,415,000 2032 , 1,395,000 2033 and 470,000 2034 The foregoing notwithstanding , the Chairman or Vice - Chairman of the Board , County Manager or Director of Finance , respectively , each acting on behalf of the County , may increase or decrease the principal amount of the Series 2021 Bonds maturing at each maturity , either before or after the opening of bids including elimination or addition of one or more maturities , provided that the aggregate principal amount of Series 2021 Bonds issued pursuant to the 2021 Order to refund the Bonds To Be Refunded shall not exceed 37,700,000 , and no Series 2021 Bond shall mature later than December 31 , 2051 Notwithstanding the foregoing principal amortization schedule , the Chairman or Vice - Chairman of the Board , County Manager or Director of Finance , respectively , each acting on behalf of the County , may determine in connection with the sale of the Series 2021 Bonds that , in lieu of the serial maturities set forth above , that one or more maturities of the Series 2021 Bonds will be issued as term Series 2021 Bonds with annual installments of principal , together with such other changes to the remaining serial maturities of the Series 2021 Bonds , all as specified by the Chairman or Vice - Chairman of the Board , County Manager or Director of Finance , respectively , either before or after the opening of bids ThePage189 April 19 , 2021 – 6 00 pm Continued Series 2021 Bonds shall bear interest at a rate or rates to be determined by the Local Government Commission of North Carolina at the time the Series 2021 Bonds are sold , which interest to the respective maturities thereof shall be payable on [ August 1 , 2021 ] or such other date as is designated by the County Manager or the Director of Finance in connection with the sale of the Series 2021 Bonds and semiannually thereafter on February 1 and August 1 of each year or other semiannual dates designated by the County Manager or the Director of Finance in connection with the sale of the Series 2021 Bonds until payment of such principal sum Notwithstanding the foregoing provisions of this resolution , since interest rates on a proposed sale date are unpredictable , at any time before the Series 2021 Bonds are awarded , the County Manager or the Director of Finance , respectively , acting on behalf of the County , may from time to time defer the sale of all or any portion of the Series 2021 Bonds including postponement to a later date , to a subsequently announced date or indefinitely Section 3 Each Series 2021 Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated unless it is a authenticated upon an interest payment date in which event it shall bear interest from such interest payment date or b authenticated prior to the first interest payment date in which event it shall bear interest from its date ; provided , however , that if at the time of authentication interest is in default , such Series 2021 Bond shall bear interest from the date to which interest has been paid The principal of and the interest and any redemption premium on the Series 2021 Bonds shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof Section 4 The Series 2021 Bonds initially will be issued by means of a book - entry system with no physical distribution of Series 2021 Bond certificates to be made except as hereinafter provided Initially one fully registered Series 2021 Bond certificate for each stated maturity of the Series 2021 Bonds in the aggregate principal amount of the Series 2021 Bonds of such stated maturity and registered in the name of the Securities Depository Nominee defined below , a nominee of the Securities Depository defined below , will be issued and required to be deposited with the Securities Depository and immobilized in its custody The book - entry system of the Securities Depository will evidence positions held in the Series 2021 Bonds by the Securities Depository’s participants , with beneficial ownership of the Series 2021 Bonds in the principal amount of 5,000 or any whole multiple thereof being evidenced in the records of such participants Transfers of beneficial ownership will be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants The County and the Bond Registrar will recognize the Securities Depository Nominee or the Securities Depository , as the case may be , while the registered owner of the Series 2021 Bonds , as the owner of the Series 2021 Bonds for all purposes , including payments of principal of , and redemption premium , if any , and interest on the Series 2021 Bonds , notices and voting The principal of and any redemption premium on each Series 2021 Bond shall be payable to the Securities Depository Nominee or any other person appearing on the registration books of the County hereinafter provided for as the registered owner of such Series 2021 Bond , or his registered assigns or legal representative at the office of the Bond Registrar mentioned hereinafter or such other place as the County may determine upon the presentation and surrender thereof as the same shall become due and payable Payment of the interest on each Series 2021 Bond shall be made by the Bond Registrar on each interest payment date to the registered owner of such Series 2021 Bond or the previous Series 2021 Bond or Series 2021 Bonds evidencing the same debt as that evidenced by