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4 <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, <br />if it is authenticated prior to September 1, 2003, or (b) otherwise from the March <br />1 or September 1 that is, or immediately precedes, the date on which it is <br />authenticated (unless payment of interest thereon is in default, in which case such <br />Referendum 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 <br />1 that is, or immediately precedes, the date on which it is authenticated (unless <br />payment of interest thereon is in default, in which case such Refunding Bonds will <br />bear interest from the date to which interest has been paid). <br />Principal, premium, if any, and interest on the Bonds will be payable in <br />lawful 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 <br />the Bonds designating the principal payment schedule for the Bonds (including, in <br />the case of the Refunding Bonds, the aggregate principal amount of such Bonds), <br />and such certificate will be conclusive evidence of the Finance Officer's approval <br />and determination of the payment schedule. <br />5. Pledge of Faith, 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 for <br />timely payment of the Bonds, the Board will levy and collect an annual ad valorem <br />