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consecutively in such fashion as shall be deternuned by the Bond Registrar, and shall become <br /> due and payable (subject to right of prior redemption as hereinafter set forth) serially on <br /> January 1 of the years and in the amounts and bearing interest at the rates percent per <br /> annum as follows: <br /> YEAR AMOUNT ($) RATE (%) <br /> 1999 260,000 4.25 <br /> 2000 260,000 4.30 <br /> 2001 260,000 4.50 <br /> 2002 260,000 4.50 <br /> 2003 260,000 4.50 <br /> 2004 260,000 4.50 <br /> 2005 260,000 4.60 <br /> 2006 260,000 4.60 <br /> 2007 260,000 4.70 <br /> 2008 260,000 4.70 <br /> 2009 260,000 4.80 <br /> 2010 260,000 4.90 <br /> 2011 260,000 4.90 <br /> 2012 260,000 5.00 <br /> 2013 260,000 5.10 <br /> 2014 260,000 5.10 <br /> 2015 260,000 5.20 <br /> 2016 260,000 5.25 <br /> 2017 260,000 5.25 <br /> 2018 260,000 5.25 <br /> Each Bond shall bear interest from the later of its Dated Date as herein provided or <br /> from the most recent interest payment date to which interest has been paid or duly provided <br /> for, until the principal amount of such Bond is paid or duly provided for, such interest <br /> (computed upon the basis of a 360-day year of twelve 30-day months) being payable on <br /> January 1 and July 1 of each year, commencing on January 1, 1999. Interest on each Bond <br /> shall be paid by check or draft of the Paying Agent, payable upon presentation thereof in <br /> lawful money of the United States of America, to the person in whose name such Bond is <br /> registered at the close of business on the applicable Record Date (the "Record Date"), and <br /> -5- <br />