such Series 2021 Bond at the close of business on the record date for such interest , which shall be the 15th day whether or not a business day of the calendar month next preceding such interest payment date , by check mailed to such person at his address as it appears on such registration books or , during the continuation of the book - entry system , by such other method of payment as the County may determine to be necessary or advisable with the concurrence of the Securities Depository Transfer of principal and interest and any redemption premium payments to participants of the Securities Depository will be the responsibility of the Securities Depository , and transfer of principal and interest and any redemption premium payments to beneficial owners of the Series 2021 Bonds by participants of the Securities Depository will be the responsibility of such participants and other nominees of such beneficial owners Such transfers of interest by the Securities Depository and by such participants and other nominees of such beneficial owners may be made to the owners of Series 2021 Bonds shown on their records on a date on or after said record date for such interest , pursuant to rules and procedures established by the Securities Depository and its participants The County and the Bond Registrar will not be responsible or liable for such transfers of payments or for maintaining , supervising or reviewing records maintained by the Securities Depository , its participants or persons acting through such participants In the event that a any Securities Depository determines not to continue to act as securities depository for the Series 2021 Bonds , or b the Director of Finance of the County determines to discontinue the book - entry system with such Securities Depository , the County may identify another qualified Securities Depository to replace the predecessor Securities Depository and , in such event , the County will make arrangements with the predecessor Securities Depository and such other Securities Depository to effect such replacement and deliverPage290 April 19 , 2021 – 6 00 pm Continued replacement Series 2021 Bonds registered in the name of such other depository or its nominee in exchange for the outstanding Series 2021 Bonds , and all references in this resolution to any predecessor Securities Depository or Securities Depository Nominee shall thereupon be deemed to mean such other depository or its nominee If the County does not identify another qualified Securities Depository to replace the predecessor Securities Depository , the County will deliver replacement Series 2021 Bonds in the form of fully registered certificates in the denomination of 5,000 or any whole multiple thereof “ Certificated Series 2021 Bonds ” in exchange for the outstanding Series 2021 Bonds as required by the predecessor Securities Depository and others Upon the request of the Securities Depository , the County may also deliver one or more Certificated Series 2021 Bonds to any participant of the Securities Depository in exchange for Series 2021 Bonds credited to its account with the Securities Depository The County and the Bond Registrar shall be entitled to rely upon the instructions of the Securities Depository as to the appropriate parties entitled to receive Certificated Series 2021 Bonds For purposes of this resolution “ Securities Depository ” means The Depository Trust Company , New York , New York , or other recognized securities depository selected by the County , which maintains the book - entry system in respect of the Series 2021 Bonds authorized by this resolution , and shall include any substitute for or successor to the securities depository initially acting as Securities Depository For purposes of this resolution “ Securities Depository Nominee ” means , as to any Securities Depository , such Securities Depository or the nominee , if any , of such Securities Depository in whose name the Series 2021 Bond certificates shall be registered on the registration books maintained by the Bond Registrar during the continuation with such Securities Depository of the book - entry system authorized by this resolution The Depository Trust Company , New York , New York , is hereby appointed as the initial Securities Depository , and Cede & Co , a nominee thereof , is hereby appointed as the initial Securities Depository Nominee for the Series 2021 Bonds Unless indicated otherwise , the provisions of this resolution that follow shall apply to all Series 2021 Bonds issued or issuable hereunder , whether initially or in replacement thereof Section 5 The Series 2021 Bonds shall be executed with the manual or facsimile signatures of the Chairman or Vice Chairman of the Board and the Clerk to the Board , and the seal or a facsimile of the seal of the County shall be impressed or imprinted , as the case may be , on the Series 2021 Bonds The certificate of the Local Government Commission of North Carolina shall be endorsed on all Series 2021 Bonds , and shall bear the manual or facsimile signature of the Secretary of said Commission or on behalf of the Secretary by a Designated Assistant and the certificate of authentication of the Bond Registrar to be endorsed on all Series 2021 Bonds shall be executed as provided hereinafter In case any officer of the County or the Local Government Commission of