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The moneys in the Sinking Fund available for the purchase or redemption of bonds shall be allocated to all series of bonds outstanding under the Resolution in the manner provided in the Resolution. If less than all of the bonds of any other maturity shall be called for redemption, the particular bonds to be redeemed shall be selected by lot as provided in the Resolution.

Any such redemption, either in whole or in part, shall be made upon at least thirty (30) days' prior notice by publication and otherwise as provided in the Resolution and shall be made in the manner and under the terms and conditions provided in the Resolution; provided, however, that notice by publication shall not be required for the redemption of any bonds held by the United States of America or any agency thereof. On the date designated for redemption, notice having been given and moneys for payment of the redemption price being held in trust for such purpose, all as provided in the Resolution, the bonds so called for redemption shall become and be due and payable at the redemption price provided for redemption of such bonds on such date, interest on the bonds so called for redemption shall cease to accrue, coupons for any such interest after such date shall be void, such bonds shall cease to be entitled to any lien, benefit or security under the Resolution, and the holders of such bonds shall have no rights in respect thereof except to receive payment of the redemption price therefor.

Modifications or amendments of the Resolution or of any resolution supplemental thereto may be made by the Board only to the extent and in the circumstances permitted by the Resolution.

This bond is registered as to both principal and interest in the name of the Payee on books of the Board kept by the Treasurer of the Board as Bond Registrar, and it may hereafter be transferred by the registered owner hereof only upon execution of an assignment hereon duly executed by such registered owner or by his or its attorney or legal representative. Notice of such assignment shall be given promptly by the assignor to the Bond Registrar by registered mail, such notice to be in such form as shall be satisfactory to the Bond Registrar, and upon receipt of such notice this bond shall be registered as to both principal and interest on such registration books in the name of the assignee named in such notice.

This bond is issued with the intent that the laws of the State of North Carolina shall govern its construction. All acts, conditions and things