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fied, and from and after such date (unless the Commission shall
<br />default in the payment of the redemption price) such bonds or por-
<br />tions of bonds shall cease to bear interest. Upon surrender of such
<br />bonds for redemption in accordance with said notice, such bonds shall
<br />be paid by the Paying Agent at the redemption price. Bonds redeemed
<br />in part may be exchanged for a bond or bonds of the same maturity in
<br />authorized denominations equal to the remaining principal amount.
<br />The principal of and premium, if any, and interest on this bond
<br />and all other bonds of the Series 1988 Bond issue and (1) certain Tax
<br />Increment Revenue Bonds of 1985 issued on December 23, 1985 in the
<br />aggregate principal amount of Four Million Two Hundred Thousand
<br />Dollars ($4,200,000) pursuant to Resolution No. 747 and Amending
<br />Resolutions Nos. 752, 755 and 756 adopted August 23, 1985, November
<br />18, 1985, November 22, 1985, and December 20, 1985, respectively,
<br />which bonds in the amount of Four Million Two Hundred Thousand
<br />Dollars ($4,200,000) are outstanding as of November 1, 1987 and will
<br />mature at various amounts annually on February 1 of each year begin-
<br />ning on February 1, 1990, through and including February 1, 2003 and
<br />(2) certain Tax Increment Revenue Bonds of 1986 issued on August 12,
<br />1986, in the aggregate principal amount of One Million Seven Hundred
<br />Fifty Thousand Dollars ($1,750,000) pursuant to Resolution No. 775
<br />and Amending Resolutions Nos. 779 and 780 adopted May 23, 1986, July
<br />11, 1986 and July 25, 1986, respectively, which bonds in the amount
<br />of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) are
<br />outstanding as of November 1, 1987, and will mature in various
<br />amounts annually on February 1 of each year beginning on February 1,
<br />1992, through and including February 1, 2004, ranking on a parity
<br />herewith and (3) any bonds hereafter issued ranking on a parity
<br />herewith are payable solely out of the Tax Increment.
<br />In the manner provided in the Series 1988 Bond Resolution, the
<br />Series 1988 Bond Resolution and the rights and obligations of the
<br />Commission and of the owners of the bonds may (with certain excep-
<br />tions as stated in the Series 1988 Bond Resolution) be modified or
<br />amended with the consent of the owners of 60% in aggregate principal
<br />amount of outstanding bonds exclusive of bonds, if any, owned by the
<br />Commission or the City. Additional bonds ranking on a parity with
<br />the bonds authorized by the Series 1988 Bond Resolution and other
<br />bonds, junior to the bonds authorized by the Series 1988 Bond Resolu-
<br />tion, can be issued in accordance with the terms of the Series 1988
<br />Bond Resolution.
<br />This bond is transferable or exchangeable only upon the Series
<br />1988 Bond Register by the Registered Owner hereof in person, or by
<br />his attorney duly authorized in writing, upon surrender of this bond
<br />together with a written instrument of transfer or exchange satisfac-
<br />tory to the Registrar duly executed by the Registered Owner or his
<br />attorney duly authorized in writing and thereupon a new fully regis-
<br />tered bond or bonds in the same aggregate principal amount and of the
<br />same maturity shall be executed and delivered in the name of the
<br />transferee or transferees or the Registered Owner, as the case may
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