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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 February 1, 1996, and semiannually <br /> thereafter on the first days of each succeeding February 1 and August 1, to the maturity or earlier <br /> redemption of the Bonds. The principal amount, interest rates, mandatory redemption provisions <br /> (if any) and other like terms of the Bonds shall be fixed by resolution of the City Council adopted <br /> after final passage of this Ordinance. <br /> C. Place, Manner and Medium of Payment. The fiscal agencies of the State of <br /> Washington in the cities of Seattle, Washington, and New York, New York, shall act as registrar <br /> for the Bonds (collectively, the "Bond Registrar"). The Bond Registrar shall maintain the Bond <br /> Register. Both principal of and interest on the Bonds shall be payable in lawful money of the <br /> United States of America. <br /> Interest on the Bonds shall be paid by checks or drafts mailed on the date such interest is <br /> due to the registered owners of Bonds or the nominees of such owners at the addresses appearing <br /> on the Bond Register as of the 15th day of the calendar month preceding the interest payment <br /> date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the <br /> registered owners or the nominees of such owners at either principal office of the Registrar in <br /> Seattle, Washington, or New York, New York, at the option of such owners. <br /> SECTION 3. Redemption and Purchase of Bonds. <br /> A. Optional Redemption. The City reserves the right to redeem outstanding Bonds <br /> maturing on or after August 1, 2008, on or after August 1, 2005, in whole on any date, or in part <br /> on any interest payment date (maturities to be chosen by the City and by lot within each maturity <br /> in such manner as the Bond Registrar shall determine), at a price of par plus accrued interest to <br /> the date of redemption. <br /> Portions of the principal amount of any Bond, in increments of $5,000 or any integral <br /> multiple of $5,000, may be redeemed. If less than all of the principal amount of any Bond is <br /> redeemed, upon surrender of such Bond at the principal office of the Bond Registrar there shall be <br /> -5- J:\FWN/WFIOMEW3N3CXDOC <br />