North Carolina whose manual or facsimile signature shall appear on any Series 2021 Bonds shall cease to be such officer before the delivery of such Series 2021 Bonds , such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery , and any Series 2021 Bond may bear the manual or facsimile signatures of such persons as at the actual time of the execution of such Series 2021 Bond shall be the proper officers to sign such Series 2021 Bond , although at the date of such Series 2021 Bond , such persons may not have been such officers No Series 2021 Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this resolution until it shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed thereon Section 6 The Series 2021 Bonds and the endorsements thereon shall be in substantially the following form [ Front Side of Printed Series 2021 Bonds ] No R - ______ ______________ United States of America State of North Carolina COUNTY OF JOHNSTON , NORTH CAROLINA Taxable General Obligation Refunding Bonds , Series 2021 MATURITY DATE INTEREST RATE CUSIP _____________ __________________ ________ The County of Johnston , North Carolina the “ County ” , is justly indebted and for value received hereby promises to pay to _______________________________________________ or registered assigns or legal representative on the date specified above or earlier as hereinafter referred to , upon the presentation and surrender hereof , at the office of the Director of Finance of the County , currently at Johnston County Office Building , 207 E Johnston Street , Smithfield , North Carolina 27577 the “ Bond Registrar ” , the principal sum of ___________________________________________ DOLLARS and to pay interest on such principal sum from the date hereof or from the February 1 or August 1 next preceding the date of authentication to which interest shall have been paid , unless such date of authentication is a February 1 or August 1 to which interest shall have been paid , in which case from such date , such interest to the maturityPage391 April 19 , 2021 – 6 00 pm Continued hereof being payable on [ August 1 , 2021 ] and semiannually thereafter on February 1 and August 1 in each year , at the rate per annum specified above , until payment of such principal sum The interest so payable on any such interest payment date will be paid to the person in whose name this Series 2021 Bond or the previous Series 2021 Bond or Series 2021 Bonds evidencing the same debt as that evidenced by this Series 2021 Bond is registered at the close of business on the record date for such interest , which shall be the 15th day whether or not a business day of the calendar month next preceding such interest payment date , by check mailed to such person at his address as it appears on the Bond registration books of the County Both the principal of and the interest on this Series 2021 Bond shall be paid in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the respective dates of payment thereof For the prompt payment hereof , both principal and interest as the same shall become due , the faith and credit of the County are hereby irrevocably pledged [ Printed Series 2021 Bonds are to include the following paragraph ] ADDITIONAL PROVISIONS OF THIS SERIES 2021 BOND ARE SET FORTH ON THE REVERSE HEREOF AND SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH HERE [ Reverse Side of Printed Series 2021 Bonds ] This Bond is one of an issue of Bonds designated “ Taxable General Obligation Refunding Bonds , Series 2021 ” the “ Series 2021 Bonds ” and issued by the County for the purpose of providing funds , with any other funds necessary , for refunding all or a portion of the County’s outstanding Public Improvement Bonds , Series 2014 , dated March 4 , 2014 This Series 2021 Bond is issued under and pursuant to The Local Government Bond Act , as amended , Article 7 , as amended , of Chapter 159 of the General Statutes of North Carolina , an order adopted by the Board of Commissioners the “ Board ” of the County which has taken effect as provided by law , and a resolution duly passed by the Board of the County the “ Resolution ” The Series 2021 Bonds maturing prior to February 1 , 20__ are not subject to redemption prior to maturity The Series 2021 Bonds maturing on February 1 , 20__ and thereafter may be redeemed , at the option of the County , from any moneys that may be made available for such purpose , either in whole or in part on any date not earlier than February 1 , 20__ , at a redemption price equal to 100 of the principal amount of the Series 2021 Bonds to be redeemed , together with interest accrued thereon to the date fixed for redemption , without premium If less than all of the Series 2021 Bonds of any one maturity shall be called for redemption , the particular Series 2021 Bonds or portions of Series 2021 Bonds of such maturity to be redeemed shall be selected by lot in such manner as the County in its discretion may determine ; provided , however , that the portion of any Series 2021 Bond to be redeemed shall be in the principal amount of 5,000 or some whole multiple thereof and that , in selecting Series 2021 Bonds for redemption , each Series 2021 Bond shall be considered as representing that number of Series 2021 Bonds which is obtained by dividing the principal amount of such Series 2021 Bond by 5,000 If less than all of