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N (1V 17 1982 e00K 59- f: ,f a ,1 4 Project. D. Such general obligation bonds, together with all other outstanding general obligation bonded indebtedness of the County, do not exceed any limitation on aebt as imposed by applicable law. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In con- sideration of the acceptance of the bonds authorized to be issued hereunder by those who shall hold the same from time to time, this resolution shall be deened to be and shall constitute a contract between the County and such holders. The covenants and agreements herein set forth to be performed by the County shall be for the equal benefit, protection and security of the legal holders of any and all of such bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the bonds over any other thereof, except as expressly provided therein and herein. SECTION 4. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this resolution, bonds of the County to be known as "General Obligation Bonds", herein sometimes referred to as "Bonds", are hereby authorized to be issued in the aggregate principal amount of not exceeding Five Million Dollars ($5,000,000) to finance the cost of such Project. SECTION 5. DESCRIPTION OF BONDS. The Bonds shall be dated as shall be determined by subsequent resolution of the County; shall be in the denomination of $5,000 each or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity, shall bear interest at such rate or rates, not exceeding the maximum rate allowable by law, to be determined upon the sale thereof, payable semiannually, and shall mature serially, in numeri- cal order, lowest numbers first, in such years and amounts, but not exceeding thirty (30) years from the date thereof, as shall be determined by subsequent resolution adopted prior to the sale of said Bonds. Such Bonds shall be issued in fully registered form without coupons; shall be payable with respect to principal at a place or -2-