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date on which it is authenticated or the interest
<br />payment date next preceding the date of its authen-
<br />tication or as of the same date as the coupon
<br />bonds if authenticated prior to the first interest
<br />payment date; provided, however, that if, at the
<br />time of authentication of a £ully registered
<br />Series 1982 Bond, interest is in default~ such
<br />Series 1982 Bond shall be dated as of the date to
<br />which interest has been paid. The Series 1982
<br />Bonds shall bear interest payable semi-annually on
<br />the first day of each February and August of each
<br />year, beginning August 1, 1982 until the principal
<br />sum is paid, at a rate or rates per annum to be
<br />determined by the Executive and the Fiscal Officer,
<br />with interest at the same respective rate on any
<br />overdue principal, and, to the extent that payment
<br />of Such interest is enforceable under applicable
<br />law, on any overdue installment of interest;
<br />provided, however, that the rate of interest
<br />payable on any Series 1982 Bond shall not exceed
<br />sixteen per cent (16~) per annum. The principal
<br />of the Series 1982 Bonds shall mature on the first
<br />day of Februrary, in each of the years and in the
<br />principal amounts set opposite the respective
<br />years as follows:
<br />
<br /> Amount to be Amount to be
<br />Year Retired Year Retired
<br />
<br />1985 $ 90,000 1992 $ 175,000
<br />1986 95,000 1993 200,000
<br />1987 105,000 1994 225,000
<br />1988 115,000 1995 250,000
<br />1989 130,000 1996 285,000
<br />1990 140,000 1997 320,000
<br />1991 160,000 2014 21,420,000
<br />
<br /> The Series 1982 Bonds maturing on or after
<br />February 1, 1993, shall be subject to redemption
<br />at the option of the Issuer in whole or in part on
<br />any interest payment date on or after February 1,
<br />1992, at redemption prices equal to the following
<br />percentages of the principal amount redeemed, plus
<br />accrued interest to the date fixed for redemption:
<br />
<br />Redemption Dates
<br />
<br />From Through Price
<br />
<br />February 1, 1992 January 31, 1993 103~
<br />February 1, 1993 January 31, 1994 102-1/2~
<br />February 1, 1994 January 31, 1995 102~
<br />February 1, 1995 January 31, 1996 ~t0~1/2~
<br />February 1, 1996 January 31, 1997 I01%
<br />February 1, 1997 January 31, 1998 100-1/2~
<br />February 1, 1998 and thereafter 100~
<br />
<br /> Series 1982 Bonds maturing on February l,
<br />2014 shall also be subject to mandatory redemption
<br />at a redemption price of 100K of the principal
<br />amount thereof, plus accrued interest to the
<br />redemption date, on February 1, 1998 and on each
<br />February 1, thereafter to and including February 1,
<br />2013, in the following principal amounts:
<br />
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