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