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i <br /> interest, the first of such maturities to be no later than five years from the date of the Bonds of such series and <br /> the last of such maturities to be not later than twenty-five years from the date of the Bonds of such series, may <br /> be redeemable prior to the stated maturity thereof at such time or times and upon such terms as shall be a <br /> 3 <br /> determined by the Director of Finance,and shall bear interest at such rate or rates per annum determined by the I <br /> Director of Finance as shall result in a true interest cost not to exceed eight percent(8%)per annum, all as shall <br /> be specified in the contract approved or the bid accepted for the purchase of the Bonds of such series if any <br /> contract therefor be approved or any bid therefor be accepted. In accordance with and subject to the provisions <br /> of this ordinance,the Director of Finance is hereby authorized to determine,with respect to the Bonds of a series, <br /> the aggregate principal amount of such series of Bonds; the series designation of such series of Bonds; the date <br /> of such series of Bonds; the interest payment dates and maturity dates of such series of Bonds; the amount of <br /> principal of such series of Bonds maturing on each maturity date;the registration privileges and place or places <br /> at which such series of Bonds may be paid or registered which may include the office of the Director of Finance; <br /> whether or not such series of Bonds shall be subject to redemption prior to the stated maturity thereof and, if <br /> subject to such prior redemption, the times, prices, methods and other provisions for such prior redemption; <br /> whether such series of Bonds shall bear interest at fixed rates or at a rate or rates which vary from time to time <br /> and the methodology for determining such variable rate or rates;the rights, if any, of the holders of such Bonds <br /> of a series to tender for purchase and the price or prices and time or times and terms and conditions upon which <br /> those rights may be exercised;the rights of the County to purchase the Bonds of a series and price or prices and <br /> the time or times and terms and conditions upon which those rights may be exercised and the purchase may be <br /> made;and all other details of such series of Bonds. <br /> SECTION 4. Redemption of Bonds. In the event any of the Bonds shall be subject to prior <br /> redemption and if any Bond (or portion thereof in installments which are integral multiples of the smallest <br /> denomination thereof) is to be redeemed, notice of redemption shall be given in such manner as the Director of <br /> Finance shall determine. If any Bond shall have been duly called for redemption and notice of such redemption <br /> duly given in the manner determined by the Director of Finance,and if moneys for the payment of such Bond at <br /> the then applicable redemption price and the interest accrued on the principal amount thereof to the date of <br /> redemption are made or duly provided for by the County,interest on such Bond shall cease to accrue and become <br /> payable from and after the date fixed for redemption. <br /> SECTION S. Payment of Bonds. The principal of and interest and premium, if any, on the <br /> Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is <br /> legal tender for public and private debts. <br /> 2 <br />