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Section 3. That it is necessary and the Council determines <br />that notes (the "Notes") i_n the aggregate principal amount of Two Hundred <br />Thirty Thousand Dollars ($230,000.00) shall be issued in anticipation of <br />the issuance of a like principal amount of the Bonds for the purpose <br />aforesaid. The Notes shall be executed by the Mayor and the Director of <br />Finance; shall bear the seal of the Village; shall be delivered at such <br />time or times as may be found by the Director of Finance of the Village <br />to be necessary to meet obligations incurred by the Council in making <br />the improvements referred to in Section 1, hereof; shall be issued in <br />such numbers and denominations as may be determined by the Director of <br />Finance; shall bear interest at a rate not exceeding ten and five-tenths <br />per centum (10.5%) per annum, payable at maturity, with provision, if <br />requested by the purchaser or purchasers thereof at the time of purchase, <br />that, in the event of default, the same shall bear interest at a different <br />rate, not exceeding ten and five°tenths per centum (10.5%) per annum, <br />such rate or rates to maturity and thereafter to be fixed by the Director <br />of Finance in_his certificate awarding the Notes at private or public <br />sale; shall be dated the date of respective issuance; shall mature not <br />more than one (1) year from the date of issuance of the first Note <br />issued hereunder, such maturity to be fixed by the Director of Finance <br />in his certificate awarding the Notes at private or public sale; shall <br />be redeemable at the option of the Village .prior to maturity at par plus <br />accrued interest to the date of redemption; shall be designated "Service <br />Building Notes, Second Series"; shall express upon the face thereof the <br />purpose for which they are issued and that they are issued pursuant to <br />-3- <br />