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e <br />r - <br />L <br />if <br />e <br />L. "Authorized Investments" shall mean direct obligations of the United States of America, obligations <br />unconditionally guaranteed by the United States of America or time deposits represented by Certificates of <br />Deposit fully secured in the manner provided by the laws of the State of Florida. <br />M. "Fiscal Year" shall mean the period commencing on October 1 of each year and ending on the <br />succeeding September 30. <br />N. Words importing singular number shall include the plural number in each case and vice versa, and words <br />importing persons shall include firms and corporations. <br />Geese <br />SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the <br />Obligations authorized to be issued hereunder by those who shall hold the same from time to time, this resolution <br />shall be deemed to be and shall constitute a contract between the Issuer and such holders. The covenants and <br />agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security <br />of the legal holders of any and all of such Obligations and the coupons attached thereto, all of which shall be of <br />equal rank and without preference, priority or distinction of any of the Obligations or coupons over any other <br />thereof, except as expressly provided therein and herein. <br />SECTION 7. DESCRIPTION OF OBLIGATIONS. The Obligations shall be dated September 1, 1977; shall <br />be numbered consecutively from one upward; shall be in the denomination of $5,000 each; shall bear interest at <br />such rate or rates not exceeding the maximum rate fixed by the Act or by other applicable law, the actual rate or <br />rates to be determined by the governing body of the issuer prior to the delivery of the Obligations; such interest <br />to be payable semiannually on March 1 and September 1 of each year; and shall mature serially in numerical <br />order, on September 1 in the years and amounts as follows: <br />YEAR <br />AMOUNT <br />YEAR <br />AMOUNT <br />11980 <br />$ 75,000 <br />1988 <br />$125,000 <br />1981 <br />80,000 <br />1989 <br />135,000 <br />1982 <br />85,000 <br />1990 <br />140,000 <br />1983 <br />90,000 <br />1991 <br />150,000 <br />1984 <br />100,000 <br />1992 <br />160,000 <br />1985 <br />105,000 <br />1993 <br />165,000 <br />1986 <br />110,000 <br />1.994 <br />175,000 <br />1987 <br />120,000 <br />Such Obligations shall be issued in coupon form; shall be payable to bearer unless registered as hereinafter <br />provided; shall be payable with respect to both principal and interest at a bank or banks to be subsequently <br />determined by the Issuer prior to the delivery of the obligations; shall be payable in lawful money of the United <br />States of America; and shall bear interest from their date, payable in accordance with and upon surrender of the <br />appurtenant interest coupons as they severally mature. <br />0000® <br />SECTION 9. NEGOTIABILITY AND REGISTRATION. The Obligations and the coupons appertaining <br />thereto issued hereunder shall be and shall have all of the qualities and incidents of negotiable instruments under <br />the law merchant and the Laws of the State of Florida, and each successive holder, in accepting any of such <br />13 <br />JAN 181978 33 OACE.31 <br />