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40 THE BONDS General The Bonds of each Issue will be dated as of the first day of the month in which such Bonds are initially delivered. The Bonds of each Issue will bear interest from the date of initial delivery and will mature on the dates set forth on the cover of this Official Statement, subject to optional and mandatory tender and redemption prior to maturity, and acceleration of maturity, as described below. The Bonds are issuable only in registered form without coupons in denominations that are integral multiples of 550,000, except as described in Appendix E and except that during any Fixed Rate Period of six months or longer (each, a "Long Fixed Rate Period") established for the Bonds of an Issue such Bonds will be issuable in denominations that are integral multiples of $5,000. . The principal or Redemption Price of, and the purchase price of, the Bonds will be payable upon presentation and surrender at the Principal Office of the Registrar and Paying Agent. Interest on the Bonds will be paid by check mailed to the registered owners thereof as of the Record Date for the payment of such interest. Notwithstanding the foregoing, during the Initial Interest Period for the Bonds of an Issue, during any period in which such Bonds bear interest at the Variable Rate and during any Fixed Rate Period of fewer than six months (each, a "Short Fixed Rate Period") applicable to such Bonds, if the amount of any payment due a holder of any such Bond is $2,500 or more, such payment shall be made by wire transfer to any account in the United States designated by such Bondholder upon at least five days' prior written notice to the Registrar and Paying Agent. The Record Dates for the Bonds of each Issue will be (i) when such Bonds bear interest at the Variable Rate and during any Short Fixed Rate Period applicable to such Bonds, the last day before each Interest Payment Date for such Bonds, (ii) during any Long Fixed Rate Period applicable to such Bonds, the fifteenth day of the calendar month immediately preceding each Interest Payment Date applicable to such Bonds and (iii) in case of the payment of any defaulted interest, the fifth Business Day before such payment. If any payment of the principal or Redemption Price of or interest on, or the purchase price of, the Bonds is due on a day that is not a Business Day, such payment will be made on the next Business Day, and no interest will accrue on the amount of such payment during the intervening period. The proposed form of Bond is included as Appendix B to this Official Statement. Interest Each Issue of Bonds is independent of each other Issue and the rate of interest from time to time borne by the Bonds will be determined separately for each Issue. -4-