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between the Issuer and such holders. The covenants and agreements <br />herein set forth to be performed by the Issuer shall be for the <br />equal benefit, protection and security of the legal holders of any <br />and all of such Obligations and the coupons attached thereto, all <br />of which shall be of equal rank and without preference, priority <br />or distinction of any of the Obligations or coupons over any other <br />thereof, except as expressly provided therein and herein. <br />SECTION 6. AUTHORIZATION OF OBLIGATIONS. Subject and <br />pursuant to the provisions hereof., obligations of the Issuer to be <br />known as "Solid Waste Disposal System Revenue Bonds, Series 1977", <br />herein sometimes referred to as "Obligations" are authorized to be <br />issued in the aggregate principal amount of not exceeding One Million <br />Eight hundred Fifteen Thousand Dollars ($1,815,000). <br />SECTION 7. DESCRIPTION OF OBLIGATIONS. The Obligations <br />shall be dated September 1, 1977; shall be numbered consecutively <br />from one upward; shall be in the denomination of $5,000 each; shall <br />bear interest at such rate or rates not exceeding the maximum rate <br />fixed by the Act or by other applicable law, the actual rate or rates <br />to be determined by the governing body of the issuer prior to the <br />delivery of the Obligations; such interest to be payable semiannually <br />on March 1 and September 1 of each year; and shall mature serially <br />in numerical order, on September 1 in the years and amounts as follows: <br />YEAR <br />AMOUNT <br />YEAR <br />AMOUNT <br />1980 <br />$ 75,000 <br />1988 <br />$125,000 <br />1981 <br />80,000 <br />1989 <br />135,000 <br />1982 <br />85,000 <br />1990 <br />140,000 <br />1983 <br />90,000 <br />1991 <br />150,000 <br />1984 <br />100,000 <br />1992 <br />160,000 <br />1985 <br />105,000 <br />1993 <br />165,000 <br />1986 <br />110,000 <br />1994 <br />175,000 <br />1987 <br />120,000 <br />Such Obligations shall be issued in coupon form; shall <br />be payable to bearer unless registered as hereinafter provided; <br />shall be payable with respect to both principal and interest at a <br />bank or banks to be subsequently determined by the Issuer prior to <br />the delivery of the obligations; shall be payable in lawful money of <br />the United States of America; and shall bear interest from their date, <br />payable in accordance with and upon surrender of the appurtenant <br />interest coupons as they severally mature. <br />-5- <br />