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<br />Ma tur i ty Principal Amount Interest Rate <br /> 1987 $100,000 5.750% <br /> 1988 100,000 6.000 <br /> 1989 110,000 6.250 <br /> 1990 115,000 6.500 <br /> 1991 225,000 6.750 <br /> 1992 240,000 7.000 <br /> 1993 255,000 7.200 <br /> 1994 275,000 7.300 <br /> 1995 295,000 7.400 <br /> 1996 310,000 7.500 <br /> 1997 330,000 7.600 <br /> 1998 360,000 7.700 <br /> 1999 385,000 7.800 <br /> 2000 210,000 7.900 <br /> The maximum net effective interest rate authorized for <br />this issue of Bonds is 8.00% per annum, and the actual net <br />effective interest rate is 7.6323% per annum. The average <br />interest rate on the Bonds is 7.4786% per annum. <br /> Section 4 . Payme n t of Bonds; payi ng Agent and Bond <br />Registrar. The pr i nc i pal of and premi um, if any, on any Bond are. <br />payable in law f ul money of the United States of America to the <br />Owner of such Bond upon presentation at the principal office of <br />the Pay i ng Ag e n t. No twi ths tand i ng anything contained in this <br />Ordinance to the contrary, interest on the Bonds shall be payable <br />to the person in wh 0 s e name such Bond is registered, at his <br />address as it appears on the registration books maintained by or <br />on behalf of the City by the Bond Registrar, at the close of <br />business on the Record Da t e , irrespect ive of any transfer or <br />exchange of such Bond subsequent to such Record Date and pr ior to <br />such interest payment date. Such payment shall be pa id by check <br />or draft of the Paying Agent. <br /> The principal of, premium, if any, and interest on the <br />Bonds shall be paid in accordance with the te rms of the Paying <br />Agent and Registrar Agreement. <br /> Section 5. Prior Redempt ion. Bonds ma tur ing on and <br />after December 1, 1997, are s ub j e c t to redempt ion pr i 0 r to <br />maturity, at the option of the City, as a whole or in integral <br />multiples of $5,000, in inverse order of ma t ur i t Y , on December 1, <br /> - 12 - <br />