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- 4 - • 4. (a) The Bonds shall be dated as of May 1, 1987 and shall mature serially on July 15 in the principal amount of $250,000 in each of the years 1988 through 2007, both inclusive. The Bonds maturing in each year shall bear interest from their date payable on January 15, 1988 and semiannually on each January 15 and July 15 thereafter to the maturity date thereof at the rate per annum set forth opposite such year below: Interest Interest Year Rate Year Rate 1988 6.258 1998 6.60% 1989 6.25 1999 6.70 1990 6.25 2000 6.80 1991 6.25 2001 6.90 1992 6.25 2002 7.00 1993 6.25 2003 7.10 1994 6.25 2004 7.10 1995 6.25 2005 7.20 1996 6.30 2006 7.25 1997 6.50 2007 7.25 (b) The Bonds maturing on and after July 15, 1998 (or portions thereof in installments of $5,000) shall be • subject to redemption at the option of the City prior to their stated maturities, on or after July 15, 1997, in whole at any time or in part from time to time on any interest payment date, from any moneys that may be made available for such purpose, in such order as may be determined by the City (except that if at any time less than all of the Bonds of a given maturity are called for redemption, the particular Bonds or portions thereof in installments of $5,000 of such maturity to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of $5,000) to be redeemed, together with the interest accrued thereon to the date fixed for redemption, plus a premium of one-quarter (1/4) of one percent (18) of the principal amount of each Bond to be redeemed for each twelve (12) month period or fraction thereof from and excluding the date fixed for redemption to and including the stated maturity date of such Bond; provided, however, that such redemption premium shall not exceed two percent (2%) of such principal amount. 5. The Bonds are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code. 6. The Bonds shall, as soon as practicable, be prepared, executed and delivered at the expense of the City • to the Purchaser in accordance with the provisions of the Bond Ordinance, the Notice of Sale and this resolution and upon payment of the balance of the purchase price for the Bonds.