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will be sold as a separate issue but simultaneously with the Referendum Bonds. The <br />Refunding Bonds will be designated "General Obligation Refunding Bonds, Series <br />2003." <br />3. Interest Rate and Payment Provisions -- Each Bond will bear interest <br />at such rate as is determined at the time of its sale. <br />Interest on each Referendum Bond will be payable semiannually on each <br />March 1 and September 1, beginning September 1, 2003, (a) from April 1, 2003, if <br />it is authenticated prior to September 1, 2003, or (b) otherwise from the March 1 or <br />September 1 that is, or immediately precedes, the date on which it is authenticated <br />(unless payment of interest thereon is in default, in which case such Referendum <br />Bonds will bear interest from the date to which interest has been paid). <br />Interest on each Refunding Bond will be payable semiannually on each June <br />1 and December 1, beginning June 1, 2003, (a) from April 1, 2003, if it is <br />authenticated prior to June• 1, 2003, or (b) otherwise from the June 1 or December 1 <br />that is, or immediately precedes, the date on which it is authenticated (unless payment <br />of interest thereon is in default, in which case such Refunding Bonds will bear <br />interest from the date to which interest has been paid). <br />Principal, premium, if any, and interest on the Bonds will be payable in lawful <br />money of the United States of America. <br />4. Principal Payment Schedule -- The principal of the Bonds will be <br />payable on such dates and in such years and amounts as the Finance Officer <br />determines after consultation with the LGC, except that the final maturity for the <br />Bonds must not extend beyond December 31, 2025. <br />The Finance Officer will execute a certificate prior to the initial delivery of the <br />Bonds designating the principal payment schedule for the Bonds (including, in the <br />case of the Refunding Bonds, the aggregate principal amount of such Bonds), and <br />such certificate will be conclusive evidence of the Finance Officer's approval and <br />determination of the payment schedule. <br />S. Pledge of Faith, Credit and Taxing Power -- The County's full faith and <br />credit are hereby irrevocably pledged for the payment of the principal of and interest <br />85902.1 <br />