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ft (H) This Instrument and the Original Resolution are declared to be and shall constitute a contract between the Issuer and all of the holders of the Bonds; and the covenants and agreements herein set forth to be performed by the Issuer are and shall be for the equal benefit, protection 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 preference, priority or distinction of any of the Bonds over any other, except as hereinafter provided. (I) The Issuer is not, 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 'Co 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 pursuant to the provisions of this Instrument, obligations of the Issuer to be known as "Water and Sewer Revenue Bonds, Series 1982," are hereby authorized to be issued in an aggregate prin- cipal amount not exceeding $2,750,700 for the purpose of pro- viding funds to pay 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 a rate or rates not exceeding the maximum rate permitted by law, payable on September 1, 1983, and annually thereafter on September 1 of each year; and shall be issued as a single fully -registered Bond payable in installments in the amounts and on September 1 of the years as follows or as coupon Bonds registrable as to both prin- cipal and interest, numbered consecutively from one upward in order of maturity, in the denomination of $1,000 each (except the Bonds maturing in the year 2022 which shall be in the denomi- nation of $100 each or any multiple thereof) and maturing on September 1 in the years and amounts as follows: A