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DESCRIPTION OF THE BONDS <br />The Series 1989 Bonds will bear interest at the rates, and shall <br />mature in the years and amounts, set forth on the cover page <br />hereto. The Series 1989 Bonds will be issued in fully registered <br />form in denominations of $5,000 or integral multiples thereof. <br />Interest on the Series 1989 Bonds is payable semiannually on May 1 <br />and November 1, commencing November 1, 1989, to the Registered Owner <br />thereof from the interest payment date next preceding the date of <br />registration and authentication thereof, unless: (a) such Bond is <br />registered and authenticated as of an interest payment date, in <br />which event such Bond shall bear interest from such interest payment <br />date; or (b) such Bond is registered and authenticated after a <br />Record Date (hereinafter defined) and before the next succeeding <br />interest payment date, in which event such Bond shall bear interest <br />from such interest payment date, or (c) such Bond is registered and <br />authenticated on or prior to the Record Date first preceding <br />November 1, 1989, in which event such Bond shall bear interest from <br />April 15, 1989; or (d) as shown by the records of the Paying Agent, <br />interest on such Bond is in default, in which event such Bond shall <br />bear interest from the date on which interest was last paid on such <br />Bond, until the principal amount thereof is paid. <br />The interest on the Series 1989 Bonds will be payable by check <br />drawn on the Paying Agent and will be mailed to each Registered <br />Owner thereof. Payment of the interest on the Series 1989 Bonds <br />shall be made to the Registered Owners thereof whose names and <br />addresses appear, at the close of business on the fifteenth (15th) <br />day next preceding each interest payment date (the "Record Date") on <br />the registration books maintained by the Paying Agent, unless the <br />County is in default in the payment of interest due on such interest <br />payment date. In the event of any such default, such defaulted <br />interest shall be payable to the persons in whose names the Series <br />1989 Bonds are registered at the close of business on a special <br />record date for the payment of such defaulted interest established <br />by notice mailed by the Paying Agent to the Registered Owners of the <br />Series 1989 Bonds not less than fifteen (15) days preceding such <br />special record date. Such notice shall be mailed to the persons in <br />whose names the Series 1989 Bonds are registered at the close of <br />business on the fifth (5th) day preceding the date of mailing. The <br />principal of the Series 1989 Bonds will be payable upon surrender of <br />the Series 1989 Bonds at the principal corporate trust office of the <br />Paying Agent or any successor to the Paying Agent as paying agent <br />under the Resolution. <br />REDEMPTION PROVISIONS <br />Mandatory Redemption <br />The Series 1989 Bonds due May 1, 2004 are subject to mandatory <br />redemption by lot prior to maturity in the years and amounts set <br />forth below at a price equal to 100% of principal amount. Accrued <br />interest is also payable on the redemption date. <br />