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0 <br />s <br />ARTICLE II <br />AUTHORIZATION, TEROS, D(ECUTICN AND <br />REGISTRATION OF REVENUE BONDS <br />2.01 Authorization of Revenue Bonds. Subject and pursuant to the <br />provisions of this InstrMment, obligations of the Issuer to be known as "Water <br />and Sewer Revenue Bonds, Series 1986," are hereby authorized to be issued in an <br />aggregate principal amount not exceeding $9,200,000 for the purpose of providing <br />funds to pay the Cost of the Project. <br />2.02 Description of Bonds. The Bonds shall be dated as of the date <br />of their delivery; shall bear interest at a rate or rates not exceeding the <br />maximum rate per annum permitted by law, payable on Septerrber 1, 1988, and <br />annually thereafter on September 1 of each year; and shall be issued initially <br />as a single fully -registered Bond, numbered 1 (with exchange privileges as <br />hereinafter provided), payable in installments on September 1 of the years and <br />in the amounts as follows: <br />