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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />necessary or desirable for the reduction of debt service cost to <br />the City and/or the adjustment of the maturities of the applicable <br />issue of the Prior Bonds in relation to the sources for its <br />repayment, and will result in a reduction of debt service cost to <br />the city. All of the proceeds, including all investment earnings <br />thereon, of the Prior Bonds have heretofore been expended by the <br />City for the uses and purposes for which the City issued said Prior <br />Bonds. The current and anticipated balances in the separate debt <br />service account heretofore established by the City for the payment <br />of the principal of and interest on the 1985A Bonds do not exceed <br />and are not expected to exceed the aggregate amount of regularly <br />scheduled debt service on the 1985A Bonds which is payable on or <br />before February 1, 1994. The current and anticipated balances in <br />the separate debt service account heretofore established by the <br />City for the payment of the principal of and interest on the 1985B <br />Bonds do not exceed and are not expected to exceed the aggregate <br />amount of regularly scheduled debt service on the 1985B Bonds which <br />is payable on or before February 1, 1994. The City has observed <br />and complied with all of its obligations and covenants made by the <br />City in connection with the issuance of the Prior Bonds. <br /> <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on February 1 and August 1 of each year (each, an <br />"Interest Payment Date"), commencing February 1, 1994, calculated <br />on the basis of a 360-day year consisting of twelve 30-day months, <br />at the respective rates per annum set forth opposite the maturity <br />years as follows: <br /> <br />Maturity <br />Year <br /> <br />Interest <br />Rate <br /> <br />1995 <br />1996 <br />1997 <br />1998 <br /> <br />% <br /> <br />5. Redemt>tion. The Bonds shall not be subject to <br />redemption and prepayment prior to their respective stated maturity <br />dates. <br /> <br />6. Bond Reqistrar. <br /> <br />, , , is <br />appointed to act as bond registrar and transfer agent with respect <br />to the Bonds (as used in this ReSOlution, the "Bond Registrar"), <br />and shall do so unless and until a successor Bond Registrar is duly <br />appointed, all pursuant to any contract the City and Bond Registrar <br />shall execute which is consistent with this Resolution. The Bond <br />Registrar shall also serve as paying agent unless and until a <br />successor paying agent is duly appointed. Principal of and <br /> <br />235883 <br /> <br />4 <br />