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HT'\ 19 P4GE 69
<br />(I) The Issuer shall issue its bonds of the aggregate principal amount of
<br />$4,166,000 pursuant to and in accordance with the water bond order adopted by the Board of the
<br />Issuer on September 25, 1995. The bonds shall be designated "Water Bond, Series 2002," and
<br />referred to herein as the 'Bonds." The period of usefulness of the capital project to be financed
<br />by the issuance of the Bonds is a period of forty years computed from the date of the Bonds.
<br />(2) The Bonds shall be payable in annual installments on June I as follows:
<br />(3) The Bonds shall be dated December 1, 2002 (unless awarded to the United
<br />States of America acting by and through Rural Utilities Service, an agency of the United States
<br />Department of Agriculture, in which case the Bonds shall be dated as of the date of delivery
<br />thereof), and shall bear interest from their date until they shall mature at a rate which shall not
<br />exceed 4.625% per annum. Such interest shall be payable semi - annually on June 1 and
<br />December 1 in each year; provided, however, that if the Bonds shall be purchased by the United
<br />States of America, the interest on such Bonds to the maturity thereof shall be payable on June 1,
<br />2003 and annually thereafter on the 1 st day of June of each year.
<br />(4) The Bonds shall be issued as fully registered bonds without coupons in the
<br />denomination of $500 each or any integral multiple thereof and numbered in accordance with the
<br />system of the hereinafter designated bond registrar (the "Multiple Bonds "), or, at the option of
<br />the purchaser, as a single fully registered bond without coupons in the denomination of
<br />$4,166,000 (the "Single Bond ") payable in installments_ If issued as Multiple Bonds, the Bonds
<br />2
<br />Principal
<br />Principal
<br />Principal
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />2005
<br />$44,500
<br />2017
<br />$76,000
<br />2030
<br />$136,500
<br />2006
<br />46,000
<br />2018
<br />79,500
<br />2031
<br />143,000
<br />2007
<br />48,000
<br />2019
<br />83,000
<br />2032
<br />149,500
<br />2008
<br />50,500
<br />2020
<br />87,000
<br />2033
<br />156,500
<br />2009
<br />53,000
<br />2021
<br />91,000
<br />2034
<br />163,500
<br />2010
<br />55,500
<br />2022
<br />95,000
<br />2035
<br />171,500
<br />2011
<br />58,000
<br />2023
<br />99,500
<br />2036
<br />178,000
<br />2012
<br />60,500
<br />2024
<br />104,000
<br />2037
<br />178,000
<br />2013
<br />63,500
<br />2025
<br />109,000
<br />2038
<br />178,000
<br />2014
<br />66,000
<br />2026
<br />114,000
<br />2039
<br />178,000
<br />2015
<br />69,500
<br />2027
<br />119,000
<br />2040
<br />178,000
<br />2016
<br />72,500
<br />2028
<br />124,500
<br />2041
<br />178,000
<br />2029
<br />130,500
<br />2042
<br />178,000
<br />(3) The Bonds shall be dated December 1, 2002 (unless awarded to the United
<br />States of America acting by and through Rural Utilities Service, an agency of the United States
<br />Department of Agriculture, in which case the Bonds shall be dated as of the date of delivery
<br />thereof), and shall bear interest from their date until they shall mature at a rate which shall not
<br />exceed 4.625% per annum. Such interest shall be payable semi - annually on June 1 and
<br />December 1 in each year; provided, however, that if the Bonds shall be purchased by the United
<br />States of America, the interest on such Bonds to the maturity thereof shall be payable on June 1,
<br />2003 and annually thereafter on the 1 st day of June of each year.
<br />(4) The Bonds shall be issued as fully registered bonds without coupons in the
<br />denomination of $500 each or any integral multiple thereof and numbered in accordance with the
<br />system of the hereinafter designated bond registrar (the "Multiple Bonds "), or, at the option of
<br />the purchaser, as a single fully registered bond without coupons in the denomination of
<br />$4,166,000 (the "Single Bond ") payable in installments_ If issued as Multiple Bonds, the Bonds
<br />2
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