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ARTICLE: II
<br />AUTHORIZATION, TERMS, EXECUTION AND
<br />REGISTRATION OF REVENUE BONDS
<br />2.01 Authorization of Revenue Bonds. Subject and
<br />pursuant to the provisions of this instrument, obligations of
<br />the Issuer to be known as "Indian River County, Florida, Water
<br />and Sewer Revenue Bonds, Series 1979," (the "Ponds") are hereby
<br />authorized to be issued in an aggregate principal amount not ex-
<br />ceeding Four Hundred and Two Thousand Five hundred Dollars ($402,500)
<br />for the purpose of providing funds to pay a part of the cost of the
<br />Project provided for in Section 1.02 hereof.
<br />2.02 Description of Bonds. The Bonds shall be
<br />dated as of the date of their delivery; shall bear interest at
<br />not exceeding the legal rate per annum, payable on September 1,
<br />1979, and annually thereafter on September 1 of each year; shall be
<br />numbered consecutively from one upward in order of maturity; shall be
<br />in the denomination of $1,000 or any multiple thereof to and includ-
<br />ing $10,000 (except bond number 12 which shall be in the denomination
<br />of $6,500), and shall mature on September 1 of each year as follows:
<br />YEAR AMOUNT YEAR AMOUNT
<br />:1981 $4,000 2000 $ 9,000
<br />.1982. 4,000 2001 10,000
<br />1983 4,000 2002 10,000
<br />1984 4,000 2003 11,000
<br />1985 5,000 2004 11,000
<br />1986 5,000 2005 12,000
<br />1987 5,000 2006 13,000
<br />1988 5,000 2007 13,000
<br />1989 6,000 2008 14,000
<br />1990 6,000 2009 15,000
<br />1991 6,000 2010 15,000
<br />1992 6,500 2011 16,000
<br />1993 7,000 2012 17,000
<br />1994 7,000 2013 18,000
<br />1995 7,000 2014 19,000
<br />1996 8,000 2015 20,000
<br />1997 8,000 2016 20,00.0
<br />1998 9,000 2017 21,000
<br />1999 9,000 2018 23,000
<br />2..03 Places of Payment. The Fronds shall be issued in
<br />coupon or fully registered form; shall be payable as to both prin-
<br />cipal and interest at -such place or places as the Issuer shall here-
<br />after by resolution designate, in lawful money of the United States
<br />of America; and shall bear interest from tho date of issue,
<br />in accordance with and upon surrender of: the appurtenant in-
<br />terest coupons a:; they levo ally mature, tulles:; registered;
<br />)provided, howc.vor, that: Bonds hold by the 1111.1Ac:d St:aLe:1 of
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