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Bonds are hereby authorized to be issued, sold and delivered for <br /> the purposes described in the Loan Documents. <br /> Section 3 . Terms of the Bonds. The Bonds shall be <br /> substantially in the form set forth in the Indenture and shall (i) <br /> be in the aggregate principal amount not to exceed $6, 500, 000, (ii) <br /> be dated as of May 1, 1992, (iii) be executed at or prior to the <br /> closing date by the manual or facsimile signatures of the Mayor and <br /> Clerk of the City, and bear an original impression or facsimile of <br /> the seal of the City, (iv) bear interest from the date thereof at <br /> a fixed rate not to exceed ten percent (10%) per annum, (v) be <br /> payable as to interest on the first day of May and November of each <br /> year, (vi) mature on May 1, 2002, subject to mandatory sinking fund <br /> redemption as set forth in the Loan Documents, (vii) be issuable in <br /> $100, 000 denominations or any multiple thereof, (viii) be issued <br /> only in fully registered form, and be registered as provided in the <br /> Loan Documents, (ix) be payable through such medium and at such <br /> places as provided therein, and (x) be subject to redemption as <br /> provided in the Loan Documents. The Bonds and the interest thereon <br /> do not and shall never constitute an indebtedness of, or a charge <br /> against the general credit or taxing power of, the City, but are <br /> limited obligations of the City payable solely from revenues and <br /> other amounts derived from the Loan Documents. <br /> Section 4 . Sale of the Bonds. The Mayor and the Clerk are <br /> hereby authorized and directed to issue and sell the Bonds to the <br /> Underwriter as the original purchaser thereof pursuant to the <br /> Indenture and the Purchase Agreement in substantially the forms <br /> submitted to this Common Council, which are hereby approved in all <br /> respects. The sale and delivery of the Bonds pursuant to the <br /> Purchase Agreement are hereby approved. The issuance and <br /> distribution of the Preliminary Official Statement with respect to <br /> the proposed Bonds, substantially in the form provided to this <br /> Common Council (and incorporated herein by this reference) , with <br /> such changes and modifications as may be authorized by the Mayor, <br />