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Bond Purchase Contract. The negotiated sale of not to exceed $45,000,000 Water and Sewer Revenue Bonds, Series 1996 at the subsequent determination of the Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget at a price not less than 99% (exclusive of any original issue discount on the Bonds) of the aggregate principal amount of such Bonds is hereby approved to the Underwriter upon substantially the terms and conditions set forth in the Bond Purchase Contract, which is hereby approved in substantially the form attached hereto as Exhibit A. The Bond Purchase Contract, with such changes, alterations and corrections as may be approved by the Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget, such approval to be presumed by his execution thereof, is hereby approved by the Issuer and the Issuer hereby authorizes said Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget to execute and deliver (attested by the Clerk) said Bond Purchase Contract in the name of and on behalf of the Issuer, all of the provisions of which, when executed and delivered by the Issuer as authorized herein shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. Award of the Bonds to the Underwriter with the true interest cost (taking into consideration underwriter's discount and original issue discount) on the Bonds not exceeding 5.80% per annum, and maturities on the Bonds being not later than the year 2026, may be approved by the Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget, as attested by the Clerk, without need of further authorization of the Issuer. The Bonds are hereby sold to the Underwriter (subject to such conditions) in the amount, at the price and upon the final terms set forth in the Bond Purchase Contract as may be approved by the Chairman or vice Chairman and the County Administrator or the Director of Management and Budget, as attested by the Clerk. The authorization for any Bonds authorized but not purchased by the Underwriter under the Bond Purchase Contract shall be canceled. SECTION 5. The Bonds shall be issued under and secured by the Master Bond Resolution, as supplemented, particularly by the 1996 Resolution and shall be executed and delivered by the Chairman of the Issuer and the Clerk in substantially the form set forth in the Master Bond Resolution, with such additional changes and insertions therein as conform to the provisions of the Bond Purchase Contract and this resolution and such execution and delivery shall be conclusive evidence of the approval thereof by such officers. SECTION 6. As previously authorized in the Master Bond Resolution, insurance to insure the holder of any Bond the scheduled payment of principal and interest on behalf of the Issuer shall be purchased from the Bond Insurer and payment for such insurance is hereby authorized from Bond proceeds in accordance with the Commitment for Municipal Bond Insurance from the Bond Insurer attached hereto as Exhibit "B." All provisions of the