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f i <br /> 4 <br /> at a rate or rates not exceeding eight percent (8%) . <br /> (The exact rate or rates to be determined by bidding) . <br /> Interest on the Bonds shall be payable semi-annually on <br /> January 1 and July 1 of each year beginning on January <br /> 1, 1994 (each an "Interest Payment Date") , and such <br /> interest shall be calculated on the basis of twelve (12) <br /> thirty (30) -day months for a three hundred and sixty <br /> (360) -day year. The Bonds shall mature serially on <br /> January 1, in the years and in the principal amounts as <br /> follows: <br /> Principal Principal <br /> Year Amount Year Amount <br /> 1995 210, 000 2003 340, 000 <br /> 1996 220, 000 2004 370, 000 <br /> 1997 235, 000 2005 395, 000 <br /> 1998 250, 000 2006 425, 000 <br /> 1999 265, 000 2007 460, 000 <br /> 2000 280,000 2008 495, 000 <br /> 2001 300, 000 2009 535, 000 <br /> 2002 320, 000 <br /> The Bonds shall bear an original issue date <br /> which shall be the first day of the month in which the <br /> Bonds are delivered to the purchaser or purchasers <br /> thereof, and each Bond shall also bear the date of its <br /> authentication. Any Bond authenticated on or before <br /> December 15, 1993 , shall pay interest from its original <br /> issue date. Any Bond authenticated thereafter shall pay <br /> interest from the Interest Payment Date next preceding <br /> the date of authentication of such Bond to which interest <br /> thereon has been paid or duly provided for, unless such <br /> Bond is authenticated after the fifteenth (15th) day of <br /> the month immediately preceding an Interest Payment Date <br /> and on or before such Interest Payment Date, in which <br /> case interest thereon shall be paid from such Interest <br /> Payment Date. <br /> Principal of and redemption premium, if any, <br /> on the Bonds shall be payable at the office of the Paying <br /> Agent, as defined and described herein. All payments of <br /> interest on the Bonds shall be paid by check or draft <br /> mailed or delivered one business day prior to such <br /> payment date by the Paying Agent to the registered owner <br /> thereof at the address as it appears on the registration <br /> books kept by the Registrar, as defined and described <br /> herein, as of the fifteenth (15th) day of the month <br /> immediately preceding the Interest Payment Date or at <br /> such other address as may be provided to the Paying Agent <br /> in writing by such registered owner. All payments of the <br /> Bonds shall be made in any coin or currency of the United <br /> 3 <br />