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principal amount of not to exceed $45,000,000 (excluding original issue discount <br /> or premium with respect to the Bonds); and the following terms of the Bonds: <br /> i. the Bonds shall initially bear interest at a variable interest rate equal to <br /> 68% of the one month LIBOR plus 0.65%, subject to adjustment <br /> thereafter; <br /> ii. the Bonds shall be issued in a single series; <br /> iii. the Bonds will bear the date of delivery to the Bank; <br /> iv. the Bonds shall mature on February 15, 2044; <br /> v. the Bonds shall be payable in United States dollars; <br /> vi. the Bonds shall be payable at the office of the Bond Trustee, or as <br /> otherwise directed by the Bank; <br /> vii. the Bonds will be subject to transfer and exchange as provided in the Bond <br /> Indenture; <br /> viii. the Bonds are subject to optional redemption on any date in whole or in <br /> part and scheduled sinking fund redemption as provided in the Bond <br /> Indenture; <br /> ix. the Bonds shall be executed as provided in Section 6 hereof; <br /> x. the terms, covenants and conditions which the Bonds shall contain are set <br /> forth in the Bond Indenture; and <br /> xi. the Bonds shall be fully registered as to principal and interest, without <br /> coupons. <br /> d. The purchase price of the Bonds must equal or exceed 95% of the stated principal <br /> amount of the Bonds, less any portion of the stated principal amount of the Bonds <br /> which represents original issue discount(as defined in the Code). <br /> e. The Bonds, when executed and delivered, shall contain recitals that (i) they are <br /> issued pursuant to the Act; (ii) all acts, conditions and things required by the laws <br /> of the State relating to the passage of this resolution, to the issuance of the Bonds <br /> and to the execution of the County Documents, to happen, exist and be performed <br /> precedent to and in the enactment of this resolution and precedent to the issuance <br /> of the Bonds and precedent to the execution of the County Documents have <br /> happened, exist and have been performed as so required by law; and (iii) the <br /> Bonds and the interest hereon are special limited obligations of the County <br /> payable solely from the revenue pledged to payment thereof under the Bond <br /> Indenture and shall not constitute or give rise to a pecuniary liability of the <br /> 4 <br />