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<br />shall be of equal rank without preference, priority or distinction, except as otherwise expressly <br />provided in or pursuant to this Ordinance. <br />(d) The issuance of the Bonds by the City shall constitute a warranty by and on <br />behalf of the City for the benefit of each and every Owner of any of the Bonds that the Bonds have <br />been issued for valuable consideration in full conformity with law. Subject to the registration <br />provisions hereof, the Bonds hereby authorized shall be fully negotiable and shall have all the <br />qualities of negotiable paper, and the Registered Owners thereof shall possess all rights enjoyed by <br />the holders of negotiable instruments under the provisions of the Colorado Uniform Commercial <br />Code. The principal of and interest on the Bonds shall be paid, and the Bonds shall be transferable, <br />free from and without regard to any equities between the City and the original or any intermediate <br />Owner of any Bonds or any setoffs or cross-claims. <br />Section 5. Bond Details. The Bonds shall be issued only as fully registered Bonds <br />without coupons in the denominations of $5,000 each or integral multiples thereof (provided that no <br />Bond may be in a denomination which exceeds the principal coming due on its maturity date and <br />no individual Bond will be issued for more than one maturity). The Bonds shall be numbered in <br />such manner as the Registrar shall determine. The Bonds shall be dated as of December 1, 1994, <br />and shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) from their <br />date until maturity, payable semiannually on each June 1 and December 1, commencing on June 1, <br />1995, except that any Bond which is reissued upon transfer, exchange or other replacement shall bear <br />interest from the most recent interest payment date to which interest has been paid, or if no interest <br />has been paid, from the date of the Bonds. The Bonds shall bear interest at the rates designated <br />below and shall mature serially on December 1 of each year and in the amounts as follows: <br /> <br />-15- <br />