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<br />The Bonds shall be issuable only in fully registered form. Interest shall be computed on the basis
<br />of a 360-day year composed of twelve 30-day months. The interest on and, upon surrender of
<br />each Bond, the principal amount thereof, shall be payable by check or draft issued by the
<br />Registrar described herein; provided that, so long as the Bonds are registered in the name of a
<br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />
<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 1 in each year, commencing
<br />February 1, 2016, each such date being referred to herein as an Interest Payment Date, to the
<br />persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at
<br />the Registrar's close of business on the fifteenth day of the calendar month next preceding such
<br />Interest Payment Date, whether or not such day is a business day.
<br />
<br />2.04. Redemption. Bonds maturing on February 1, 2025 and later 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 securities depository in accordance with its customary procedures) in
<br />multiples of $5,000, on February 1, 2024, 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 shall cause
<br />notice of the call for redemption thereof to be published as required by law, and at least 30 days
<br />and not more than 60 days prior to the designated redemption date, shall cause notice of call for
<br />redemption to be mailed, by first class mail, to the registered holders of any Bonds to be
<br />redeemed at their addresses as they appear on the bond register described in Section 2.06 hereof.
<br />No defect in or failure to give such mailed notice of redemption shall affect the validity of
<br />proceedings for the redemption of any Bond not affected by such defect or failure. Official
<br />notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be
<br />redeemed shall, on the redemption date, become due and payable at the redemption price therein
<br />specified and from and after such date (unless the City shall default in the payment of the
<br />redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial
<br />redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge,
<br />representing the remaining principal amount outstanding.
<br />Bonds maturing on August 1 in 2025, 2026, 2027, 2028, 2029 and on February 1, 2031
<br />(the “Term Bonds”) shall be subject to mandatory redemption prior to maturity pursuant to the
<br />sinking fund requirements of this Section 2.04 at a redemption price equal to the stated principal
<br />amount thereof plus interest accrued thereon to the redemption date, without premium. The
<br />Registrar shall select for redemption, by lot or other manner deemed fair, on February 1 in each
<br />of the following years the following stated principal amounts of such Bonds:
<br />Term Bonds Maturing August 1, 2025
<br />Year Principal Amount
<br />
<br /> 2025 $140,000
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