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SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Bondholders from time to time, this Resolution shall be deemed to be and shall constitute a contract between the Issuer and such Bondholders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the legal Bondholders of any and all of such Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided therein and herein. SECTION 5. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions hereof and as shall be described in subsequent resolutions of the Issuer to be adopted prior to the issuance of the Bonds, obligations of the Issuer to be known as "Revenue Bonds (Spring Training Facility), Series 2001" are authorized to be issued in one or more series. The aggregate principal amount of the Bonds which may be executed and delivered under this Resolution is limited to a not to exceed aggregate principal amount of$18,000,000. SECTION 6. DESCRIPTION OF BONDS. The Bonds shall be issued in fully registered form; shall be dated; shall be numbered consecutively from one upward in order of maturity preceded by the letter"R"; shall be in the denomination of$5,000 each, or integral multiples thereof, or such other denominations as shall be approved by the Issuer in a subsequent resolution prior to the delivery of the Bonds; shall have such Paying Agent and Registrar as approved herein; shall bear interest at such rate or rates not exceeding the maximum rate allowed by State law, the actual rate or rates to be approved by the governing body of the Issuer prior to or upon the sale of the Bonds; such interest to be payable on each Interest Payment Date and shall mature on such date in such years and in such amounts as will be fixed by subsequent resolution of the Issuer prior to or upon the sale of the Bonds; and may be issued with fixed interest rates with or without original issue discounts; all as the Issuer shall provide herein or hereafter by subsequent resolution. Each Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated, unless authenticated on an interest payment date, in which case it shall bear interest from such interest payment date, or, unless authenticated prior to the first interest payment date, in which case it shall bear interest from its date; provided, however, that if at the time of authentication payment of any interest which is due and payable has not been made, such Bond shall bear interest from the date to which interest shall have been paid. The principal of, the interest and redemption premium, if any, on the Bonds shall be payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. The interest on the Bonds shall be payable by the Paying Agent on each interest payment date to the person appearing on the registration books of the Issuer hereinafter provided for as the registered Holder thereof, by check or draft mailed to such registered Holder at his address as it appears on such registration books or by wire transfer to Holders of$1,000,000 or more in principal amount of the Bonds. Payment of the principal of the Bonds shall be made upon the presentation and surrender of such Bonds as the same shall become due and payable. 7