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ever, prohibit the Clerk from serving as Registrar hereunder if <br />approved by subsequent resolution of the County. <br />"SERIAL BONDS" shall mean the Bonds issued hereunder other <br />than Term Bonds which shall be stated to mature annually. <br />"TERM BONDS" shall mean the Bonds issued hereunder which shall <br />be stated to mature on one date and for the amortization of which <br />mandatory payments are required to be made into the Debt Service <br />Fund. <br />SECTION 4. BONDS AUTHORIZED. For the purpose of financing <br />the Projects, there are hereby authorized to be issued and sold <br />Indian River County, Florida, General Obligation Bonds, in the <br />aggregate principal amount of not to exceed $26,000,000 (herein- <br />after referred to as the "Bonds"). The Bonds and interest thereon <br />shall be general obligations of the County for the payment of which <br />the full faith and credit and taxing power of the County is hereby <br />pledged. The Bonds shall be payable from ad valorem taxes without <br />limit on all taxable property in the County as provided herein; <br />provided, however, that the Bonds shall be structured in such a <br />manner that at the time of issuance the millage rate required to <br />make the maximum annual payment of the principal of and interest on <br />the Bonds shall not exceed 1/2 mil of the then assessed value of <br />all lands situated in the County subject to ad valorem taxation. <br />SECTION 5. DESCRIPTION OF BONDS. The Bonds shall be issued <br />as fully registered Bonds, may be issued in one or more series, <br />shall contain a series designation indicating the year of issuance <br />and shall be numbered consecutively from one upward; shall be in <br />5 <br />