Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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exceeding two and nine-tenths percent (2.90%) per annum (the exact rate or rates to be determined by negotiation with the Bond Bank or the State or by bidding). Said interest rate or rates shall be in multiples ofone-eighth (1/8) orone-twentieth (1/20) of one percent (1%). All 1998 Bonds maturing on the same date shall bear the same rate of interest, and the interest rate on 1998 Bonds of a given maturity must be at least as great as the interest rate on 1998 Bonds of any earlier maturity. Interest on the 1998 Bonds shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred and sixty (360)-day year and shall be payable semiannually on December 1 and June 1 in each year (each an "Interest Payment Date"), commencing on the first December 1 or June 1, following the original date of the Bonds as determined by the Controller, with the advice of the City's financial advisor, or as set forth in the Financial Assistance Agreement to be entered into between the City and the State (the "Financial Assistance Agreement"), or in the bond sale notice if the 1998 Bonds are sold to any other purchaser, until principal is fully paid. The principal of the 1998 Bonds shall mature serially and annually on December 1 of each year, over a period ending no later than twenty (20) years after substantial completion of the Project, in such amounts that will produce as level annual debt service as practicable, and in the years and amounts to be determined by negotiation with the Bond Bank or the State or by the Controller with the advice of the City's financial advisor. Each series of the 1998 Bonds shall bear an original issue date which shall be the date of issuance of the 1998 Bonds or the first day of the month in which the 1998 Bonds are delivered, as determined by the Controller (unless otherwise provided in the Purchase Agreement, as hereinafter defined, in the event such series of the 1998 Bonds is sold to the Bond Bank or unless otherwise provided in the Purchase Agreement or Financial Assistance Agreement in the event such series of the 1998 Bonds is sold to the State), and each 1998 Bond shall also bear the date of its authentication. Any 1998 Bond authenticated on or before the fifteenth (15th) day of the calendar month immediately preceding the first Interest Payment Date, shall pay interest from its original issue date. Any 1998 Bond authenticated thereafter shall pay interest from the Interest Payment Date next preceding the date of authentication of such 1998 Bond to which interest thereon has been paid or duly provided for, unless such 1998 Bond is authenticated after the day which is fifteen (15) days prior to the Interest Payment Date and on or before such Interest Payment Date, in which case interest thereon shall be paid from such Interest Payment Date. -5- ::ODMA\I'CDOCS\SBDOCS 1\1494'7\3