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Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2006 75,000 4.000% 2016 205,000 4.1000;'(, 2007 20,000 3.5000/0 2017 195,000 4.2000/0 2008 80,000 3.500% 2018 205,000 4.250% 2009 135,000 3.750% 2019 115,000 4.350% 2010 145,000 4.000% 2020 350,000 4.400% 2011 155,000 4.000% 2021 295,000 4.450% 2012 155,000 4.000% 2022 305,000 4.500% 2013 170,000 4.000% 2023 320,000 4.500% 2014 185,000 4.000% 2024 335,000 4.550% 2015 195,000 4.000% 2025 350,000 4.625% Section 3.03. Medium.. Method and Place ofPavment. (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register at the close of business on the Record Date; provided, however, that in the event of nonpayment of interest on a scheduled Interest Payment Date, and for 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the "Special Payment Date", which shall be at least 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. (c) Interest on the Bonds shall be paid by check (dated as of the Interest Payment Date) and sent by the Paying Agent/Registrar to the person entitled to such payment by United States mail, first class postage prepaid, to the address of such person as it appears in the Register or by such other customary banking arrangements acceptable to the Paying Agent/Registrar and the person to whom interest is to be paid; provided, however, that such person shall bear all risk and expenses of such other customary banking arrangements. (d) The principal of each Bond shall be paid to the person in whose name such Bond is registered on the due date thereof (whether at the maturity date or the date ofprior redemption thereof) upon presentation and surrender of such Bond at the Designated Paymentffransfer Office. ( e) If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated Paymentffransfer Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking San Marcos WS 2005A: Ordinance 11-16-2005 6