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ti 12 x.i 3 <br />$ 400,000 in each of the years 1987 to 1989, inclusive; <br />$ 500,000 in each of the years 1990 to 2000, inclusive; <br />$1,000,000 in each of the years 2001 to 2003, inclusive; and <br />~s $ 300,000 in the year 2004. <br />The bonds shall be dated August 1, 1986 and shall bear in- <br />terest from their date at a rate or rates which shall be <br />hereafter determined upon the public sale thereof and such <br />interest shall be payable December 1, 1986 and semi-annually <br />thereafter on June 1 and December 1. <br />3. The bonds shall be registered as to principal <br />and interest and shall bear the facsimile signatures of the <br />Chairman and the Clerk of the Board of Commissioners of the <br />Issuer. A facsimile of the corporate seal of the Issuer <br />shall be imprinted upon each of the bonds. <br />4. Interest on the bonds shall be paid by check <br />by First-Citizens Bank & Trust Company, Raleigh, North Caro- <br />lina, as paying agent, and mailed to the registered owner of <br />record as of the fifteenth day of the calendar month preced- <br />ing the interest payment date at his address as it appears <br />on the bond registry books of First-Citizens Bank & Trust <br />Company, Raleigh, North Carolina, as registrar and transfer <br />agent. Principal of the bonds shall be paid by check by <br />said paying agent of the Issuer, upon presentation of the <br />bonds for payment. <br />5. The bonds maturing on and after June 1, 1997 <br />shall be subject to redemption prior to their stated maturi- <br />ties at the option of the Issuer on or after June 1, 1996, <br />in whole at any time or in part on any interest payment <br />date, at a redemption price equal to the principal amount of <br />each bond to be redeemed together with accrued interest <br />