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(b) A portion of the Bonds, in an aggregate principal amount not to exceed <br /> <br /> $35,000,000, is hereby authorized to be issued for the purpose of funding all or a portion of the costs <br /> <br /> (including costs of issuance relating to the Bonds) of refunding all or a portion of the following debt <br /> obligations of the County (the "Prior Obligations"): <br /> Obligation Original Principal Amount Outstanding Principal Amount <br /> (As of October 1, 2006) <br /> General Obligation Bonds, <br /> 2003 Series A 36,310,000 34,870,000 <br /> Pending the time that the proceeds of Bonds issued for refunding purposes are required to pay <br /> the principal of, premium (if any) and interest on the Prior Obligations to be refunded, such <br /> proceeds, together with other funds of the County which are legally available therefor, may be <br /> held by the Director of Finance or by a financial institution selected by the Director of Finance to <br /> serve as escrow agent for the Prior Obligations to be refunded and, in either case, shall be <br /> invested as permitted by law. The Director of Finance is hereby authorized and directed to select <br /> a qualified financial institution to serve as escrow agent, or to serve in such capacity himself; and <br /> if a financial institution is selected for such purpose, to determine the form and terms of the <br /> applicable escrow agreement and any fee arrangements to be entered into with such financial <br /> institution. The Director of Finance is hereby further authorized and directed to determine which <br /> Prior Obligations are to be refunded and the date or dates upon which the Prior Obligations to be <br /> refunded are to be redeemed (if applicable), and to give or cause to be given any appropriate <br /> notices of such redemption. <br /> SECTION 3. Details of Bonds. The Bonds authorized for issuance and sale hereunder <br /> shall be issued and sold in one or more or as part of a series of other general obligation bonds of the <br /> County, all as shall be determined by the Director of Finance to be in the best interest of the County. <br /> The Bonds of a series shall be issued in fully registered form without coupons in the denomination of <br /> $5,000 or any integral multiple of $5,000, or in such other denominations as the Director of Finance <br /> shall detemmne. 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. The <br /> Bonds of a series shall mature annually on such day in each year in substantially equal installments of <br /> principal or in substantially equal installments of principal and interest, the first of such maturities to be <br /> no later than five years from the date of the Bonds of such series and the last of such maturities to be not <br /> 2 <br /> <br />