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for out of the proceeds derived from the sale of the Series 1985 <br />Bonds. The Series 1986 Bonds do not constitute a corporate <br />obligation or indebtedness of the City, but the same is an <br />obligation of the Redevelopment District and is payable solely out <br />of the Tax Increment. The Series 1986 Bonds shall be issued in <br />fully registered forms in the denomination of Five Thousand Dollars <br />($5,000) or in integral multiples thereof ( "Authorized <br />Denominations ") not exceeding the aggregate principal amount of <br />Series 1986 Bonds maturing in any year, shall be numbered <br />consecutively from 86R -1 upwards and shall bear interest at a rate <br />or rates not exceeding 12% per annum (the exact rate or rates to be <br />determined by bidding or negotiation), which interest shall be <br />payable on the first day of February, 1987, and semiannually <br />thereafter, on February lst, and August lst of each year. <br />The Series 1986 Bonds shall mature and be payable on February <br />1st, in the years and amounts as follows: <br />Year Amount <br />1992 <br />$ 50,000 <br />1993 <br />50,000 <br />1994 <br />70,000 <br />1995 <br />80,000 <br />1996 <br />100,000 <br />1997 <br />100,000 <br />1998 <br />100,000 <br />1999 <br />100,000 <br />2000 <br />100,000 <br />2001 <br />100,000 <br />2002 <br />100,000 <br />2003 <br />100,000 <br />2004 <br />700,000 <br />Certain of the Series 1986 Bonds are subject to redemption prior to <br />maturity as provided in Section 2 below. <br />American Fletcher National Bank and Trust Company is hereby <br />appointed as Registrar (American Fletcher National Bank and Trust <br />Company and any subsequent registrar appointed pursuant to this <br />Resolution shall hereinafter be referred to as the "Registrar ") for <br />the Series 1986 Bonds and is hereby charged with the responsibility <br />of authenticating the Series 1986 Bonds. The Registrar shall keep <br />and maintain at its principal office books for the registration and <br />for the transfer of the Series 1986 Bonds (the "Series 1986 Bond <br />Register "). The Controller is hereby authorized and directed, on <br />behalf of the Commission, to enter into such agreements or <br />understandings with the Registrar as will enable the Registrar to <br />perform the services required of a registrar, and is directed to pay <br />-3- <br />