the Series 2021 Bonds stated to mature on different dates shall be called for redemption , the particular Series 2021 Bonds or portions thereof to be redeemed shall be called in such maturities and amounts of those maturities as shall be determined by the County Not more than 60 days nor less than 30 days before the redemption date of any Series 2021 Bonds to be redeemed , whether such redemption be in whole or in part , the County shall cause a notice of such redemption to be filed with the Bond Registrar and to be mailed , postage prepaid , to the registered owner of each Series 2021 Bond to be redeemed in whole or in part at the address of said owner appearing upon the registration books of the County Failure to mail such notice or any defect therein as to any Series 2021 Bond or portion thereof shall not affect the validity of the redemption as to any Series 2021 Bond or portion thereof for which such notice was given as required hereby On the date fixed for redemption , notice of such call for redemption having been given as aforesaid and not revoked as hereinafter provided , the Series 2021 Bonds or portions thereof so called for redemption shall be due and payable at the redemption price provided therefor , plus accrued interest to such date If moneys for payment of such redemption price and the accrued interest are held by the Bond Registrar as provided in the Resolution , interest on the Series 2021 Bonds or the portions thereof called for redemption shall cease to accrue , such Series 2021 Bonds or portions thereof shall cease to be entitled to any benefits or security under the Resolution or to be deemed outstanding , and the registered owners of such Series 2021 Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof , plus accrued interest to the date of redemption If a portion of this Series 2021 Bond shall be called for redemption , a new Series 2021 Bond or Series 2021 Bonds in principal amount equal to the unredeemed portion hereof will be issued to the registered owner hereof or the legal representative of said owner upon the surrender hereof The County shall have the right to revoke any call of Series 2021 Bonds for redemption if , on or prior to the third 3rd business day preceding any date fixed for redemption of Series 2021 Bonds , the County gives written notice to the Bond Registrar and the registered owner of each Series 2021 Bond theretofore called for redemption that the County has elected to revoke its call of such Series 2021 Bonds for redemption [ The following four paragraphs are to be included in the form of Series 2021 Bond so long as the Series 2021 Bonds are being issued pursuant to a book - entry system ] The Series 2021 Bonds initially are being issued by means of a book - entry system with no physical distribution of Series 2021 Bond certificates to be made except as provided in the Resolution Initially one fullyPage492 April 19 , 2021 – 6 00 pm Continued registered Series 2021 Bond certificate for each stated maturity of the Series 2021 Bonds , in the aggregate principal amount of the Series 2021 Bonds of such stated maturity and registered in the name of the Securities Depository Nominee as defined in the Resolution , a nominee of the Securities Depository as defined in the Resolution , is being issued and required to be deposited with the Securities Depository and immobilized in its custody The book - entry system of the Securities Depository will evidence positions held in the Series 2021 Bonds by the Securities Depository’s participants , with beneficial ownership of the Series 2021 Bonds in the principal amount of 5,000 or any whole multiple thereof being evidenced in the records of such participants Transfers of beneficial ownership will be effected on the records of the Securities Depository and its participants pursuant to rules and procedures established by the Securities Depository and its participants The County and the Bond Registrar will recognize the Securities Depository Nominee or the Securities Depository , as the case may be , while the registered owner of this Series 2021 Bond , as the owner of this Series 2021 Bond for all purposes , including payments of principal of , redemption premium , if any , and interest on this Series 2021 Bond , notices and voting Transfer of principal and interest and any redemption premium payments to participants of the Securities Depository will be the responsibility of the Securities Depository , and transfer of principal and interest and any redemption premium payments to beneficial owners of the Series 2021 Bonds by participants of the Securities Depository will be the responsibility of such participants and other nominees of such beneficial owners The County and the Bond Registrar will not be responsible or liable for such transfers of payments or for maintaining , supervising or reviewing records maintained by the Securities Depository , its participants or persons acting through such participants While the Securities Depository Nominee or the Securities Depository , as the case may be , is the owner of this Series 2021 Bond , notwithstanding the provisions hereinabove contained , payments of principal of , redemption premium , if any , and interest on this Series 2021 Bond shall be made to the Securities Depository Nominee or the Securities Depository , as the case may