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pertaining to assessments on the assessment rolls of those local <br /> improvement districts when hereafter received shall be deposited <br /> in the Bond Fund to redeem outstanding Consolidated Local <br /> Improvement District No . 2 bonds . <br /> Section 3 . Consolidated Local Improvement District No . 2 <br /> bonds (the "Bonds" ) shall be issued in the total principal <br /> amount of $5 , 827 , 298 , being the total amount on the assessment <br /> rolls of Local Improvement Districts Nos . 713 , 714A, 716A, 721 <br /> and 723 remaining uncollected after the expiration of the 30-day <br /> interest-free prepayment period. The Bonds shall be dated <br /> April 1, 1988 , and shall be numbered from 1 to 1165 , inclusive, <br /> in the manner and with any additional designation as the Bond <br /> Registrar (collectively, the fiscal agencies of the State of <br /> Washington located in Seattle, Washington, and New York, New <br /> York) deems necessary for the purpose of identification. Bond <br /> No . 1 shall be in the denomination of $7, 298 and Bonds Nos . 2 to <br /> 1165, inclusive, shall be in the denomination of $5, 000 each. <br /> Interest shall be computed on the basis of a 360-day year of <br /> twelve 30-day months . <br /> The Bonds shall bear interest , payable annually beginning <br /> April 1, 1989 , and shall mature on April 1 of each year in <br /> accordance with the following schedule: <br /> Bond Numbers Interest Maturity <br /> (Inclusive) Amounts Rates Years <br /> 1 to 40 $202 , 298 6 . 00% 1990 <br /> 41 to 80 200 , 000 6 . 20 1991 <br /> 81 to 120 200 , 000 6 . 40 1992 <br /> 121 to 160 200 , 000 6 . 60 1993 <br /> - 3 - <br />