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shall bear interest at the rate of 5 . 875% per annum (computed on <br /> the basis of a 360-day year of twelve 30-day months) , payable at <br /> maturity. The City Council declares and finds that the fixing <br /> of the above interest rate is in the best interests of the City. <br /> If any Note is not redeemed upon proper presentment at its <br /> maturity, the City shall be obligated to pay interest at the <br /> same rate for each such Note from and after its maturity until <br /> such Note, both principal and interest , is paid in full or until <br /> sufficient money for such payment in full is on deposit in the <br /> Local Improvement Fund, District No . 713 (the "Note Fund" ) , and <br /> such Note has been called for payment . <br /> Both principal of and interest on the Notes shall be pay- <br /> able in lawful money of the United States of America solely out <br /> of the Note Fund from the proceeds of local improvement district <br /> bonds authorized to be issued by Ordinance No . 1109-85 or other <br /> short-term obligations to be deposited in such fund and/or <br /> prepaid special benefit assessments deposited in such fund, <br /> other money legally available for that purpose and from the <br /> Local Improvement Guaranty Fund of the City, and shall be pay- <br /> able at the principal offices of either of the fiscal agencies <br /> of the State of Washington in Seattle, Washington, and New York, <br /> New York. <br /> The Notes are issued without the right or option of the <br /> City to redeem the same prior to their maturity date . <br /> - 3 - <br />