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. set forth in this resolution. The bid of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the Purchaser. 1.03. The Mayor and the City Clerk-Administrator are directed to execute in duplicate a contract on the part of the Issuer for the sale of the Bonds in accordance with the terms described in Section 1.02, and to deliver a duplicate to the Purchaser. The City Treasurer is directed to deposit the Purchaser's check securing the contract of sale, and to return the checks securing other bids to the respective bidders. section 2. Bond Terms; Registration; Execution and Delivery. 2.01. Maturities; Interest Rates; Denominations. The Bonds shall be designated General obligation Improvement Bonds, Series 1988A, shall be originally dated as of May 1, 1988, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall mature on February 1, in the respective years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption at the respective annual rates set forth opposite such years and amounts, as follows: Year Amount Rate . 1990 $325,000 5.25% 1991 $190,000 5.40 1992 $185,000 5.65 1993 $130,000 5.80 1994 $125,000 6.10 1995 $ 45,000 6.25 1996 $ 45,000 6.40 1997 $ 45,000 6.60 1998 $ 45,000 6.80 1999 $ 45,000 6.90 . 2.02. Dates; Interest Payment Dates; Interest and Principal Payment. Each Bond shall 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 such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to February 1, 1989, in which case such Bond shall be dated as of May 1, 1988. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 1989, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day (the Record Date). Interest shall be paid on each interest payment date by check or draft mailed to the person in whose name the 3 .