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• Year Interest Rate Year Interest Rate 2014 2.00% 2017 2.00% 2015 2.00 2018 2.00 2016 2.00 1.03. Purchase. The Finance Director is directed to retain the good faith check of the Purchaser, pending .completion of the sale of the Bonds. The Mayor and Finance Director are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds in the total principal amount of $1,525,000 originally dated as of March 15, 2012, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1, without option of prior payment, in the years and amounts as follows: Year Amount Year Amount 2014 $315,000 2017 $300,000 2015 310,000 2018 295,000 2016 305,000 As may be requested by the Purchaser, one or more term Bonds may be issued having • mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case the Bond will be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on February 1 and August 1 of each year, commencing August 1, 2012, to the registered owners of record as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. 2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the • City and the Registrar with respect thereto are as follows: 398249v2 JSB EL185-17 3