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SECTION 3. AUTHORIZATION AND DESCRIPTION OF THE SERIES 2015 NOTE. (A) The County hereby determines to issue a series of Bonds in the aggregate principal amount of $7,171,000, to be known as its "Water and Sewer Revenue Refunding Note, Series 2015," for the principal purpose of refunding the Refunded Bonds. The Series 2015 Note shall be deemed a single Series of Bonds for purposes of the Bond Resolution. All of the covenants, provisions and protection of the Bond Resolution afforded to an owner of Bonds issued thereunder shall be afforded the Noteholder. (B) The Series 2015 Note shall be dated the day of its delivery, shall be issued as a fully registered Note; shall bear interest from its date of delivery, payable semi-annually, on March I and September I of each year, commencing on March 1, 2016, at the rate of 1.65% per annum, subject to adjustment as set forth in paragraph (C) below, and shall be repayable on the dates and in the amounts as set forth below: Year Principal (SeDtember I Amount 2016 $973,000 2017 992,000 2018 1,007,000 2019 1,025,000 2020 1,042,000 2021 1,058,000 2022 1,074,000 For purposes of the payment of principal on the Series 2015 Note, the Series 2015 Note will be deemed a "Tenn Bond" under the Original Resolution with amortization installments equal to the principal amounts described above. The Series 2015 Note shall be issued initially in the single denomination of $7,171,000. Interest on the Series 2015 Note shall be calculated on a 360 -day year consisting of twelve thirty -day months. The form of the Series 2015 Note shall be as set forth in Exhibit A attached hereto. (C) If a "Determination of Taxability" (as defined below) shall occur, then the interest on the Series 2015 Note shall be adjusted to cause the yield on the Series 2015 Note, after payment of any increase in tax, to equal what the yield on the Series 2015 Note would have been in the absence of such Determination of Taxability, not to exceed 2.12% per annum. For purposes hereof, "Determination of Taxability" means the circumstance of the interest on the Series 2015 Note becoming includable for federal income tax purposes in the gross income of the Noteholder as a result of actions or inaction by the Issuer. A Determination of Taxability will be deemed to have occurred upon (i) the receipt by the Issuer or the Noteholder of an original or a copy of an Internal Revenue Service Technical Advice Memorandum or Statutory Notice of Deficiency; (ii) the issuance of any public or private ruling of the Internal Revenue Service; or (iii) receipt by the Issuer or Noteholder of an opinion of counsel experienced in tax matters relating to municipal bonds,