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ARTICLE II <br />AUTHORIZATION AND TERMS <br />Section 2.01. Authorization of Series 2010 Bonds. An initial issue of Bonds in the <br />aggregate principal amount of Dollars ($ ) is <br />hereby authorized to be issued by the Agency under and subject to the terms of this Indenture, <br />and the Law. This Indenture constitutes a continuing agreement with the Owners of all of the <br />Bonds issued or to be issued hereunder and then Outstanding to secure the full and final <br />payment of principal and redemption premiums (if any) and the interest on all Bonds which may <br />from time to time be executed and delivered hereunder, subject to the covenants, agreements, <br />provisions and conditions herein contained. Such initial issue of Bonds shall be designated the <br />Redevelopment Agency of the City of San Leandro Taxable Tax Allocation Housing Bonds, <br />Series 2010". <br />Section 2.02. Terms of Series 2010 Bonds. The Series 2010 Bonds shall be issued in <br />fully registered form without coupons. The Series 2010 Bonds shall be issued in denominations <br />of $5,000 or any integral multiple thereof, so long as no Series 2010 Bond shall have more than <br />one maturity date. The Series 2010 Bonds shall be dated as of their Closing Date. The Series <br />2010 Bonds shall be lettered and numbered as the Trustee shall prescribe. <br />The Series 2010 Bonds shall mature and shall bear interest (calculated on the basis of a <br />360-day year of twelve 30-day months) at the rate per annum as follows: <br />Maturity Date Principal Interest <br />September 1) Amount Rate <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />Each Series 2010 Bond shall bear interest from the Interest Payment Date next <br />preceding the date of authentication thereof, unless (a) it is authenticated after a Record Date <br />and on or before the following Interest Payment Date, in which event it shall bear interest from <br />such Interest Payment Date; or (b) it is authenticated on or before August 15, 2010, in which <br />event it shall bear interest from its Closing Date; provided, however, that if, as of the date of <br />authentication of any Series 2010 Bond, interest thereon is in default, such Series 2010 Bond <br />shall bear interest from the Interest Payment Date to which interest has previously been paid or <br />made available for payment thereon. <br />15 <br />