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. . . 1.03. Notice of sale of the Bonds has been duly published, and the Council has publicly considered all sealed bids presented in conformity with the notice. The most favorable of such bids is determined to be that of Cronin & Com?any. Inc. (the Purchaser), to purchase the Bonds at a price of $ 475,080.00 plus accrued interest to the day of delivery and paYment, and upon the further terms and conditions 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. 1.04. The Mayor and the City 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 1.03, 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; Reqistration; Execution and Delivery. 2.01. Maturities; Interest Rates; Denominations. The Bonds shall be designated General Obligation Fire Equipment Bonds, Series 1989A, shall be originally dated as of December 1, 1989, 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 1992 $35,000 6.10% 1993 $40,000 6.20% 1994 $40,000 6.25% 1995 $40,000 6.30% 1996 $45,000 6.40% 1997 $50,000 6.45% 1998 $50,000 6.50% 1999 $55,000 6.60% 2000 $60,000 6.70% 2001 $65,000 6.80% 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 August 1, 1990, in which case such Bond shall be dated 3 .