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thereof) : -2- x• ® and secured by a lien upgn and pledge of the proceeds to be derived { { from the sale of the Bonds and, if necessary, the Pledged Funds. ` SECTION 2. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Notes by those who shall hold the same from time to time, this resolution shall he deemed to be i 1 and shall constitute a contract between the Issuer and such holders. ! The covenants and agreements herein set forth to he performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of the Notes, all of which shall he of equal rank and without preference, priority or distinction of any of the Notes over any other thereof, except as coxpressly providod therein and herein. SECTION 3. AU'1'11tiRI7,i,'I'lirN rrt' NOTES. Vlore are herrhy authorized to be issued Wator .n),1 ,;,, e•r Rov, nut Fonds, Second Series 1979, Anticipation Notes Of the, le;:;u-r in an a1(ioroctate principal amount not exceedinq Two Ilundreil Thirty-si.% Thousand Dollars ($236,000). The Notes shall bre rlate-(j rrs of !11(, date=s of their respective deliveries to tiller initial purchasors thereof, shall mature on or prior to January 30, 198, and ;:r, he in such denomina- tion or denominations as shall be acceptable t(: :;ugh purchasers. The Notes shall be payable at- such han?• or banks, slurll hear such rate or rages of interest not excoud i nrl the 1 oc{a 1 rate and shall he ill substantially the followinq farm, with only :;uvh emissions, inser-- tions and variations a:; mrty ho r:tc•t::sary and i •:;ir,rl,le and apprrrk•td by the Chairman of the Board (,t c nrnty Cornmi:;:;ion,•l s of the• print- to tho i:;:;uanrt thor,•„t fwfiich appr,w:rl m,r,, hl, I r'o•:umod 1-,' hit extcuti nn of the: Not(,!, atlel f l dt l ivory of t ht Notts to the• purc•hrinor•. thereof) : -2-