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<br />the Project proceeds with due diligence to completion and that <br />any and all permits and studies required under law for the <br />Project are obtained. <br /> <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on March 1 and September 1 of each year (each, an <br />"Interest Payment Date"), commencing September 1, 1992, <br />calculated on the basis of a 360-day year of twelve 30-day <br />months, at the respective rates per annum set forth opposite the <br />maturity years as follows: <br /> <br />Maturitv Year Interest Rate Maturitv Year Interest Rate <br />1993 5.30% 2001 5.60% <br />1994 5.30 2002 5.75 <br />1995 5.30 2003 5.80 <br />1996 5.30 2004 5.90 <br />1997 5.30 2005 6.00 <br />1998 5.30 2006 6.10 <br />1999 5.30 2007 6.20 <br />2000 5.40 <br /> <br />5. Description of the Global certificates and Global <br />Book-Entrv System. Upon their original issuance the Bonds will <br />be issued in the form of a single Global certificate for each <br />maturity, deposited with the Depository by the Purchaser and <br />immobilized as provided in paragraph 6. No beneficial owners of <br />interests in the Bonds will receive certificates representing <br />their respective interests in the Bonds except as provided in <br />paragraph 6. Except as so provided, during the term of the <br />Bonds, beneficial ownership (and subsequent transfers of <br />beneficial ownership) of interests in the Global certificates <br />will be reflected by book entries made on the records of the <br />Depository and its Participants and other banks, brokers, and <br />dealers participating in the National System. The Depository's <br />book entries of beneficial ownership interests are authorized to <br />be in increments of $5,000 of principal of the Bonds, but not <br />smaller increments, despite the larger authorized denominations <br />of the Global certificates. Payment of principal of, premium, if <br />any, and interest on the Global certificates will be made to the <br />Bond Registrar as paying agent, and in turn by the Bond Registrar <br />to the Depository or its nominee as registered owner of the <br />Global Certificates, and the Depository according to the laws and <br />rules governing it will receive and forward payments on behalf of <br />the beneficial owners of the Global certificates. <br /> <br />Payment of principal of, premium, if any, and interest <br />on a Global certificate may in the City's discretion be made by <br /> <br />26250 <br /> <br />5 <br />