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M.V. Ord. 85-23 <br />11 <br />Principal of and interest and any premium on the <br />Project Bonds shall be payable as provided in the Indenture, in <br />each instance, without deduction for the services of any paying <br />agent. <br />(c) Execution. The Project Bonds shall be signed by <br />the Mayor and the Fiscal Officer in their official capacities <br />(provided that either or both of those siqnatures may be <br />facsimiles). <br />Section 5. Sale of Project Bonds. The Project Bonds <br />are sold and awarded to the Original Purchaser, in accordance <br />with the Purchase Agreement,, at a purchase price of $5,750,000. <br />The Mayor, the Fiscal Officer and the Clerk are <br />authorized and directed to make the necessary arrangements with <br />the Original Purchaser to establish the date, location, <br />procedure and conditions for the delivery of the Project Bonds <br />to the Original Purchaser and to take all steps necessary to <br />effect due execution, authentication and delivery to the <br />Original Purchaser of the Project Bonds under the terms of this <br />Bond.Legislation, the Indenture and the Purchase Agreement. <br />It is determined by this Legislative Authority that the <br />price for and the terms of the Project Bonds, and the sale <br />thereof, all as provided in this Bond Legislation and the <br />Indenture, are in the best interest of the Issuer and are in <br />compliance with all legal requirements. <br />Section 6. Allocation of Proceeds of Project Bonds. <br />The proceeds from the sale of the Project Bonds (including <br />without limitation, any accrued interest thereon) shall be <br />allocated, deposited and credited as follows: