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SECTIO 1. AMOUNT AND PURPOSES. The Local F�.blIc- -g��ey hereby � mines
<br />to borrow d there is hereby authorized -to be - b,orroved a sum not to exseeii -:the
<br />principal aniount outstanding at any one time of TWO. MI-1,112R, Five Hundred ,
<br />1:
<br />whe esp' evi ence -b- y ou stare ing Pro 7ec empor Dare o nafter
<br />called "Pro ect Temporary Loan Notes "), Preliminary Loan Notes, or Project Definitive
<br />Loan Obliga ions, as those terms are used in the Loan and Grant Contract: Provided.,
<br />i'hat, for the purposes of this Resolution, said maximum principal amount shall be
<br />increased 037 decreased to a sum determined with certainty under the provisions of
<br />Section 12 hereof. To the extent feasible, and without limiting the powers of the
<br />Local Public Agency to borrow funds directly from the Government under the terms
<br />of the Loan and Grant Contract, such borrowings, exclusive of borrowings evidenced
<br />by Project efinitive Loan Obligations, shall be evidenced by obligations of the
<br />Local Public Agency issued, sold, and delivered pursuant to the authority of this
<br />Resolution, and the funds so.borrowed shall be borrowed for and used to defray
<br />expenses'and costs.ineurred or to be incurred in the Local Public Agency's under-
<br />taking and arrying out of the Project, or to retire, refund, renew, or extend
<br />its outstanding Project Temporary Loan Notes, if any, and outstanding Preliminary
<br />Loan Notes, if any, as hereinafter more fully provided.
<br />SECTION 2. AUTHORIZATION AND DETAILS OF NOTES. There shall be and hereby
<br />are authorized to be issued, sold, and delivered from time to time, as funds are:
<br />needed for any one or more of the aforesaid purposes, the negotiable, short -term
<br />special obl gations (hereinafter called the "Notes ") of the Local Public Agency
<br />payable to he ,bearer; each of which shall be designated "Preliminary Loan Note ",
<br />and each separate issue of the Notes shall be fu -ether identified by a series
<br />designation from "First Series" upward in order of issuance and in relation to
<br />the Project and previous issues of Preliminary Loan Notes, if any, followed by
<br />the letter esignation't The Notes shall be issued in substantially the
<br />form of Preliminary Loan ote attached hereto and marked "Exhibit A ", with the
<br />blank space3 therein completed as required by this Resolution and the facts
<br />surrounding each specific series of Notes, and the terms and conditions of said
<br />form of Preliminary Loan Note are hereby adopted as though the same were set
<br />forth in full in the text of this Resolution. Each of the Notes shall have
<br />endorsed thereon a payment agreement on behalf of the United States in substan-
<br />tially the orm of the Payment Agreement appearing on the reverse of said
<br />"Exhibit A ".
<br />the
<br />of the Locf
<br />is hereby
<br />of estimate
<br />orderly fix
<br />whole or it
<br />Loan Notes
<br />with estimF
<br />Provide 9
<br />upward to i
<br />certain, wi
<br />approximate
<br />satisfactoi
<br />shall bear
<br />date certa:
<br />3. DETAIL OF SERIES OF NOTES. The . or
<br />the 9441 of on behalf
<br />Public Agency (herein respectively called the "Authorized Officer ")
<br />thorized and directed to determine from time to time, and on the basis
<br />, the amount of Project Temporary Loan funds required to provide for the
<br />acing of the Project, including funds to retire, refund, or extend in
<br />part, outstanding Project Temporary Loan Notes and outstanding Preliminary
<br />f the Local Public Agency, if any; and to requisition such funds, together
<br />-ed interest thereon, from the Government under the Loan and Grant Contract.
<br />at, for the convenience of financing, said estimate shall be rounded
<br />e next multiple of $1,000. Each such estimate shall cover a time period
<br />ch shall be not less than approximately QO days and not more than
<br />.y 380 days, in relation to a financing schedule otherwise mutually
<br />to the Authorized Officer and the Government. Each series of the Notes
<br />,he date of the commencement of said time period and shall mature on a
<br />L upon the expiration of such period under said financing schedule.
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