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time, this Resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners. The covenants and agreements set forth herein to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of the Bonds, all of which Bonds shall be of equal rank and without preference, priority or distinction with respect to any other Bonds, except as expressly provided in this Resolution and in the Bonds. SECTION 5. AUTHORIZATION TO REFUND THE REFUNDED BONDS. The refunding of all of the outstanding Series 1993 Bonds is hereby authorized. The Series 1993 Bonds maturing on or after September 1, 2004 shall be redeemed on such date as is designated by subsequent resolution on September 1, 2003 at the applicable redemption price, plus accrued interest to the redemption date: The County shall provide for the refunding of the Refunded Bonds by: (a) transferring to the Refunded Bonds Paying Agent, from the various sinking funds for the Refunded Bonds the amounts therein allocable to the Refunded Bonds; (b) transferring to the Refunded Bonds Paying Agent from the various reserve accounts for the Refunded Bonds amounts, if any, to be specified by subsequent resolution of the Board; (c) depositing with the Refunded Bonds Paying Agent an amount from the proceeds of the sale of the Series 2003 Bonds to be specified by subsequent resolution of the Board; and (d) depositing with the Refunded Bonds Paying Agent an amount, if any, from other funds of the County to be specified by subsequent resolution of the Board, which amounts, shall be sufficient to provide for timely redemption of the Refunded Bonds on the date specified by the County Administrator. SECTION 6. AUTHORIZATION AND DESCRIPTION OF SERIES 2003 BONDS. Subject and pursuant to the provisions of this Resolution, obligations of the County to be known as "Recreational Revenue Refunding Bonds, Series 2003," are hereby authorized to be issued in the aggregate principal amount of not exceeding $7,500,000. The Series 2003 Bonds shall be dated as of a date to be fixed by subsequent resolution of the County and shall be numbered consecutively from R-1 upward. The Series 2003 Bonds shall be issued in Authorized Denominations, shall bear interest at such rate or rates, not exceeding the maximum rate authorized by applicable law, be payable on each Payment Date, shall mature on September 1 and in such years and in such amounts, shall be subject to redemption, in whole or in part, prior to their respective stated dates of maturity, at the option of the County or otherwise, at such times and in such manner and shall have such other terms and conditions all as may be determined by subsequent resolution of the Board adopted prior to the sale of the Series 2003 Bonds. Notwithstanding any other provisions of this Resolution, the Board may, at its option, prior to the date of issuance of any series of Bonds and subject to the approval of the purchasers of such Bonds, elect to use an immobilization system or pure book -entry system with respect to issuance of such Bonds, provided adequate records will be kept with respect to the ownership of such Bonds issued in book -entry form or the beneficial ownership of the such Bonds issued in the name of a nominee. The details of any alternative system of bond issuance, as described in this paragraph, shall be set forth in a resolution of the Board duly adopted at or prior to the delivery of such Bonds. 5