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for the purpose aforesaid. The Bonds shall be designated "Echo Drive <br />Special Assessment Bonds"; shall be of the denomination of One Thousand <br />Dollars ($1,000.00) each or any multiple thereof; shall be dated approxi- <br />mately April 1, 1982;.sha11 bear interest at a rate now estimated to be <br />ten and one-half per centum (10.5°~) per annum, payable semiannually <br />until the principal amount i:s paid; and shall be drawn to mature in nine <br />(9) substantially equal annual installments after the issuance thereof. <br />Section 3. That .it is necessary and the Council determines <br />that notes (the "Notes") in the aggregate principal amount of One Hundred <br />Thousand Dollars ($100,000.00) shall be issued in anticipation of the <br />issuance of alike principal amount of the Bonds for the purpose~afore- <br />said and to pay and retire, together with other lawfully available funds <br />of the Village, the outstanding note dated May 2, 1980. The Notes shall <br />be executed by the Mayor and the Director of Finance; shall bear the <br />seal of the Village; shall be delivered at such time or times as may be <br />found by the Director of Finance of the Village to be necessary to meet <br />obligations incurred by the Council in making the improvements referred <br />to in Section 1, hereof; shall be issued .in such numbers and denominations <br />as may be determined by the Director of Finance; .shall bear interest at <br />a rate not exceeding ten and one-half per centum (10.5%) per annum, <br />payable at maturity, with provision, if requested by the purchaser or <br />purchasers thereof at the time of purchase, that, in the event of de- <br />fault, the same shall bear interest at a different rate, not exceeding <br />ten and one-half per centum (10.5°~) per annum, such rate or rates to <br />maturity and thereafter to be fixed by the Director of Finance in his <br />-3- <br />