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Section 2.3. Authorization for Indenture. <br />The terms and provisions of this Indenture and the execution and delivery hereof by the <br />City to the Trustee have been duly authorized by official action of the City Council of the City. <br />The City has ascertained and it is hereby determined and declared that the execution and delivery <br />of this Indenture is necessary to carry out and effectuate the purposes set forth in the preambles <br />of this Indenture and that each and every covenant or agreement herein contained and made is <br />necessary, useful and/or convenient in order to better secure the Bonds and is a contract or <br />agreement necessary, useful and/or convenient to carry out and effectuate the purposes herein <br />described. <br />Section 2.4. Contract with Owners and Trustee. <br />(a) The purposes of this Indenture are to establish a lien and the security for, and to <br />prescribe the minimum standards for the authorization, issuance, execution and delivery of, the <br />Bonds and to prescribe the rights of the Owners, and the rights and duties of the City and the <br />Trustee. <br />(b) In consideration of the purchase and acceptance of any or all of the Bonds by <br />those who shall purchase and hold the same from time to time, the provisions of this Indenture <br />shall be a part of the contract of the City with the Owner, and shall be deemed to be and shall <br />constitute a contract among the City, the Owners, and the Trustee. <br />ARTICLE III <br />AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE <br />BONDS <br />Section 3.1. Authorization. <br />The Bonds are hereby authorized to be issued and delivered in accordance with the <br />Constitution and laws of the State, including particularly the PID Act, as amended. The Bonds <br />shall be issued in the aggregate principal amount of $ for the purpose of (i) paying or <br />reimbursing all or a portion of the Actual Costs, (ii) paying a portion of the interest on the Bonds <br />during and after the period of acquisition and construction of the Public Improvements, (iii) <br />funding a reserve fund for payment of principal of and interest on the Bonds, (iv) paying a <br />portion of the costs incidental to the organization of the District, and (v) paying the costs of <br />issuance of the Bonds. <br />Section 3.2. Date, Denomination, Maturities, Numbers and Interest. <br />(a) The Bonds shall be dated the date of the initial delivery thereof (the "Bond Date") <br />and shall be issued in Authorized Denominations. The Bonds shall be in fully registered form, <br />without coupons, and shall be numbered separately from R-1 upward, except the Initial Bond, <br />which shall be numbered T-1. <br />17 <br />