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• 11 B. The issuance of the Bonds was authorized by Resolution 86-41 of the County. C. The issuance of the Bonds was approved by a majority of votes cast in a bond referendum held on September 2, 1986, by the qualified electors of the County in the manner required by the Constitution and Laws of the State of Florida. D. The Project Cost is estimated to equal or exceed $5,900,000. E. The Bonds shall be payable from ad valorem taxes levied on all taxable property in the County. F. 'Che Bonds, together with all other outstanding general obligation bonded indebtedness of the County, do not exceed any limitation on debt as imposed by applicable law. SECTION 4. AUTHORIZATION OF PROJECT, The Project is hereby authorized and approved. SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Registered Owners who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners, The covenants and agreements herein set forth to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of the Bonds, all of which Bonds shall -e of equal rank and without preference, priority or distinction with respect to any other Bonds, except as expressly provided therein and herein. SECTION 6. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and pursuant to the provisions of Resolution 86-41 of the County and this Resolution, general obligations of the County to be known as "Ceneral Obligation Bonds, Series 1989,1' are hereby authorized to be issued in the aggregate principal amount of not exceeding $5,900,000. The Bonds shall be payable from ad valorem taxes levied by the County on all taxable property in the County. The Bonds shall be dated as of a date to be fixed by subsequent resolution of the County and may be numbered consecutively from one upward or in such other manner as agreed upon between the County and the Bond Registrar. The Bonds shall be issued in such denominations, shall bear interest at such rate or rates, not exceeding the maximum rate authorized by applicable law, payable at such times, shall mature on such dates and in such years and in such amounts and shall have such other terms and conditions as may be determined by subsequent resolution of the County adopted at or prior to the sale of the Bonds. The Bonds shall be issued in fully registered form without coupons; shall be payable with respect to principal at a principal corporate trust office of the Paying Agent; shall be payable in lawful money of the United States of America; and shall bear interest from their date, payable by check mailed to the Registered Owners at their addresses as they appear on the registration books kept by the Bond Registrar on behalf of the County, 3