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<br />. <br /> <br />set forth in this resolution. The bid of the Purchaser is <br />hereby accepted and the sale of the Bonds is hereby awarded to <br />the Purchaser. <br /> <br />1.03. The Mayor and the City Clerk-Administrator are <br />directed to execute in duplicate a contract on the part of the <br />Issuer for the sale of the Bonds in accordance with the terms <br />described in Section 1.02, and to deliver a duplicate to the <br />Purchaser. The Treasurer is directed to deposit the <br />Purchaser's check securing the contract of sale, and to return <br />the checks securing other bids to the respective bidders. <br /> <br />Section 2. Bond Terms; Reqistration; Execution and <br />Delivery. <br /> <br />2.01. Maturities; Interest Rates; Denominations. The Bonds <br />shall be designated General obligation Improvement Bonds, <br />Series 1986A, shall be originally dated as of August 1, 1986, <br />shall be in the denomination of $5,000 each, or any integral <br />multiple thereof, shall mature on February 1, in the respective <br />years and amounts stated below, and shall bear interest from <br />date of issue until paid or duly called for redemption at the <br />respective annual rates set forth opposite such years and <br />amounts, as follows: <br /> <br /> Year Amount Rate <br />. 1988 $ 70,000 5.25% <br />1989 $165,000 5.60% <br />1990 $140,000 5.90% <br /> 1991 $140,000 6.20% <br /> 1992 $140,000 6.40% <br /> 1993 $140,000 6.60% <br /> 1994 $140,000 6.80% <br /> 1995 $140,000 7.00% <br /> 1996 $135,000 7.20% <br /> 1997 $135,000 7.40% <br /> 1998 $110,000 7.50% <br /> 1999 $110,000 7.60% <br /> 2000 $110,000 7.70% <br /> 2001 $110,000 7.80% <br /> 2002 $105,000 7.80% <br /> 2003 $ 85,000 7.80% <br /> <br />. <br /> <br />2.02. Dates; Interest Payment Dates; Interest and Principal <br />Payment. Each Bond shall be dated as of the last interest <br />payment date preceding the date of authentication to which <br />interest on the Bond has been paid or made available for <br />payment, unless (i) the date of authentication is an interest <br />payment date to which interest has been paid or made available <br />for payment, in which case such Bond shall be dated as of the <br />date of authentication, or (ii) the date of authentication is <br />prior to February 1, 1987, in which case such Bond shall be <br />dated as of August 1, 1986. Interest on the Bonds shall be <br /> <br />3 . <br />