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<br />12 <br />upon the terms and conditions set forth in the Indenture; and <br />(vi) shall be dated as of December 1, 1987. Each Project Bond <br />shall bear interest, in accordance with the Indenture, from the <br />most recent date to which interest has been paid or duly <br />provided for or, if no interest has been paid or duly provided <br />for, from the date of its 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 <br />the Project Bonds shall be computed on the basis of a 360 day <br />year determined for the actual number of days elapsed. <br />Interest on the Project Bonds shall be payable on each <br />Interest Payment Date and the Project Bonds shall mature on <br />December 1, 2008. <br />Principal of and interest and any premium on the <br />Project Bonds shall be payable as provided in the Indenture, in <br />each instance, without deduction for the services of any paying <br />agent. <br />(c) Execution. The Project Bonds shall be signed by <br />the Mayor and the Fiscal Officer in their official capacities <br />(provided that either or both of those signatures may be <br />facsimiles). <br />Section 5. Sale of Project Bonds. The Project Bonds <br />are sold and awarded to the Original Purchaser, in accordance <br />with the Purchase Agreement, at a purchase price of $545,000. <br />