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way of limitation, the costs of selling bonds to finance such <br />costs of acquisition and construction. <br />Section 3. The whole of Community Facilities District <br />No. 89-2 shall pay for the bonded indebtedness. <br />Section 4. The maximum term of the bonds to be issued <br />shall in no event exceed forty (40) years. <br />Section 5. The bonds shall bear interest at a rate or <br />rates established at such time as the bonds are sold in one <br />or more series at a fixed or variable interest rate, however <br />not to exceed any applicable statutory rate for such bonds, <br />payable semiannually, the actual rate or rates and times of <br />payment to be determined at the time or times of sale <br />thereof. <br />Section 6. The bonds issued by Community Facilities <br />District No. 89-2 may bear a variable interest rate, provided <br />that such variable rate shall not exceed the maximum rate <br />permitted by any applicable provision of law limiting the <br />maximum interest rate on the bonds. To the extent permitted <br />by law, an amount equal to the interim variable interest rate <br />which from time to time may exceed the maximum interest rate <br />permitted by law, may be added to the principal amount due <br />under the bonds. <br />-3- <br />