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M.V. Ord. 85-23 <br />10 <br />delivered pursuant to Section 8.02(h) of the Indenture, only in <br />fully registered form, substantially as set forth in Exhibit A. <br />to the Indenture; (ii) shall be exchangeable for Project Bonds <br />of authorized denominations, as provided in the Indenture; (iii) <br />shall be numbered in such manner as to distinguish each Project <br />Bond from any other Project Bond; (iv) shall be in the <br />denominations of $50,000 and any integral multiple thereof; (v) <br />shall be subject to optional and mandatory redemption in the <br />amounts, upon the conditions, and at the times and prices set <br />forth in the Indenture and shall be purchased on the demand of <br />any Holder thereof at the times and upon the terms and <br />conditions set forth in the Indenture; and (vi) shall be dated <br />as of December l, 1985. Each Project Bond shall bear interest, <br />in accordance with the Indenture, from the most recent date to <br />which interest has been paid or duly provided for or, if no <br />interest has been paid or duly provided for, from the date of <br />their delivery to the Original Purchaser. <br />(b) Interest Rate and Principal Maturities. The <br />Project Bonds shall bear interest at the Applicable Rate and <br />each change in the Base Lending Rate shall automatically and <br />immediately change the Applicable Rate. Interest accrued on the <br />Project Bonds shall be computed on the basis of a 365 or 366 day <br />year, as applicable, determined for the actual number of days <br />elapsed. <br />Interest on the Project Bonds shall be payable on ea.ch <br />Interest Payment Date and the Project Bonds shall mature on <br />December 1, 2005.