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13 <br />Z. Determination To Sell Two-T/eirds Boads -- The County will also <br />issue and sell for their authorized purposes the bonds for which referendum <br />approval was not required. The $3,900,000 public building bonds and $300,000 <br />land acquisition bonds will be sold together as a single issue, separately from but <br />simultaneously with the bonds issued pursuant to the previous paragraph. These <br />bonds will be designated "Public Improvement Bonds, Series 2004A." The Series <br />2004A Bonds and the Series 2004E Bonds are referred to collectively in the <br />resolution as the "Bonds." <br />.3. Principal Payment Se/eedule -- 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 <br />the Bonds designating the final principal payment schedule for each Series of the <br />Bonds. Such certificate will be conclusive evidence of the Finance Officer's <br />approval and deterntinarion of such matters. <br />4. Interest Rate ar:d Payrr:er:t Provisions -- Each Bond will bear interest <br />at such rate as is determined at the time of its sale. Interest on each Bond will be <br />payable semiannually on each February 1 and August 1, beginning February 1, <br />2005, (a) from August 1, 2004, if it is authenticated prior to February 1, 2005, or <br />(b) otherwise from the February 1 or August 1, that is, or immediately precedes, <br />the date on which it is authenticated (unless payment of interest thereon is in <br />default, in which case such Bonds will bear interest from the date to which interest <br />has been paid). Principal, prenuum, if any, and interest will be payable in lawful <br />money of the United States of America. <br />S. Pledge of Faitl:, Credit and Taxing Power -- The County's full faith <br />and credit are hereby irrevocably pledged for the payment of the principal of and <br />interest on the Bonds. unless other funds are lawfully available and appropriated <br />for timely payment of the Bonds, the Board will levy and collect an annual ad <br />valorem tax, without restriction as to rate or amount, on all locally taxable property <br />in the County sufficient to pay the principal of and interest on the Bonds as the <br />same become due. <br />Orange 04 GO bond resolution BR <br />2 <br />