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March 4,1997 <br />Regular Meeting <br />Res.No,97-171 <br />Page Two <br />3.Details of the Bonds.The Bonds shall be dated the date of issuance and <br />delivery of the Bonds;shall be designated “General Obligation School Bonds, <br />Series 1997 A”;shall bear interest from the date of delivery thereof payable <br />semi-annually on each January 15 and July 15 beginning July 15,1997 (each <br />an “Interest Payment Date”),at the rates established in accordance with <br />Section 4 ofthis Resolution;and shall mature on July 15 in the years (each a <br />“Principal Payment Date”)and in the amounts set forth on Schedule I attached <br />hereto (the “Principal Installments”),subject to the provisions of Section 4 of <br />this Resolution. <br />4.Interest Rates and Principal Installments.The County Executive and <br />Director of Finance,or either of them,is hereby authorized and directed to <br />accept the interest rates on the Bonds established by the VPSA,provided that <br />each interest rate shall be ten one-hundredths of one percent (0.10%)over the <br />annual interest rate to be paid by the VPSA for the corresponding principal <br />payment date of the bonds to be issued by the VPSA (the “VPSA Bonds”),a <br />portion ofthe proceeds ofwhich will be used to purchase the Bonds,and <br />provided further that the true interest cost of the Bonds does not exceed eight <br />percent (8%)per annum.The Interest Payment Dates and the Principal <br />Installments are subject to change at the request of the VPSA.The County <br />Executive and Director of Finance,or either ofthem,is hereby authorized and <br />directed to accept changes in the Interest Payment Dates and the Principal <br />Installments at the request of the VPSA,provided that the aggregate principal <br />amount of the Bonds shall not exceed the amount authorized by this <br />Resolution.The execution and delivery of the Bonds as described in Section 8 <br />hereof shall conclusively evidence such interest rates established by the <br />VPSA and Interest Payment Dates and the Principal Installments requested by <br />the VPSA as having been so accepted as authorized by this Resolution. <br />5.Form of the Bonds.For as long as the VPSA is the registered owner of the <br />Bonds,the Bonds shall be in the form of a single,temporary typewritten bond <br />substantially in the form attached hereto as Exhibit A.On twenty (20)days <br />written notice from the VPSA,the County shall deliver,at its expense,the <br />Bonds in marketable form in denominations of $5,000 and whole multiples <br />thereof,as requested by the VPSA,in exchange for the temporary typewritten <br />Bond.