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formed by the Issuer are and shall be for the equal 'benefit, pro- tection and security of all of the legal holders of any and all of the Bonds, all of which shall be of equal rank and without pre- ference, priority or distinction of any of the Bonds over any other, except as hereinafter provided. (G) The Issuer is riot, under this Instrument, obligated to levy any ad valorem taxes on any real or personal property' situated within its corporate territorial limits to pay the prin- cipal of or interest on the Bonds or to pay Operating Expenses. The Bonds shall not constitute a lien upon the System or any other property of the Issuer or situated within its corporate territorial limits. 1.04 Project Authorized. The Project is hereby authorized. ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF REVENUE BONDS 2.01 Authorization of Revenue Bonds. Subject and pur- suant to the provisions of this Instrument, obligations of the Issuer to be known as "Water and Sewer Revenue Bonds, Second Series 1979" are hereby authorized to be issued in an aggregate principal amount not exceeding Two Hundred Thirty-six Thousand Dollars ($236,000) for the purpose of providing funds to pay a part of the Cost of the Project. 2.02 Description of Bonds. The Bonds shall be dated as of the date of their delivery; shall bear interest at the rate of 5% per annum, payable on September 1, 1979 and annually thereafter on September 1 of each year; shall be numbered consecutively from one upward in order of maturity; and shall be in the denominations, be numbered and mature on September 1 of each year of maturity thereof (not exceeding forty years from their date) as shall be provided by subsequent resolution of the Board of County Commissioners of the Issuer adopted prior to delivery of the Bonds to the purchaser thereof. 2.03 Places of Payment. The Bonds shall be issued in coupon form; shall be payable as to both principal and interest at -5-