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represent more than one maturity, and shall be numbered separately in such manner and with any <br /> additional designation as the Bond Registrar deems necessary for purposes of identification. <br /> The Bonds shall bear interest (computed on the basis of a 360-day year of twelve 30-day <br /> months) from their date or from the most recent interest payment date to which interest has been <br /> paid or duly provided for, whichever is later, payable on June 1, 1996, and semiannually thereafter <br /> on each succeeding June 1 and December 1, to the maturity or earlier redemption of the Bonds, at <br /> the rates set forth below, and shall mature on December 1 in the years and in the amounts set <br /> forth below. <br /> Maturity Year <br /> (December 1) Principal Amount Interest Rate <br /> 1996 $240,000 3.7% <br /> 1997 240,000 4.0 <br /> 1998 250,000 4.1 <br /> 1999 255,000 4.3 <br /> 2000 265,000 4.4 <br /> 2001 275,000 4.5 <br /> Both principal of and interest on the Bonds shall be payable in lawful money of the United <br /> States of America. Interest on the Bonds shall be paid by check or draft mailed on the date such <br /> interest is due to the Registered Owners at the addresses appearing on the Bond Register as of the <br /> 15th day of the month preceding the interest payment date. Principal of the Bonds shall be <br /> payable upon presentation and surrender of the Bonds by the Registered Owners at either <br /> principal office of the Bond Registrar in Seattle, Washington, or New York, New York, at the <br /> option of such Registered Owners. <br /> Section 3. Registration. <br /> A. Bond Registrar. The City hereby specifies and adopts the system of registration <br /> for the Bonds approved by the Washington State Finance Commission, pursuant to which the <br /> fiscal agencies of the State of Washington in the cities of Seattle, Washington, and New York, <br /> New York, shall act as registrar, authenticating agent, transfer agent and paying agent for the <br /> Bonds (collectively, the "Bond Registrar"). The Bond Registrar shall keep, or cause to be kept, at <br /> its principal corporate trust office, sufficient books for the registration and transfer of the Bonds, <br /> -3- DOTOF7.DOC 96/03/13 <br />