CC RES 09-087 RESOLUTION RELATING TO $1,645,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2009B; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR TH

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Section 3. Bond Terms, Execution and Delivery. 3.01. Maturities, Interest Rates,Denominations Payment Dating of Bonds. The Bonds shall be designated General Obligation Refunding Bonds, Series 2009B, shall be originally dated as of December 16, 2009, shall be in the denomination of$5,000 each, or any integral multiple thereof, shall mature on February 1 in the respective years and amounts stated below, and shall bear interest, computed on the basis of a 360-day year consisting of twelve 30-day months, from December 16, 2009 until paid or duly called for redemption at the respective annual rates set forth opposite such years and amounts, as follows: Year Amount Rate Year Amount Rate 2011 $210,000 2.50% 2015 $230,000 2.50% 2012 225,000 2.50% 2016 240,000 2.50% 2013 225,000 2.50% 2017 180,000 2.75% 2014 230,000 2.50% 2018 105,000 3.00% The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued by the Registrar for the Bonds appointed herein. The portion of the Bonds maturing in the following years and amounts constitute the Tax Abatement Bonds: Year Amount 2011 $45,000 2012 50,000 2013 50,000 2014 55,000 2015 55,000 2016 55,000 The portion of the Bonds maturing in the following years and amounts constitute the Improvement Bonds: Year Amount Year Amount 2011 $165,000 2015 $175,000 2012 175,000 2016 185,000 2013 175,000 2017 180,000 2014 175,000 2018 105,000 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing August 1, 2010, to the owners thereof as such appear of -7-