be , by wire transfer in immediately available funds to the account of said holder as may be specified in the Bond registration books maintained by the Bond Registrar or by such other method of payment as the County may determine to be necessary or advisable with the concurrence of the Securities Depository Further , so long as a book - entry system is used for determining beneficial ownership of Series 2021 Bonds , redemption notices shall be given to the Securities Depository Nominee by certified or registered mail or by such other method as the County may determine to be necessary or advisable with the concurrence of the Securities Depository In addition , so long as a book - entry system is used for determining beneficial ownership of Series 2021 Bonds , if less than all of the Series 2021 Bonds of any one maturity shall be called for redemption , the Securities Depository shall determine by lot the amount of interest of each direct participant of the Securities Depository in the Series 2021 Bonds within such maturity to be redeemed In certain events , the County may replace the Securities Depository at the time with another qualified securities depository In certain events , the County may discontinue the book - entry system and deliver replacement Series 2021 Bonds in the form of fully registered certificates in the denomination of 5,000 or any whole multiple thereof in exchange for the outstanding Series 2021 Bonds as provided in the Resolution At the office of the Bond Registrar , in the manner and subject to the conditions provided in the Resolution , Series 2021 Bonds may be exchanged for an equal aggregate principal amount of Series 2021 Bonds of the same maturity , of authorized denominations and bearing interest at the same rate The Bond Registrar shall keep at its office the books of the County for the registration of transfer of Series 2021 Bonds The transfer of this Series 2021 Bond may be registered only upon such books and as otherwise provided in the Resolution upon the surrender hereof to the Bond Registrar together with an assignment duly executed by the registered owner hereof or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar Upon any such registration of transfer , the Bond Registrar shall authenticate and deliver in exchange for this Series 2021 Bond a new Series 2021 Bond or Series 2021 Bonds , registered in the name of the transferee , of authorized denominations , in an aggregate principal amount equal to the unredeemed principal amount of this Series 2021 Bond , of the same maturity and bearing interest at the same rate The Bond Registrar shall not be required to exchange or register the transfer of any Series 2021 Bond during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Series 2021 Bonds or any portion thereof and ending at the close of business on the day of such mailing or of any Series 2021 Bond called for redemption in whole or in part pursuant to the Resolution It is hereby certified and recited that all acts , conditions and things required by the Constitution and laws of North Carolina to happen , exist and be performed precedent to and in the issuance of this Series 2021 Bond have happened , exist and have been performed in regular and due form and time as so required ; that provision has been made for the levy and collection of a direct annual tax upon all taxable property within the geographic boundaries of the County sufficient to pay the principal of and the interest on this Series 2021 Bond as the same shall become due ; and that the total indebtedness of the County , including this Series 2021 Bond , does not exceed any constitutional or statutory limitation thereon [ The following paragraphs through the Certificate of Authentication are to appear on the front side of printed Series 2021 Bonds ]Page593 April 19 , 2021 – 6 00 pm Continued This Series 2021 Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Resolution until this Series 2021 Bond shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed hereon [ Signatures begin on next page ] IN WITNESS WHEREOF , said County of Johnston , by resolution duly adopted by its Board , has caused this Series 2021 Bond to be executed with the manual or facsimile signatures of the [ Chairman Vice - Chairman ] and the Clerk to the Board and its seal to be impressed or imprinted hereon , all as of the _____ day of __________ , 2021 COUNTY OF JOHNSTON , NORTH CAROLINA [ Manual or Facsimile Signature ] [ Chairman Vice - Chairman ] [ SEAL ] [ Manual or Facsimile Signature ] Clerk to the Board of Commissioners CERTIFICATE OF LOCAL GOVERNMENT COMMISSION The issuance of the within Series 2021 Bond has been approved under the provisions of The Local Government Bond Act of North Carolina [ Manual or Facsimile Signature ] Secretary , Local Government Commission [ By ] [ Designated Assistant ] CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the series designated herein and issued under the provisions of the within - mentioned Resolution COUNTY OF JOHNSTON , NORTH CAROLINA as Bond Registrar By _____________________________ Director of Finance Date of Authentication ____ ___ , 2021 ASSIGNMENT FOR VALUE RECEIVED the undersigned registered owner thereof hereby sells , assigns and transfers unto_______________________________________________________________________________________ ________________________________________________________the within Series 2021 Bond and all rights thereunder and hereby irrevocably constitutes and appoints ___________________________________________ attorney to register the transfer of said Series 2021 Bond on the books kept for registration thereof , with full power of substitution in the premises Dated ________________ ___________________________________ Assignor’s Signature Signature Guaranteed _______________________________ NOTICE The assignor’s signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Series 2021 Bond in every particular , without alteration or enlargement or any change whatever [ End of Series 2021 Bond Form ] Certificated Series 2021 Bonds issuable hereunder shall be in substantially the form of the Series 2021 Bonds registered in the name of the Securities Depository Nominee with such changes as are necessary to reflect the provisions of this resolution that are applicable to Certificated Series 2021 Bonds Section 7 The various maturities of the Series 2021 Bonds will be subject to redemption prior to their respective maturity as set forth herein or as otherwise designated by the County Manager or Director of Finance at the time of sale of the Series 2021 Bonds All or any of the maturities of the Series 2021 Bonds , as so designated by the County Manager or Director of Finance , may be nonredeemable prior to their stated maturity If any of the Series 2021 Bonds are to be redeemable before their stated maturity , the provisions set forth in the remainder of this Section 7 shall apply ; but such provisions shall be inapplicable if none of the Series 2021 Bonds are subject to redemption prior to their stated maturity The Series 2021 Bonds maturing prior to February 1 , 20__ will not be subject to redemption prior to maturity The Series 2021 Bonds maturing on February 1 , 20__ and thereafter will be redeemable , at the option of the County , from any moneys that may be made available for such purpose , either in whole or in part on any date not earlier than February 1 , 20__ at a redemption price equal to 100 of the principal amount of the Series 2021 Bonds to be redeemed , together with interest accrued thereon to the date fixed for redemption , without premium Page694 April 19 , 2021 – 6 00 pm Continued If less than all of the Series 2021 Bonds of any one maturity shall be called for redemption then , subject to the sentence immediately following , the particular Series 2021 Bonds , or portions of Series 2021 Bonds , of such maturity to be redeemed shall be selected by lot in such manner as the County in its discretion may determine ; provided , however , that the portion of any Series 2021 Bond to be redeemed shall be in the principal amount of 5,000 or some whole multiple thereof and that , in selecting Series 2021 Bonds for redemption , each Series 2021 Bond shall be considered as representing that number of Series 2021 Bonds which is obtained by dividing the principal amount of such Series 2021 Bond by 5,000 So long as a book - entry system is used for determining beneficial ownership of Series 2021 Bonds if less than all of the Series 2021 Bonds of any one maturity shall be called for redemption , the Securities Depository shall determine by lot the amount of interest of each direct participant of the Securities Depository in the Series 2021 Bonds within such maturity to be redeemed If less than all of the Series 2021 Bonds stated to mature on different dates shall be called for redemption , the particular Series 2021 Bonds , or portions thereof to be redeemed shall be called in such maturities and amounts of those maturities as shall be determined by the County Not more than 60 days nor less than 30 days before the redemption date of any Series 2021 Bonds to be redeemed , whether such redemption be in whole or in part , the County shall cause a notice of such redemption to be filed with the Bond Registrar and to be mailed , postage prepaid , to the registered owner of each Series 2021 Bond to be redeemed in whole or in part at the address of said owner appearing upon the registration books of the County ; provided , however , so long as a book - entry system is used for determining beneficial ownership of Series 2021 Bonds , such notice shall be given to the Securities Depository Nominee by certified or registered mail or by such other method as the County may determine to be necessary or advisable with the concurrence of the Securities Depository Failure to mail such notice or any defect therein as to any Series 2021 Bond or portion thereof shall not affect the validity of the redemption as to any Series 2021 Bond or portion thereof for which such notice was given as required hereby Each such notice shall set forth the date designated for redemption , the redemption price to be paid and the maturities of the Series 2021 Bonds to be redeemed In the event that Certificated Series 2021 Bonds are outstanding , each such notice to the registered owners thereof shall also set forth , if less than all of the Series 2021 Bonds of any maturity then outstanding shall be called for redemption , the distinctive numbers and letters , if any , of such Series 2021 Bonds to be redeemed and , in the case of any Series 2021 Bond to be redeemed in part only , the portion of the principal amount thereof