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2032 470,000 <br />2037 600,000 <br />(b) The remainder of the Bonds in the principal amount of $3,485,000 (the "Utility <br />Revenue Bonds"), maturing on February 1 in the years and in the amounts set forth below, will <br />be used to finance the construction of the Utility Improvements: <br />Year of Maturity <br />Amount <br />Year of Maturity <br />Amount <br />2028 <br />$160,000 <br />2036 <br />$240,000 <br />2029 <br />170,000 <br />2037 <br />250,000 <br />2030 <br />180,000 <br />2038 <br />265,000 <br />2031 <br />190,000 <br />2039 <br />280,000 <br />2032 <br />195,000 <br />2040 <br />290,000 <br />2033 <br />205,000 <br />2041 <br />300,000 <br />2034 <br />220,000 <br />2042 <br />310,000 <br />2035 <br />230,000 <br />1.05. Optional Redemption. The City may elect on February 1, 2036, and on anydaythereafter <br />to prepay Bonds maturing on or after February 1, 2037. Redemption may be in whole or in part and if in <br />part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a <br />maturity are called for redemption, the City will notify DTC (as defined in Section 7 hereof) of the <br />particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each <br />participant's interest in such maturity to be redeemed and each participant will then select by lot the <br />beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par <br />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 <br />issued by the Registrar described herein. <br />2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment <br />date precedingthe date of authentication to which interest on the Bond has been paid or made available <br />for payment, unless (i) the date of authentication is an interest payment date to which interest has been <br />paid or made available for payment, in which case the Bond will be dated as of the date of <br />authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case <br />the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 <br />and August 1 of each year, commencing February 1, 2027, to the registered owners of record thereof as <br />of the close of business on the fifteenth day of the immediately preceding month, whether or not such <br />day is a business day. <br />2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent <br />and paying agent (the "Registrar" and "Paying Agent"). The effect of registration and the rights and duties <br />of the City and the 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 />4931-4985-5651.3 3 <br />