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The good faith check of the successful bidder shall be applied <br />as provided in the Official Notice of Bond Sale pending <br />delivery of and payment for the Bonds. <br />2.02. The Bonds shall be in the aggregate principal <br />amount, of $2,300,000, shall be dated September 16, 1989, shall <br />be issued in denominations of $5,000 or any integral multiple <br />thereof not exceeding the principal amount of Bonds maturing in <br />any year, shall be numbered from R-1 upwards in order of <br />issuance or such other order as the Bond Registrar shall <br />determine and shall bear interest at the rates set forth above, <br />payable August 1, 1990 and semiannually thereafter on August 1 <br />and February 1 of each year, and shall mature serially on <br />February 1 in the years and amounts as follows: <br />YAAX <br />Amount <br />Yelu <br />Amount <br />1993 <br />$175,000 <br />1998 <br />$225,000 <br />1994 <br />$175,000 <br />1999 <br />$250,000 <br />1995 <br />$200,000 <br />2000 <br />$275,C00 <br />1996 <br />$206,000 <br />2001 <br />$275,000 <br />1997 <br />$225,000 <br />2002 <br />$300,000 <br />All Bonds maturing on or after rebruary 1, 1997 are subject to <br />redemption in whole or in part at the option of the City in <br />inverse order of maturity and by lot within a maturity on <br />February 1, 1996 and any interest payment date thereafter at <br />par and accrued interest. in the event of redemption by lot of <br />Bonds of like maturity, the Bond Registrar shall assign to each <br />Bond of such maturity then outstanding a distinctive number for <br />each $5,000 of the principal amount of such Bonds and shall <br />select by lot in the manner it determines the order of numbers, <br />at $5,000 for each number, for all outstanding Bonds of like <br />maturity. The order of selection of Bonds to be redeemed shall <br />be the Bonds to which were assigned numbers so selected, but <br />only so much of the principal amount of each Bond of a <br />denomination of more than $5,000 shall be redeemed as shall <br />equal $5,000 for each number assigned to it and so selected. <br />2_,_0.3. The Bonds shall be payable as to principal upon <br />presentation at the main office of - <br />in as Registrar and Paying Agent, or at <br />the offices of such other successor agents as the City may <br />hereafter designdte upon 60 days mailed notice to the <br />registered owners at their registered addresses. Interest <br />shall be paid by check or draft of the Registrar mailed to the <br />registered owners at their addresses shown on the registration <br />books. The City shall deposit immediately available funds with <br />the Bond Registrar .sufficient for the payment of principal and <br />interest when, dud. The reasonable charges of said bank for its <br />-3- <br />