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• <br /> purpose of identification; and shall bear interest computed on <br /> the basis of a 360-day year of twelve 30-day months, payable <br /> annually beginning June 1, 1988 . The Bonds shall bear interest <br /> at the rates and shall mature on June 1 of each year in accord- <br /> ance with the following schedule : <br /> Maturity Bond Numbers Interest <br /> Years ( Inclusive) Amounts Rates <br /> 1988 1-22 $111, 315 . 21 5 . 50% <br /> 1989 23-42 100 , 000 . 00 6 . 00 <br /> 1990 43-62 100, 000 . 00 6 . 25 <br /> 1991 63-82 100 , 000 . 00 6 . 50 <br /> 1992 83-102 100, 000 . 00 6 . 75 <br /> 1993 103-112 50, 000 . 00 7 . 00 <br /> 1994 113-122 50 , 000 . 00 7 . 20 <br /> 1995 123-132 50 , 000 . 00 7 . 40 <br /> 1996 133-142 50, 000 . 00 7 . 60 <br /> 1997 143-152 50 , 000 . 00 7 . 75 <br /> ** ** ** <br /> 2003 153-412 1, 300 , 000 . 00 8 . 625 <br /> ** ** ** <br /> 2007 413-452 200 , 000 . 00 8 . 75 <br /> ** ** ** <br /> 2009 453-472 100 , 000 . 00 8 . 75 <br /> If any Bond is not redeemed upon proper presentment at its <br /> maturity or call date, the City shall be obligated to pay <br /> interest at the same rate for each such Bond from and after its <br /> maturity or call date until such Bond, both principal and <br /> interest, is paid in full or until sufficient money for such <br /> payment in full is on deposit in the Local Improvement Fund, <br /> District No . 719 (the "Bond Fund" ) , and such Bond has been <br /> called for payment . <br /> The Bonds shall be issued only in registered form as to <br /> both principal and interest and recorded in the books or records <br /> maintained by the Bond Registrar (the "Bond Register" ) . Such <br /> - 2 - <br />