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<br />denomination of $5,000 each or any integral multiple thereof, numbered No. <br />R-I upward, bearing interest as above set forth, and which Bonds mature <br />serially on February 1 in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br />1989 $ 30,000 1997 $ 45,000 <br />1990 30,000 1998 45,000 <br />1991 30,000 1999 45,000 <br />1992 35,000 2000 45,000 <br />1993 35,000 2001 50,000 <br />1994 40,000 2002 50,000 <br />1995 40,000 2003 50,000 <br />1996 45,000 <br /> <br />1.04. Optional Redemption. The City may elect on February 1, 1998 <br />and on any interest payment date thereafter, to prepay Bonds maturing on or <br />after February 1, 1999. Redemption may be in whole or in part of the Bonds <br />subject to prepayment. If redemption is in part, those Bonds remaining <br />unpaid which have the latest maturity date will be prepaid first. If only <br />part of the Bonds having a common maturity date are called for prepayment <br />the specific Bonds to be prepaid will be chosen by lot by the Registrar. <br />All prepayments shall be at a price of par plus accrued interest. <br /> <br />Section 2. Registration and Payment. <br /> <br />2.01. Registered Form. The Bonds shall be issued only in fully <br />registered form. The interest thereon and, upon surrender of each Bond, <br />the principal amount thereof shall be payable by check or draft issued by <br />the Registrar described herein. <br /> <br />2.02. Dates; Interest Payment Dates. Each Bond shall be dated as of <br />the last interest payment date preceding the date of authentication to <br />which interest on the Bond has been paid or made available for payment, <br />unless (i) the date of authentication is an interest payment date to which <br />interest has been paid or made available for payment, in which case such <br />Bond shall be dated as of the date of authentication, or (1i) the date of <br />authentication is prior to the first interest payment date, in which case <br />such Bond shall be dated as of the date of original issue. The interest on <br />the Bonds shall be payable on February 1 and August 1 of each year, com- <br />mencing February 1, 1988, to the owner of record thereof as of the close of <br />business on the fifteenth day of the immediately preceding month, whether <br />or not such day is a business day. <br /> <br />2.03. Registration. The City shall appoint, and shall maintain, a <br />bond registrar, transfer agent, authenticating agent and paying agent <br />(Registrar). The effect of registration and the rights and duties of the <br />City and the Registrar with respect thereto shall be as follows: <br /> <br />(a) Register. The Registrar shall keep at its principal corpo- <br />rate trust office a bond register in which the Registrar shall provide <br />