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shall represent installments of principal maturing on more than one date), and shall be numbered <br /> 1 and upward. The Project Bonds shall become due and payable serially or be subject to mandatory <br /> redemption (subject to prior redemption as hereinafter described)as shall be set forth in the Bond <br /> Notification therefor, and in such principal amounts as shall be set forth therein; provided, <br /> however, that the final maturity shall be due on or before December 15, 2039, and each maturity <br /> or sinking fund payment shall not exceed $300,000. Each Project Bond shall bear interest, at a <br /> rate not to exceed 5.00°/a per annum,from the later of its dated date or from the most recent interest <br /> payment date to which interest has been paid or duly provided for, until the principal amount of <br /> such Project Bond is paid or duly provided for, such interest (computed upon the basis of a 360- <br /> day year of twelve 30-day months) being payable on June 15 and December 15 of each year, <br /> commencing on December 15, 2019,or as provided in the Bond Notification therefor. <br /> Interest on each Bond shall be paid by check or draft of the Paying Agent, payable upon <br /> presentation thereof in lawful money of the United States of America,to the person in whose name <br /> such Bond is registered at the close of business on the applicable Record Date (the "Record <br /> Date"), and mailed to the registered owner of the Bond as shown in the Bond Registrar or at such <br /> other address furnished in writing by such Registered Owner. The Record Date shall be the 1 st <br /> day of the month of any regular or other interest payment date occurring on the 15th day of any <br /> month and 15 days next preceding any interest payment date occasioned by the redemption of <br /> Bonds on other than the 15th day of a month. The principal of or redemption price due on the <br /> Bonds shall be payable in lawful money of the United States of America upon presentation thereof <br /> at the principal corporate trust office of the Paying Agent, or at successor Paying Agent and <br /> locality. <br /> Section 5. Global Book-Entry System. The Bonds shall be initially issued in the form <br /> of a separate single fully registered Bond for each of the maturities of the Bonds as provided in <br /> -8- <br />