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<br />I <br /> <br />drick Memorial Hospital Project), in the total principal amount <br /> <br /> <br />of One Million Dollars ($1,000,000.00) and maturing not later <br /> <br /> <br />than May I, 2003, for the purpose of procuring funds to pay tne <br /> <br /> <br />costs of acquisition, construction and equipping of the econo- <br /> <br /> <br />mic development facilities as more particularly set out in the <br /> <br /> <br />Trust Indenture (the "Indenture") Loan Agreement (the "Loan <br /> <br /> <br />Agreement") and Mortgage and Security Agreement ("Mortgage") <br /> <br /> <br />incorporated herein ,by refer,ence, which bonds will be payable <br /> <br /> <br />as to principal, premium, if any, and interest from the note <br /> <br /> <br />payments made by Kendrick Memorial Hospital under the Loan <br /> <br /> <br />Agreement and Note or as otherwise provided in the above <br /> <br />described Indenture. <br /> <br />The Bonds may be issued in coupon or re- <br /> <br />gistered form, may be issued in denominations of $5.000 or a <br /> <br /> <br />multiple thereof, may be fully registered, or in the case of <br /> <br /> <br />coupon bonds, may be registered as to principal only; payments <br /> <br /> <br />of principal and interest payable in lawful money of the United <br /> <br /> <br />States of America at the principal office of the Trustee, or <br /> <br /> <br />its successor in trust or by check or draft mailed or delivered <br /> <br /> <br />to the registered owner as provided in the Indenture and shall <br /> <br /> <br />be redeemed as provided in Article V of the Indenture. The <br /> <br /> <br />Bonds shall never constitute a general obligation of, an in- <br /> <br /> <br />debtedness of. or a charge against the general credi t of the <br /> <br /> <br />Town of Mooresville. <br /> <br />Section 4. <br /> <br />The Town Board President and Clerk-Treasurer <br /> <br />are authorized and directed to sell such bonds to the pur- <br />chasers thereof at a per annum rate of interest on the bonds of <br /> <br />11-1/2% (except in the event of a Ðetermination of Taxability, <br /> <br />-3- <br />