01-92 Sanitary Sewer Bonds $6,500,000

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year basis) from the most recent date to which interest has been paid or duly provided for, or if no interest has been paid or duly provided for, from their date at such rate or rates (not to exceed a maximum net rate of interest of eight and one-half per centum per annum (8 1/2%)) as may be fixed by the Fiscal Officer in his certificate awarding the Series 1992 Bonds (the "Certificate of Award"), payable on June I and December i of each year (the "Interest Payment Dates"), commencing June 1, 1992, until the principal amount has been paid or provided for. The Series 1992 Bonds shall mature serially on December I in each of years 1992 through 2001, inclusive, in such pr%ncipal amounts as may be fixed by the Fiscal Officer in the certiflcate of Award. In addition to maturing as Serial Bonds as provided for in the immediately preceding sentence, the Series 1992 Bonds may also mature as Term Bonds (the "Series 1992 Term Bonds") on December i (i) in any year or years after December 1, 2001 but not later than December 1, 2015, and (ii) in the principal amount or amounts, in each case as may be fixed by the Fiscal Officer in the Certificate of Award; provided, however, that any Series 1992 Term Bonds shall be subject to mandatory sinking fund redemption as provided for in the immediately succeeding paragraph; and provided further, that the aggregate Bond Service Charges on the Series 1992 Bonds payable in each Bond Year in which principal is payable, whether at maturity or by mandatory sinking fund redemption, shall be not more than three times such Bond Service Charges payable in any other year in which principal is payable. The Series 1992 Bonds shall be subject to redemption prior to stated maturity as follows: (a) Mandatory Sinkinq Fund Redemption. The Series 1992 Term Bonds shall be subject to mandatory redemption and be redeemed pursuant to mandatory sinking fund requirements, at a redemption price of 100 percent of the principal amount redeemed, plus interest accrued to the redemption date, on December 1, in the principal amounts and in each year commencing December 1, 2002 to and including the year immediately preceding the year in which such Series 1992 Term Bonds mature, in each case as may be fixed by the Fiscal Officer in the Certificate of Award (the "Mandatory Sinking Fund Requirements"). The aggregate of the moneys to be deposited with the Fiscal Agent for payment of the Bond Service Charges on the Series 1992 Bonds shall include amounts sufficient to redeem the principal amount of Series 1992 Term Bonds set forth opposite each respective year in the Certificate of Award as Mandatory Sinking Fund Requirements (less the amount of any credit as provided below). The Issuer shall have the option to deliver to the Fiscal Agent for cancellation by the Registrar Series 1992 Term Bonds in any aggregate principalamount and to receive a credit against the -4-