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time to time, this resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners. The covenants and agreements herein set forth to be per- formed by the County shall be for the equal benefit, protection and security of the Registered Owners 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 thereof, except as expressly provided therein and herein. SECTION 5. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and pursuant to the provisions of this resolution, obli- gations of the County to be known as "Improvement Bonds, Series No. One," are hereby authorized to be issued in the aggregate principal amount of not exceeding $2,050,000 for the purpose of financing the cost of the Project. The Bonds shall be dated as of their date of delivery and may be numbered consecutively from one upward or in such other manner as agreed between the County and the Bond Registrar, The Bonds shall mature on May 1, 1997, shall be in the denomination of $1,000 each or integral multiples thereof and shall bear interest at the rate of 10.00% per annum, payable on May 1, 1986, and on May 1 0£ each year thereafter until maturity. Amortization installments are hereby established for the Bonds, and such Bonds, as will be selected by lot, shall be deemed to be due on May 1 in the years and amounts as follows: YEARS AMOUNTS 1987 $190,000 1988 190,000 1989 190,000 1990 190,000 1991 190,000 1992 190,000 1993 190,000 1994 190,000 1995 190,000 1996 170,000 1997 170,000 Each of the Bonds shall bear a certificate, signed by the manual or facsimile signature of the Clerk of the Board, cer- tifying that the aggregate amount of Assessment liens levied against the benefited property is at least equal to the aggregate -4-