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SECTION 5. DESCRIPTION OF BONDS. The Bonds shall be issued as fully registered <br />Bonds, may be issued in one or more series, shall contain a series designation indicating the <br />year of issuance and shall be numbered consecutively from one upward within each series of <br />Bonds; shall be in the denomination of $5,000 each or integral multiples thereof; shall bear <br />interest at such rate or rates not exceeding the maximum legal rate allowable by law, as shall be <br />determined at or before the time of sale thereof, such interest to be payable semi-annually, may <br />be Serial Bonds and\or Term Bonds, shall be dated and shall mature on such dates and in such <br />years, but in no event exceeding fifteen (15) years from their date of issuance and in such <br />amounts, all as shall be determined by subsequent resolution or resolutions of the County <br />Commission adopted on or prior to the sale thereof. <br />Each Bondshall bear interest from the interest payment date next preceding the date on <br />which it is authenticated, unless authenticated on an interest payment date, in which case it <br />shall bear interest from such interest payment date, or, unless authenticated prior to the first <br />interest payment date, in which case it shall bear interest from its dated date; provided, <br />however, that if at the time of authentication interest is in default, such Bond shall bear interest <br />from the date to which interest shall have been paid. <br />The principal of and the interest on the Bonds shall be payable in any coin or currency of <br />the United States of America which on the respective dates of payment thereof is legal tender <br />for the payment of public and private debts. The principal of the Bonds shall be payable only to <br />the registered Owner or his legal representative at the principal corporate trust office of the <br />Paying Agent, and payment of the interest on the Bonds shall be made by the Paying Agent on <br />each interest payment date to the person appearing on the registration books of the Registrar <br />hereinafter provided for as of the date fifteen (15) days prior to each interest payment date, as <br />the registered Owner thereof, by check or draft mailed to such registered Owner at his address <br />as it appears on such registration books. Payment of the principal of all Bonds shall be made <br />upon the presentation and surrender of such Bonds at the principal corporate trust office of the <br />Registrar as the same shall become due and payable. <br />Notwithstanding any other provisions of this Section, the County may, at its option, <br />prior to the date of issuance of the Bonds, elect to use an immobilization system or pure book - <br />entry system with respect to issuance of such Bonds, provided adequate records will be kept <br />with respect to the ownership of such obligations issued in book -entry form or the beneficial <br />ownership of Bonds issued in the name of a nominee. As long as any Bonds are outstanding in <br />book -entry form, the provisions of this Resolution in conflict with such system of registration <br />shall not be applicable to such obligations. The provisions of such system ofbook-entry-only <br />registration shall be set forth in a subsequent resolution of the County adopted at or prior to the <br />sale of the Bonds. <br />SECTION 6. EXECUTION OF BONDS. The Bonds shall be manually signed by, or <br />bear the facsimile signature of the Chairman of the County Commission and shall be manually <br />signed by, or bear the facsimile signature of, the County Clerk and a facsimile of the official seal <br />of the County shall be imprinted on the Bonds. <br />4 <br />