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as above set forth, and which mature serially on March 1 in the years and amounts as follows: Year Amount Year Amount 1996 $285,000 2004 $440,000 1997 300,000 2005 470,000 1998 315,000 2006 495,000 1999 330,000 2007 530,000 2000 350,000 2008 565,000 2001 370,000 2009 605,000 2002 390,000 2010 640,000 2003 415,000 1.04. Optional Redemption. The City may elect on March 1, 2001 and on any day thereafter to prepay Bonds maturing on or after March 1, 2002. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify MSTC (as defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. MSTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All prepayments will be at a price of par plus accrued interest. Section 2. Re¡dstration and Payment. 2.01. Re¡dstered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond will be dated as of the date of authentication, or (ü) the date of authentication is prior to the first interest payment date, in which case such Bond will be dated as of the date of original issue. The interest on the Bonds is payable on March 1 and September 1 of each year, commencing September 1, 1995, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Re¡dstration. The City will appoint, and will maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: (a) Re¡dster. The Registrar must keep at its principal corporate trust office a bond register in which the Registrar provides for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. DJJt87126 RS200-14