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having happened and having been performed, it is now necessary for the City Council to
<br />establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds
<br />forthwith.
<br />2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be
<br />originally dated November 1, 2004, shall be in the denomination of $5,000 each, or any integral
<br />multiple thereof, of single maturities, shall mature on February I in the years and amounts stated
<br />below, and shall bear interest from date of issue until paid or duly called for redemption, at the
<br />annual rates set forth opposite such years and amounts, as follows:
<br />Year
<br />Amount
<br />Rate
<br />Year
<br />Amount
<br />Rate
<br />2006
<br />$85,000
<br />3.10%
<br />2016
<br />$205,000
<br />3.80%
<br />2007
<br />150,000
<br />3.10
<br />2017
<br />210,000
<br />3.90
<br />2008
<br />155,000
<br />3.10
<br />2018
<br />220,000
<br />4.00
<br />2009
<br />160,000
<br />3.10
<br />2019
<br />230,000
<br />4.10
<br />2010
<br />165,000
<br />3.10
<br />2020
<br />240,000
<br />4.20
<br />2011
<br />170;000
<br />3.10
<br />2021
<br />250,000
<br />4.20
<br />2012
<br />175,000
<br />3.30
<br />2022
<br />260,000
<br />4.30
<br />2013
<br />185,000
<br />3.45
<br />2025
<br />845,000
<br />4.40
<br />2014
<br />190,000
<br />3.55
<br />2015
<br />195,000
<br />3.70
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued
<br />by the Registrar described herein; provided that, so long as the Bonds are registered in the name
<br />of a securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal
<br />and interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />2.03_ Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to
<br />Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of
<br />authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on
<br />the Bonds shall be payable on February 1 and August I in each year, commencing August 1,
<br />2005, each such date being referred to herein as an Interest Payment Date, to the person in whose
<br />names the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar's
<br />close of business on the fifteenth day of the month immediately preceding the Interest Payment
<br />Date, whether or not such day is a business day. Interest shall be computed on the basis of a
<br />360 -day year composed of twelve 30 -day months.
<br />2.04. Redemption. Bonds maturing in 2014 and later years shall be subject to
<br />redemption and prepayment at the option of the City, in whole or in part, in such order of
<br />maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar
<br />(or, if applicable, by the bond depository in accordance with its customary procedures) in
<br />multiples of $5,000, on February 1, 2013, and on any date thereafter, at a price equal to the
<br />principal amount thereof and accrued interest to the date of redemption. The City Manager shall
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