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<br />Maturity Interest Maturity Interest <br />Year Rate Year Rate <br />1990 6.40% 1998 6.80% <br />1991 6.45 1999 6.80 <br />1992 6.50 2000 6.80 <br />1993 6.55 2001 6.80 <br />1994 6.60 2002 6.85 <br />1995 6.65 2003 6.85 <br />1996 6.70 2004 6.85 <br />1997 6.75 <br /> <br />5. Description of the Global Certificates and <br />Global Book-Entry System. Upon their original issuance the <br />Bonds will be issued in the form of a single Global <br />Certificate for each maturity, deposited with the Depository <br />by the Purchaser and immobilized as provided in paragraph 6. <br />No beneficial owners of interests in the Bonds will receive <br />certificates representing their respective interests in the <br />Bonds except as provided in paragraph 6. Except as so <br />provided, during the term of the Bonds, beneficial ownership <br />(and subsequent transfers of beneficial ownership) of <br />interests in the Global Certificates will be reflected by book <br />entries made on the records of the Depository and its <br />Participants and other banks, brokers, and dealers participat- <br />ing in the National System. The Depository's book entries of <br />beneficial ownership interests are authorized to be in incre- <br />ments of $5,000 of principal of the Bonds, but not smaller <br />increments, despite the larger authorized denominations of the <br />Global Certificates. Payment of principal of, premium, if <br />any, and interest on the Global Certificates will be made to <br />the Bond Registrar as paying agent, and in turn by the Bond <br />Registrar to the Depository or its nominee as registered owner <br />of the Global Certificates, and the Depository according to <br />the laws and rules governing it will receive and forward <br />payments on behalf of the beneficial owners of the Global <br />Certificates. <br /> <br />Payment of principal of, premium, if any, and interest on <br />a Global Certificate may in the City's discretion be made by <br />such other method of transferring funds as may be requested by <br />the Holder of a Global Certificate. <br /> <br />6. Immobilization of Global Certificates by the <br />Depository; Successor Depository; Replacement Bonds. Pursuant <br />to the request of the Purchaser to the Depository, which <br />request is required by the Official Terms of Offering, <br />ilnmediately upon the original delivery of the Bonds the <br />