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Year Amount <br />2006 $25,000 <br />2007 25,000 <br />2008 25,000 <br />2009 25,000 <br />2010 25,000 <br />2011 30,000 <br />2012 30,000 <br />2013 30,000 <br />2014 35,000 <br />1.03. Optional Redemption. The City may elect on any date to prepay the Bonds. <br />Redemption may be in whole or in part and if in part, at the option of the City and in such order <br />as the City will determine and within a maturity by lot as selected by the registrar. Prepayments <br />will be at a price of par plus accrued interest. <br />Section 2. Registrations. <br />2.01. Registered Form. The Bonds will be issued as a single typewritten bond only in <br />fully registered form. The interest thereon and, upon surrender of each Bond, the principal <br />amount thereof, will be payable by check or draft issued by the Registrar described herein. <br />2.02. Dates; Interest Payment Dates. The Bond will be dated as of the last interest <br />payment date preceding the date of authentication to which interest on the Bond has been paid or <br />made available for payment, unless (i) the date of authentication is an interest payment date to <br />which interest has been paid or made available for payment, in which case the Bond will be <br />dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest <br />payment date, in which case the Bond will be dated as of the date of original issue. The interest <br />on the Bonds will be payable on February 1 and August 1 of each year, commencing August 1, <br />2004, to the registered owners of record as of the close of business on the fifteenth day of the <br />immediately preceding month, whether or not that day is a business day. <br />2.03. Registration. The City appoints the City Finance Director as Bond Registrar. The <br />effect of registration and the rights and duties of the City and the Registrar with respect thereto <br />will be as follows: <br />(a) Register. The Registrar will keep a bond register in which the <br />Registrar will provide for the registration of ownership of Bonds and the registration of <br />transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. <br />SJB-240611v1 <br />LN 140-84 <br />