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SECTION 4. AUTHORIZATION OF PURCHASE OF ORIGINAL BONDS. There <br />is hereby authorized the purchase of the Original Bonds pursuant to and as <br />more fully described in the letter dated January 10, 1989, to the County <br />from the Government. Proper officers of this County are hereby authorized <br />and directed to notify the Government of this County's determination to <br />purchase the outstanding Original Bonds in accordance with such letter and <br />to make the good faith deposit with the Government required by the terms <br />of such letter with such funds of this County as may be available for the <br />purpose. <br />SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT. In <br />consideration of the acceptance of the Bonds by the Registered Owners who <br />shall hold the same from time to time, this Resolution shall be deemed to <br />be and shall constitute a contract between the County and such Registered <br />Owners. The covenants and agreements herein set forth to be performed by <br />the County shall be for the equal benefit, protection and security of the <br />Registered Owners of the Bonds, all of which Bonds shall be of equal rank <br />and without preference, priority or distinction with respect to any other <br />Bonds, except as expressly provided therein and herein. <br />SECTION 6. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and <br />pursuant to the provisions of this Resolution, obligations of the County <br />to be known as "Water and Sewer Revenue Refunding Bonds, Series 1989," are <br />hereby authorized to be issued in the aggregate principal amount of not <br />exceeding $7,500,000. The Series 1989 Bonds shall be dated as of a date <br />to be fixed by subsequent resolution of the County and may be numbered <br />consecutively from one upward or in such other manner as agreed upon <br />between the County and the Bond Registrar. The Bonds shall be issued in <br />such denominations, shall bear interest at such rate or rates, not <br />exceeding the maximum rate authorized by applicable law, payable at such <br />times, shall mature on such dates and in such years and in such amounts <br />and shall have such other terms and conditions as may be determined by <br />subsequent resolution of the County adopted at or prior to the sale of the <br />Series 1989 Bonds. <br />The Series 1989 Bonds shall be issued in fully registered form <br />without coupons; shall be payable with respect to principal at a principal <br />corporate trust office of the Paying Agent; shall be payable in lawful <br />money of the United States of America; and shall bear interest from their <br />date, payable by check mailed to the Registered Owners at their addresses <br />as they appear on the registration books kept by the Bond Registrar on <br />behalf of the County. <br />Notwithstanding any other provisions of this section, the Board <br />may, at its option, prior to the date of issuance of the Bonds and subject <br />to the approval of the purchasers of the Bonds, elect to use an <br />immobilization system or pure book -entry system with respect to issuance <br />of the Bonds, provided adequate records will be kept with respect to the <br />ownership of Bonds issued in book -entry form or the beneficial ownership <br />of the Bonds issued in the name of a nominee. As long as any Bonds are <br />- 6 - <br />