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'amount is paid; and shall be drawn to mature in twenty-five (25) sub- <br />stantially 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 Six Hundred <br />Thousand Dollars ($600,000.00) shall be issued in anticipation of the <br />issuance of a like principal amount of the Bonds for the purpose afore- <br />said and to pay and retire .the 1979 Note. The Notes shall be executed <br />by the Mayor and the Director of Finance; shall bear the seal of the <br />Village; shall be delivered at such time or times as may be found by the <br />Director of Finance to be necessary to meet obligations incurxed by the <br />Council in making the improvements referred to in Section 1, hereof; <br />shall be .issued in such numbers and denominations as may be determined <br />by the Director of Finance; shall bear interest at a rate not exceeding <br />ten and five-tenths per centum (10.5°~) per annum, payable at maturity, <br />with provision, if requested by the purchaser or purchasers thereof at <br />the time of purchase, that, in the event of default, the same shall bear <br />interest at a different rate, not exceeding ten and five-tenths per <br />centum (10.5%) per annum, such rate or rates to maturity and thereafter <br />to be fixed by the Director of Finance in his certificate awarding the <br />Notes at private or public sale; shall be dated the date of respective <br />issuance; shall mature not more than one (1) year from the date of <br />issuance of the first Note issued hereunder, such maturity to be fixed <br />by the Director of Finance in his certificate awarding the Notes at <br />private or public sale; shall be redeemable at the option of the Village <br />prior to maturity at par plus accrued interest to the date of redemption; <br />-3- <br />