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SECTION 2. RESOLUTION TO CONSTITUTE CONTRACT. In <br />consideration of the acceptance of the Notes by those who shall <br />hold the same from time to time, this resolution shall be <br />.-deemed to be and shall constitute a contract between the Issuer <br />and such holders. The covenants and agreements herein set forth <br />.to be performed by the Issuer shall be for the equal benefit, <br />protection and security of the legal holders of the Notes, all <br />of which shall be of equal rank and without preference, priority <br />or distinction of any of the Notes over any other thereof, ex- <br />cept as expressly provided therein and herein. <br />SECTION 3. AUTHORIZATION OF NOTES. There are hereby <br />authorized to be issued Water and Sewer Revenue Bonds, Series 1979, <br />Anticipation Notes of the Issuer in an aggregate principal amount <br />not exceeding Four Hundred and Two Thousand Five Hundred Dollars <br />($402,500). The Notes shall be dated as of the dates of their res- <br />'pective deliveries to the initial purchasers thereof, shall mature <br />onJanu23 <br />or prior to January i901 , and may be in such denomination <br />or denominations as shall be acceptable to such purchasers. The <br />Notes shall be payable at such bank or banks, shall bear such rate <br />or rates of interest not exceeding the legal rate and shall be in <br />substantially the following form, with only such omissions, in- <br />sertions and variations as may be necessary and -desirable and ap- <br />-proved by the Chairman of the Board of County Commissioners of the <br />Issuer prior to the issuance thereof (which approval may be presumed <br />by his execution of the Notes and the delivery of the Notes to the. <br />purchasers thereof): <br />-2- <br />JAN 2 31978 1 <br />I M <br />33 PAGE 6 -i -W <br />o� <br />