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<br />eight percent ( 8 % ) per annum on the unpaid delinquent principal <br />and interest installment, for the period of time that the install- <br />ment remains unpaid after it was due, to cover the extra expenses <br />involved in handling delinquent payments. <br /> The Series 1982 Bond and the interest thereon shall be <br />payable at First National Bank of Louisville, 833 Main Street, <br />Louisville, Colorado, 80027, Or at such other place as the Lender <br />may designate in writing. <br /> The Bond is subject to optional prepayment by the <br />City, at the request of the Borrower: (a) in whole or in part, on <br />any semiannual principal and interest payment date, upon payment <br />of accrued interest to the date of prepayment, and a premium of 2% <br />of the principal amount prepaid if redeemed on or before <br /> , 1987, and without prepayment premium if redeemed thereafter; <br />- <br />and (b) on any date, in whole, without prepayment premium, if a <br />Determination of Taxability (as defined in the Loan Agreement) <br />occurs with respect to the Bond. <br /> The Bond is also subject to mandatory prepayment in <br />connection with the destruction or governmental t ak i ng of the <br />Project pursuant to Section 7.l(a) or (b) of the Loan Agreement: <br />(a) on any date, in whole, by the application of moneys received <br />by or on behalf of the Bondholder from the proceeds of insurance <br />or the proceeds of sale or condemnation of the Project as provided <br />in the Deed of Trust, and ( b) on any date, in whole, by the <br />application of moneys received by the Lender from the Borrower to <br />prepay the Bond. It is agreed that all such mandatory prepayments <br />shall be made by payment of the principal amount to be prepaid and <br />accrued interest thereon to the date fixed for the prepayment, <br />without redemption premium. The Bond will cease to bear interest <br />on the speci fied prepayment date, provided funds for prepayment <br />are on deposit at the place of payment at that time. <br /> Section 5. Determinations. It is hereby found, deter- <br />mined and declared that: <br /> ( a) the amount necessary in each year to pay the <br />principal of the Series 1982 Bond is as set forth in the principal <br />payment schedule attached hereto as Exhibit A and incorporated <br /> - 8 - <br />