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Supply for the purpose of constructing and acquiring improvements and betterments to, and <br /> extensions of, the properties of the Water System of the Department of Water Supply, including <br /> the acquisition of necessary lands therefor. The Department Water Supply shall reimburse the <br /> County for costs of issuance of the Bonds to the extent such costs are not paid from the sale <br /> proceeds of the Bonds. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale in Section 2 <br /> hereof shall be issued and sold in their entirety at one time as a separate series of general <br /> <br /> obligation bonds of the County, or as a part of a series of other general obligation bonds of the <br /> County, or from time to time in series, all as shall be determined by the Director of Finance to be <br /> in the best interest of the County and the Department of Water Supply. The Bonds of a series <br /> shall be issued in fully registered form without coupons in the denomination of $5,000 or any <br /> integral multiple of $5,000, or in such other denominations as the Director of Finance shall <br /> determine. The Bonds of a series shall be numbered from 1 upwards in chronological order of <br /> delivery or shall be numbered in any other manner as the Director of Finance shall determine. <br /> <br /> The Bonds of a series shall mature annually on such day in each year in substantially equal <br /> installments of principal or in substantially equal installments of principal and interest, the first <br /> of such maturities to be no later than five years from the date of the Bond of such series and the <br /> last of such maturities to be not later than twenty-five years from the date of the Bonds of such <br /> series, may be redeemable prior to the stated maturity thereof at any time at prices not exceeding <br /> 105% of the principal amount thereof, and shall bear interest at such rate or rates per annum, not <br /> exceeding nine percent (9%) per annum, as shall be specified in the contract approved or the bid <br /> accepted for the purchase of the Bonds of such series if any contract therefor be approved or any <br /> bid therefor be accepted. In accordance with and subject to the provisions of this ordinance, the <br /> Director of Finance is hereby authorized to determine with respect to the Bonds of a series, the <br /> aggregate principal amount of such series of Bonds; the series designation of such series of <br /> Bonds; the date of such series of Bonds; the interest payment dates and maturity dates of such <br /> -2- <br /> <br />