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mated to be $610,356. It is estimated that the period of use- <br />fulness of the System will exceed forty-one (41) years. <br />(D) It is deemed necessary and desirable to pledge the <br />Pledged Funds to the payment of the principal of and interest on <br />the Bonds. No part of the Pledged Funds have been pledged or <br />hypothecated except with respect to the Bonds. <br />(E) This Instrument is declared to be and shall consti- <br />tute a contract between the Issuer and all of the holders of the <br />Bonds; and the covenants and agreements herein set forth to be <br />performed by the Issuer are and shall be for the equal benefit, <br />protection and security of all of the legal holders of any and <br />all of the Bonds, all of which shall be of equal rank and without <br />preference, priority or distinction of any of the Bonds over any <br />other, except as hereinafter provided. <br />(F) 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 <br />other property of the Issuer or situated within its corporate <br />territorial 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 <br />pursuant to the provisions of this Instrument, obligations of <br />the Issuer to be known as "Water Revenue Bonds, Series 1980 <br />(South County Water System)", are hereby authorized to be issued <br />in an aggregate principal amount not exceeding $5,825,900 for the <br />purpose of providing funds to pay a part of the Cost of the <br />Project. <br />2.02 Description of Bonds. The Bonds shall be dated <br />as of the date of their delivery; shall bear interest at a rate <br />or rates not exceeding the maximum rate permitted by law, payable <br />on September 1, 1981, and annually thereafter on September 1 of <br />each year; and shall be issued as a single fully -registered Bond <br />payable in installments in the amounts and on September 1 of the <br />years as follows or as coupon Bonds registrable as to both prin- <br />cipal and interest, numbered consecutively from one upward in <br />order of maturity, in the denomination of $1,000 each (except <br />-4- <br />JUN 2 5 19 80 Boos 43 PACE 922 <br />