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1985" are hereby authorized to be issued in the aggregate principal <br />amount of not exceeding Twenty-five Million Dollars ($25,000,000). <br />SECTION 7. DESCRIPTION OF BONDS. The Bonds may be issued <br />® from time to time in one or more installments; each installment <br />shall be dated as of a date to be fixed by subsequent resolution of <br />the Issuer, but not later than the date of issuance and shall have <br />a letter suffix after the Series designation if there is more than <br />one installment, and each installment may be numbered consecutively <br />from one upward. The Bonds shall be issued in such denominations, <br />shall bear interest at not exceeding the maximum rate authorized by <br />applicable law, payable at such times, and shall mature on such <br />dates and in such years and in such amounts, all as are fixed by <br />subsequent resolution of the Issuer adopted at or prior to the sale <br />of the Bonds. A special description relating to any installment, <br />or portion thereof, of the Bonds may be set forth in parenthesis <br />immediately below the title of the Bonds, in the discretion of the <br />Issuer. <br />The Bonds shall be issued in fully registered form without <br />coupons; may be issued as Current Interest Paying Bonds (including <br />Variable Interest Rate Bonds) or as Capital Appreciation Bonds or <br />Capital Appreciation/Income Bonds and as Serial Bonds or Term Bonds <br />or a combination thereof; shall be payable with respect to both <br />principal and interest at such bank or banks to be determined by <br />the Issuer prior to the delivery of the Bonds; shall be payable in <br />lawful money of the United States of America; and shall bear <br />interest.from such date, but not earlier than the date of the <br />Bonds, as is fixed by resolution of the Issuer adopted at or prior <br />to the sale of the Bonds, payable by mail to the registered owner <br />at his address as it appears on the registration books. If Term <br />Bonds are issued, Amortization Installments therefor may be fixed <br />in the subsequent resolution referred to above. If Capital Appre- <br />ciation Bonds or Capital Appreciation/Income Bonds are issued, <br />Compounded Amounts and other details therefor shall also be fixed in <br />the subsequent resolution referred to above. <br />-11- <br />