|
Bonds maturing on or before September 1, 1990, are not
<br />subject to redemption prior to their respective stated dates of
<br />maturity. Bonds which shall mature September 1, 1991, and
<br />thereafter shall, at the option of the Issuer, be redeemable in
<br />whole or in part, in inverse numerical and maturity order, on
<br />September 1, 1990, or on any interest payment date thereafter at
<br />par and accrued interest, plus the following premiums, expressed
<br />as percentages of the par value of the Bonds so redeemed, if
<br />redeemed in the following years:
<br />5%, if redeemed on September 1, 1990, or thereafter,
<br />to and including September 1, 1992;
<br />40, if redeemed on September 1, 1993, or thereafter,
<br />to and including September 1, 1997;
<br />30, if redeemed on September 1, 1998, or thereafter,
<br />to and including September 1, 2001;
<br />20, if redeemed on September 1, 2002, or thereafter,
<br />to and including September 1, 2005;
<br />1%, if redeemed on September 1, 2006, or thereafter,
<br />to and including September 1, 2009;
<br />Without premium, if redeemed September 1, 2010, or
<br />thereafter, but prior to maturity;
<br />provided, however, that at least thirty (30) days prior to the
<br />redemption date, written notice of such redemption shall be given
<br />to the paying agents for the Bonds and to each of the registered
<br />owners at their respective addresses as they appear upon the
<br />registration books of the Clerk and shall be published at least
<br />once in a financial newspaper published in the City of New York,
<br />New York. Bonds held by the Government may be redeemed by the
<br />Issuer on any interest payment date prior to maturity at the
<br />price of par and accrued interest, without premium.
<br />2.05 Execution of Bonds. The Bonds shall be executed
<br />in the name of the Issuer with the manual or facsimile signature
<br />of the Chairman and the corporate seal of the Issuer shall be
<br />imprinted thereon, attested and countersigned with the manual or
<br />facsimile signature of the Clerk, provided that the signature of
<br />one of such officers shall be manually executed thereon. In case
<br />any one or more of the officers who shall have signed or sealed
<br />any of the Bonds or whose facsimile signature shall appear
<br />thereon shall cease to be such officer of the Issuer before the
<br />Bonds so signed and sealed have been actually sold and delivered,
<br />such Bonds may nevertheless be sold and delivered as herein pro-
<br />vided and may be issued as if the person who signed or sealed
<br />JUN 2 51980 BwK = .aa
<br />
|