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amounts stated below, and shall bear interest from date of issue until paid or duly called for
<br />redemption, at the annual rates set forth opposite such years and amounts, as follows:
<br />Year Amount Rate Year Amounts Rate
<br />2021 $240,000 4.00% 2026 $295,000 4.00%
<br />2022 250,000 4.00 2027 195,000 4.00
<br />2023 265,000 4.00 2030 235,000 3.00
<br />2024 270,000 4.00 2033 260,000 3.00
<br />2025 285,000 4.00 2035 185,000 3.00
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender
<br />of 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 />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 the
<br />Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2020,
<br />each such date being referred to herein as an Interest Payment Date, to the persons in whose names
<br />the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar's close of
<br />business on the first day of the calendar month in which such Interest Payment Date occurs,
<br />whether or not such day is a business day. Interest shall be computed on the basis of a 360-day
<br />year composed of twelve 30-day months.
<br />2.04. Redemption. Bonds maturing on February 1, 2029, and later years shall be subject
<br />to 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 (or,
<br />if applicable, by the bond depository in accordance with its customary procedures) in integral
<br />multiples of $5,000, on February 1, 2028, 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
<br />cause notice of the call for redemption thereof to be published if and as required by law, and at
<br />least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall
<br />cause notice of call for redemption to be mailed, by first class mail, to the Registrar and registered
<br />holders of any Bonds to be redeemed at their addresses as they appear on the Bond Register
<br />described in Section 2.06 hereof, provided that notice shall be given to any securities depository
<br />in accordance with its operational arrangements. No defect in or failure to give such notice of
<br />redemption shall affect the validity of proceedings for the redemption of any Bond not affected by
<br />such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or
<br />portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the
<br />redemption price therein specified and from and after such date (unless the City shall default in
<br />the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest.
<br />Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without
<br />charge, representing the remaining principal amount outstanding.
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