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1.03. Good Faith Check and Contract with the Purchaser. The City Clerk is directed to retain <br />the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the <br />good faith checks of the unsuccessful proposers forthwith. The Mayor and City Clerk are directed to <br />execute a contract with the Purchaser on behalf of the City. <br />1.04. Terms and PrinciRal Amounts of the Bonds. To provide financing for the Improvements, <br />the City will issue and sell the Bonds in the original aggregate principal amount of $245,000, originally <br />dated August 23, 2006, in the denomination of $5,000 each or any integral multiple thereof, numbered <br />No. R-1 upward, bearing interest as above set forth, and maturing serially in the years and amounts as <br />follows: <br />Term Bonds due February 1, 2017 in the aggregate principal amount of $245,000. <br />1.05. Optional Redemption. The City may elect on August 1, 2010, and any day thereafter to <br />prepay Bonds due on or after February 1, 2011. Redemption may be in whole or in part and if in part, at <br />the option of the City and in such manner as the City will determine. Prepayments will be at a price of <br />par plus accrued interest. <br />1.06. Mandatory Redemption. The Term Bonds are subject to mandatory sinking fund <br />redemption and shall be redeemed in part by lot at par plus accrued interest on the sinking fund <br />installment dates and in the principal amounts as follows: <br />Sinking Fund Installment Date Principal Amount <br />February 1, <br />2017 Term Bonds <br />2008 <br />$20,000 <br />2009 <br />20,000 <br />2010 <br />20,000 <br />2011 <br />25,000 <br />2012 <br />25,000 <br />2013 <br />25,000 <br />2014 <br />25,000 <br />2015 <br />25,000 <br />2016 <br />30,000 <br />2017 (maturity) <br />30,000 <br />The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All prepayments will <br />be at a price of par plus accrued interest. <br />Section 2. Registration and Payment. <br />2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest <br />thereon and, upon surrender of the Bond, the principal amount thereof, is payable by check or draft <br />Jissued by the Registrar described herein. <br />2915200 MNI GE190-5 <br />