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1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the
<br /> Bonds pursuant to the Act, in the total principal amount of$1,815,000, originally dated July 15,2021, in the
<br /> denomination of$5,000 each or any integral multiple thereof, numbered No.R-1 upward, bearing interest as
<br /> above set forth,and maturing serially on February 1 in the years and amounts as follows:
<br /> Year Amount Year Amount
<br /> 2023 $165,000 2028 $180,000
<br /> 2024 170,000 2029 185,000
<br /> 2025 170,000 2030 195,000
<br /> 2026 175,000 2031 195,000
<br /> 2027 180,000 2032 200,000
<br /> 1.05. Optional Redemption. The City may elect on February 1,2029,and on any day thereafter to
<br /> prepay Bonds due on or after February 1,2030. Redemption may be in whole or in part and if in part, at the
<br /> option of the City and in such manner as the City will determine If less than all Bonds of a maturity are called
<br /> for redemption, the City will notify DTC (as defined in Section 7 hereof) of the particular amount of such
<br /> maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity
<br /> to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity
<br /> to be redeemed. Prepayments will 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 each Bond,the principal amount thereof, is payable by check or draft issued
<br /> by the Registrar described herein.
<br /> 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date
<br /> preceding the date of authentication to which interest on the Bond has been paid or made available for
<br /> payment, unless (i)the date of authentication is an interest payment date to which interest has been paid or
<br /> made available for payment, in which case the Bond will be dated as of the date of authentication; or(ii)the
<br /> date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of the
<br /> date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year,
<br /> commencing February 1, 2022, to the registered owners of record thereof as of the close of business on the
<br /> fifteenth day immediately preceding each interest payment date,whether or not such day is a business day.
<br /> 2.03. Registration. The City will appoint a bond registrar,transfer agent,authenticating agent and
<br /> paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the
<br /> Registrar with respect thereto are as follows:
<br /> (a) Register. The Registrar must keep at its principal corporate trust office a bond
<br /> register in which the Registrar provides for the registration of ownership of Bonds and the
<br /> registration of transfers and exchanges of Bonds entitled to be registered,transferred,or exchanged.
<br /> (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the
<br /> registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to
<br /> the Registrar,duly executed by the registered owner thereof or by an attorney duly authorized by the
<br /> registered owner in writing,the Registrar will authenticate and deliver, in the name of the designated
<br /> transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity,
<br /> as requested by the transferor. The Registrar may, however, close the books for registration of any
<br /> LN 140-125-725788.v2 3
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