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aggregate principal amount of Series 1988 Bonds maturing in any year, <br />shall be numbered consecutively from 88R -1 upwards and shall bear <br />interest at a rate or rates not exceeding 12% per annum (the exact <br />rate or rates to be determined by bidding or negotiation) , which <br />interest shall be payable on the first day of August, 1988, and <br />semiannually thereafter, on February 1st, and August 1st of each <br />year. Interest shall be calculated on the basis of twelve (12) <br />thirty -day months for a three hundred sixty day year. <br />The Series 1988 Bonds shall mature and be payable on February <br />1st, in the years and amounts as follows: <br />Year Amount <br />1993 <br />$ 25,000 <br />1994 <br />$ 25,000 <br />1995 <br />$ 25,000 <br />1996 <br />$ 25,000 <br />1997 <br />$ 75,000 <br />1998 <br />$ 75,000 <br />1999 <br />$100,000 <br />2000 <br />$125,000 <br />2001 <br />$125,000 <br />2002 <br />$125,000 <br />2003 <br />$150,000 <br />2004 <br />$150,000 <br />2005 <br />$775,000 <br />Certain of the Series 1988 Bonds are subject to redemption prior to <br />maturity as provided in Section 2 below. <br />Bank One, Indianapolis, National Association is hereby appointed <br />as Registrar (Bank One, Indianapolis, National Association and any <br />subsequent registrar appointed pursuant to this Series 1988 Bond <br />Resolution shall hereinafter be referred to as the "Registrar ") for <br />the Series 1988 Bonds and is hereby charged with the responsibility <br />of authenticating the Series 1988 Bonds. The Registrar shall keep <br />and maintain at its principal office books for the registration and <br />for the transfer of the Series 1988 Bonds (the "Series 1988 Bond <br />Register "). The Controller is hereby authorized and directed, on <br />behalf of the Commission, to enter into such agreements or under- <br />standings with the Registrar as will enable the Registrar to perform <br />the services required of a registrar, and is directed to pay the <br />Registrar for its services out of available funds. <br />The principal of and premium, if any, on the Series 1988 Bonds <br />shall be payable at the principal office of Bank One, Indianapolis, <br />National Association which is hereby appointed as the Paying Agent <br />(Bank One, Indianapolis, National Association and any subsequent <br />Paying Agent appointed pursuant to this Series 1988 Bond Resolution <br />shall hereinafter be referred to as the "Paying Agent ") for the <br />Series 1988 Bonds. Interest on the Series 1988 Bonds shall be paid <br />-7- <br />