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SECTION 5. DESCRIPTION OF BONDS. The Bonds shall be issued as fully registered Bonds, may be issued in one or more series, shall contain a series designation indicating the year of issuance and shall be numbered consecutively from one upward within each series of Bonds; shall be in the denomination of $5,000 each or integral multiples thereof; shall bear interest at such rate or rates not exceeding the maximum legal rate allowable by law, as shall be determined at or before the time of sale thereof, such interest to be payable semi-annually, may be Serial Bonds and \or Term Bonds, shall be dated and shall mature on such dates and in such years, but in no event exceeding fifteen (15) years from their date of issuance and in such amounts, all as shall be determined by subsequent resolution or resolutions of the County Commission adopted on or prior to the sale thereof. Each Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated, unless authenticated on an interest payment date, in which case it shall bear interest from such interest payment date, or, unless authenticated prior to the first interest payment date, in which case it shall bear interest from its dated date; provided, however, that if at the time of authentication interest is in default, such Bond shall bear interest from the date to which interest shall have been paid. The principal of and the interest on the Bonds shall be payable in any coin or currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. The principal of the Bonds shall be payable only to the registered Owner or his legal representative at the principal corporate trust office of the Paying Agent, and payment of the interest on the Bonds shall be made by the Paying Agent on each interest payment date to the person appearing on the registration books of the Registrar hereinafter provided for as of the date fifteen (15) days prior to each interest payment date, as the registered Owner thereof, by check or draft mailed to such registered Owner at his address as it appears on such registration books. Payment of the principal of all Bonds shall be made upon the presentation and surrender of such Bonds at the principal corporate trust office of the Registrar as the same shall become due and payable. Notwithstanding any other provisions of this Section, the County may, at its option, prior to the date of issuance of the Bonds, elect to use an immobilization system or pure book - entry system with respect to issuance of such Bonds, provided adequate records will be kept with respect to the ownership of such obligations issued in book -entry foiui or the beneficial ownership of Bonds issued in the name of a nominee. As long as any Bonds are outstanding in book -entry form, the provisions of this Resolution in conflict with such system of registration shall not be applicable to such obligations. The provisions of such system of book -entry -only registration shall be set forth in a subsequent resolution of the County adopted at or prior to the sale of the Bonds. SECTION 6. EXECUTION OF BONDS. The Bonds shall be manually signed by, or bear the facsimile signature of the Chairman of the County Commission and shall be manually signed by, or bear the facsimile signature of, the County Clerk and a facsimile of the official seal of the County shall be imprinted on the Bonds. 4