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JUL 17 1985 BOOK 61 P°GE <br />the area of the Issuer. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In con- <br />sideration of the acceptance of the Bonds authorized to be issued <br />hereunder by those who shall hold the same from time to time, <br />this resolution shall be deemed to be and shall constitute a <br />contract between the Issuer and such Registered Owners. The <br />covenants and agreements herein set forth to be performed by the <br />Issuer shall be for the equal benefit, protection and security of <br />the Registered Owners of any and all of such Bonds, all of which <br />shall be of equal rank and without preference, priority, or <br />distinction of any of the Bonds over any other thereof, except as <br />expressly provided therein and herein. <br />SECTION 5. AUTHORIZATION OF BONDS. Subject and <br />pursuant to the provisions of this resolution, obligations of the <br />Issuer to be known as "Recreational Revenue Bonds, Series 1985," <br />herein sometimes referred to as "Bonds," are hereby authorized to <br />be issued in an aggregate principal amount not exceeding <br />$4,200,000. <br />SECTION 6. DESCRIPTION OF BONDS. The Bonds shall be <br />issued as capital appreciation Bonds, capital appreciation and <br />income Bonds, current interest bearing Bonds, or any combination <br />thereof; shall be numbered from one upward or in such other <br />manner agreed between the Issuer and the Bond Registrar; shall be <br />in the denomination of $5,000 each or integral multiples thereof; <br />shall bear interest at a fixed or floating rate not exceeding the <br />maximum rate fixed by the Act or by other applicable law, such <br />interest to be payable semiannually on March 1 and September 1 of <br />each year; and shall be dated and shall mature on March 1 or <br />September 1 in such years and amounts as will be fixed by resolu- <br />tion of the Board prior to the sale of the Bonds. <br />The Bonds shall be issued in fully registered form <br />without coupons; shall be payable with respect to principal (and <br />accreted or appreciated value in the case of capital appreciation <br />Bonds or capital appreciation and income Bonds, whichever is <br />-7- <br />