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formed by the Issuer are and shall be for the equal benefit, pro- <br />tection and security of all of the legal holders of any and all of <br />the Bonds, all of which shall be of equal rank and without pre- <br />ference, priority or distinction of any of the Bonds over any <br />other, except as hereinafter provided. <br />(G) The Issuer is not, under this Instrument, obligated <br />to levy any ad valorem taxes on any real or personal property" <br />situated within its corporate territorial limits to pay the prin- <br />cipal of or interest on the Bonds or to pay Operating Expenses. <br />The Bonds shall not constitute a lien upon the System or any other <br />property of the Issuer or situated within its corporate territorial <br />limits. <br />1.04 Project Authorized. The Project is hereby <br />authorized. <br />ARTICLE II <br />AUTHORIZATION, TERMS, EXECUTION AND <br />REGISTRATION OF REVENUE BONDS <br />2.01 Authorization of Revenue Bonds. Subject and pur- <br />suant to the provisions of this Instrument, obligations of the <br />Issuer to be known as "Water and Sewer Revenue Bonds, Second Series <br />1979" are hereby authorized to be issued in an aggregate principal <br />amount not exceeding Two Hundred Thirty-six Thousand Dollars <br />($236,000) for the purpose of providing funds to pay a part of the <br />Cost of the Project. <br />s <br />2.02 Description of Bonds. The Bonds shall be dated as <br />of the date of their delivery; shall bear interest at the rate of <br />5% per annum, payable on September 1, 1979 and annually thereafter <br />on September 1 of each year; shall be -numbered consecutively from <br />one upward in order of maturity; and shall be in the denominations, <br />-,. be numbered and mature on September 1 of each year of maturity <br />thereof (not exceeding forty years from their date) as shall be <br />provided by subsequent resolution of the Board of County <br />Commissioners of the Issuer adopted prior to delivery of the Bonds <br />to the purchaser thereof. <br />2.03 Places of Payment. The Bonds shall be issued in <br />coupon form; shall be payable as to both principal and interest at <br />-5- <br />f <br />JAN 4 � � <br />