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shall apply to the registration and transfer of the Bonds and to Payments and Notices with respect thereto. SECTION 4. AUTHORIZATION OF THE PROJECT. The acquisition and construction of the Project (including the reimbursement to the Issuer of certain costs incurred with respect thereto), is hereby authorized by the Issuer. SECTION 5. SALE OF THE BONDS. The County Administrator and/or Chief Deputy Comptroller, or his or her designee, is hereby authorized and directed to sell the Bonds at public sale by competitive bid and to publish the Summary Notice of Sale in the form attached hereto as Exhibit A in The Bond Baer or such other publication as directed by the County Administrator or his designee at least ten (10) days prior to the date of sale, which date of sale shall be determined by the Chief Deputy Comptroller or her designee, in consultation with the County's Financial Advisor, in an effort to achieve the lowest interest cost for the County. The Official Notice of Sale attached hereto as Exhibit B and the Preliminary Official Statement attached hereto as Exhibit C are each hereby approved and authorized to be used in connection with the sale of the Bonds. The Preliminary Official Statement, upon advice of the County Administrator, is hereby deemed final for purposes of Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"). The Preliminary Official Statement and Official Statement (as defined below) are authorized to be made available by electronic means. The Preliminary Official Statement, as amended on the date of sale of the Bonds to delete the preliminary language and as further amended to reflect the actual interest rates and reoffering terms and any changes of maturities or amounts and with such additional correcting and conforming changes as shall be approved by the County Administrator, is hereinafter referred to as the "Official Statement," and as promptly as possible following the sale and within seven (7) business days of the date of sale of the Bonds, the County agrees to make available to the Underwriters of the Bonds a sufficient number of copies of the Official Statement as necessary to enable such purchasers to comply with the Rule. The Chairman and County Administrator are authorized to execute the Official Statement on behalf of the County, with such changes, completions and amendments as they shall determine are necessary or desirable. The County Administrator or his designee is hereby delegated the authority to award the Bonds to the responsive bidder offering to purchase the Bonds at the lowest true interest cost to the County, which in no event shall exceed five percent (5.00%), calculated as provided in the Official Notice of Bond Sale, and with a final maturity date of no later than twenty (20) years following the date of issuance of the Bonds. SECTION 6. APPLICATION OF BOND PROCEEDS. The proceeds, including accrued interest and premium, if any, received from the sale of the Bonds shall be applied by the Issuer simultaneously with the delivery of such Bonds to the purchaser, as follows: A. Capitalized interest, if any, shall be deposited into the Sinking Fund and shall be used only for the purpose of paying interest becoming due on the Bonds. 5 %p -j