20-3157 Bond Resolution - Not to Exceed $24,000,000 Florida General Obligation Bonds

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"RESOLUTION" means collectively, this Bond Resolution and any supplemental resolution. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words "Bond," "owner," "holder" and "person" shall include the plural as well as the singular number, and the word "person' shall include corporations, associations and public bodies as well as natural persons. SECTION 4. AUTHORIZATION OF BONDS AND THE PROJECT. Subject and pursuant to the provisions hereof, there are hereby authorized to be issued and sold City of Casselberry Florida General Obligation Bonds in the aggregate principal amount not to exceed $24,000,000 to finance the cost of the Project The Project is hereby authorized. The Parks and Recreation Improvements comprising the Project is attached hereto as Exhibit A. The list of improvements and facilities comprising the Project may be amended by subsequent resolution of the City Commission, provided such amended list is consistent with the Bond Referendum and this Bond Resolution. SECTION 5. BOND RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Bond Resolution shall be deemed to be and shall constitute a contract between the issuer and such holders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of any and all of such Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided therein and herein. SECTION 6. DESCRIPTION OF BONDS. The Bonds shall be issued in fully registered form, shall be dated, shall be numbered consecutively from R-1 upward and shall be in the denomination of $5,000 each, or integral multiples thereof, shall bear interest at a rate or rates not exceeding the maximum rate allowed by law, payable semiannually in each year on such dates, shall be issued in one or more series, shall be serial or term bonds, shall mature on such dates with a final maturity not later than 20 years from issuance, and may be subject to redemption prior to maturity, all as may be determined by subsequent resolution prior to issuance of the Bonds. Each Bond shall bear interest from the Interest Payment Date next preceding the date on which it is authenticated, unless authenticated on an Interest Payment Date, in which case it shall bear interest from such Interest Payment Date, or, unless authenticated prior to the first Interest Payment Date, in which case it shall bear interest from its date; provided, however, that if at the time of authentication, interest is in default, such Bond shall bear interest from the date to which 4