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SECTION 6. AUTHORIZATION OF SERIES 2005 BONDS. There is hereby authorized and directed to be issued the County's Water and Sewer Revenue Refunding Bonds, Series 2005 (the "2005 Bonds"), in the principal amount not to exceed $30,000,000. The Series 2005 Bonds shall be issued under and secured by the Original Resolution. The Series 2005 Bonds shall mature in the amounts and at the times, shall bear interest at the rates, be redeemable at the redemption prices and upon the terms and shall have all of the other characteristics, all as to be approved by the Chairman or Vice Chairman or the County Administrator or in the absence of the County Administrator, the Director of Management and Budget prior to sale of said Bonds, as provided in this resolution. The Series 2005 Bonds shall be executed, authenticated and delivered by the officers of the County authorized below in substantially the form set forth in the Original Resolution in fully registered form. SECTION 7. DESCRIPTION OF SERIES 2005 BONDS. The Series 2005 Bonds shall be issued in fully registered form as current interest bonds; shall be dated; shall be numbered; shall be in the denomination of $5,000 each, or integral multiples thereof, or such other denominations as shall be approved by the County in a subsequent resolution prior to the delivery of the Series 2005 Bonds; shall bear interest at such rate or rates not exceeding the maximum rate allowed by Florida law, the actual rate or rates to be determined by the governing body of the County prior to or upon the sale of the respective Series 2005 Bonds; such interest to be payable semiannually at such times as are fixed by resolution of the County and shall mature annually on such date in such years and amounts as will be fixed by resolution of the County prior to or upon the sale of the Series 2005 Bonds; and may be Serial and/or Term Bonds. Each Series 2005 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 dated date; provided, however, that if at the time of authentication payment of any interest which is due and payable has not been made, such Series 2005 Bond shall bear interest from the date to which interest shall have been paid. The principal of and the interest and redemption premium, if any, on the Series 2005 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. Notwithstanding any other provisions of this section, the County may, at its option, prior to the date of issuance of the Series 2005 Bonds, elect to use an immobilization system or pure book -entry system with respect to issuance of the Series 2005 Bonds, provided adequate records will be kept with respect to the ownership of the Series 2005 Bonds issued in book -entry form or the beneficial ownership of bonds issued in the name of a nominee. 6