to be redeemed If any Series 2021 Bond is to be redeemed in part only , the notice of redemption shall state also that on or after the redemption date , upon surrender of such Series 2021 Bond , a new Series 2021 Bond or Series 2021 Bonds in principal amount equal to the unredeemed portion of such Series 2021 Bond will be issued The County shall have the right to revoke any call of Series 2021 Bonds for redemption if , on or prior to the third 3rd business day preceding any date fixed for redemption of Series 2021 Bonds , the County gives written notice to the Bond Registrar and the registered owner of each Series 2021 Bond theretofore called for redemption that the County has elected to revoke its call of such Series 2021 Bonds for redemption If any Series 2021 Bonds , or portions thereof , are to be redeemed , the Bond Registrar shall open a separate account for the sole benefit of the Bondholders whose Series 2021 Bonds are being redeemed , which account may be maintained by the Bond Registrar or by an agent On or before the date fixed for redemption , moneys shall be deposited with the Bond Registrar in its capacity as such for deposit in such account to pay the principal of and the redemption premium , if any , on the Series 2021 Bonds or portions thereof called for redemption as well as the interest accruing thereon to the redemption date thereof On the date fixed for redemption , notice of such call for redemption having been given in the manner and under the conditions hereinabove provided and not revoked as hereinabove provided , the Series 2021 Bonds , or portions thereof so called for redemption shall be due and payable from the moneys required to be deposited in such account at the redemption price provided therefor , plus accrued interest to such date If moneys sufficient to pay the redemption price of the Series 2021 Bonds , or portions thereof to be redeemed , plus accrued interest thereon to the date fixed for redemption , are held by the Bond Registrar in such account in trust for the registered owners of Series 2021 Bonds , or portions thereof to be redeemed , interest on the Series 2021 Bonds or portions thereof called for redemption shall cease to accrue , such Series 2021 Bonds or portions thereof shall cease to be entitled to any benefits or security under this resolution or to be deemed outstanding , and the registered owners of such Series 2021 Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof , plus accrued interest to the date of redemption If a portion of a Series 2021 Bond shall be selected for redemption , the registered owner thereof or his attorney or legal representative shall present and surrender such Series 2021 Bond to the Bond Registrar for payment of the principal amount thereof so called for redemption and the redemption premium , if any , on such principal amount , and the Bond Registrar shall authenticate and deliver to or upon the order of such registered owner or his legal representative , without charge therefor , for the unredeemed portion of the principal amount of the Series 2021 Bond so surrendered , a Series 2021 Bond or Series 2021 Bonds of the same maturity , of any denomination or denominations authorized by this resolution and bearing interest at the same rate Section 8 The provisions of this Section 8 relating to the exchange and transfer of Series 2021 Bonds are subject to the provisions for operation of the book - entry system provided in Section 4 of this resolution ,Page795 April 19 , 2021 – 6 00 pm Continued including the immobilization of Series 2021 Bond certificates with a Securities Depository during the continuation of the book - entry system Series 2021 Bonds , upon surrender thereof at the office of the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar , may , at the option of the registered owner thereof , be exchanged for an equal aggregate principal amount of Series 2021 Bonds of the same maturity , of any denomination or denominations authorized by this resolution and bearing interest at the same rate The transfer of any Series 2021 Bond may be registered only upon the registration books of the County upon the surrender thereof to the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar Upon any such registration of transfer , the Bond Registrar shall authenticate and deliver in exchange for such Series 2021 Bond a new Series 2021 Bond or Series 2021 Bonds , registered in the name of the transferee , of any denomination or denominations authorized by this resolution , in an aggregate principal amount equal to the unredeemed principal amount of such Series 2021 Bond so surrendered , of the same maturity and bearing interest at the same rate In all cases in which Series 2021 Bonds shall be exchanged or the transfer of Series 2021 Bonds shall be registered hereunder , the Bond Registrar shall authenticate and deliver at the earliest practicable time Series 2021 Bonds in accordance with the provisions of this resolution All Series 2021 Bonds surrendered in any such exchange or registration of transfer shall forthwith be cancelled by the Bond Registrar The County or the Bond Registrar may make a charge for every such exchange or registration of transfer of Series 2021 Bonds sufficient to reimburse it for shipping charges , out - of - pocket costs and any tax , fee or other governmental cha