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<br />9 <br />THE BONDS <br />Authority for Issuance <br />The Bonds are being issued under the Bond Law and the Indenture. <br />General Provisions <br />Bond Terms. The Bonds will be dated their date of delivery and issued in fully <br />registered form without coupons in integral multiples of $5,000. The Bonds will mature in the <br />amounts and on the dates, and bear interest at the annual rates, set forth on the inside cover <br />page of this Official Statement. <br />Payments of Principal and Interest. Interest on the Bonds will be payable on May 1 <br />and November 1 in each year, beginning May 1, 2017 (each an “Interest Payment Date”). <br />Principal on the Bonds will be payable on November 1 in the amounts and in the years set forth <br />on the inside front cover of this Official Statement. <br />While the Bonds are subject to the book–entry system, the principal, interest and any <br />prepayment premium with respect to the Bonds will be paid by the Trustee to DTC for <br />subsequent disbursement to beneficial owners of the Bonds. See APPENDIX E – “DTC AND <br />THE BOOK–ENTRY ONLY SYSTEM.” <br />Interest on the Bonds is payable from the Interest Payment Date next preceding the date <br />of authentication thereof unless: <br />• a Bond is authenticated on or before an Interest Payment Date and after the <br />close of business on the preceding fifteenth (15th) day of the month next <br />preceding such Interest Payment Date (the “Record Date”), in which event it will <br />bear interest from such Interest Payment Date, <br />• a Bond is authenticated on or before the first Record Date, in which event <br />interest thereon will be payable from the Closing Date, or <br />• interest on any Bond is in default as of the date of authentication thereof, in <br />which event interest thereon will be payable from the date to which interest has <br />been paid in full, payable on each Interest Payment Date. <br />Principal and premium, if any, with respect to each Bond is payable upon surrender of <br />such Bond at the Office of the Trustee in St. Paul, Minnesota, upon maturity or the earlier <br />redemption thereof. The principal of, premium, if any, and interest on the Bonds will be payable <br />in lawful money of the United States of America. Interest with respect to the Bonds will be <br />computed on the basis of a 360 day year composed of twelve 30–day months. <br />Transfer, Registration and Exchange <br />See “APPENDIX B – SUMMARY OF PRINCIPAL LEGAL DOCUMENTS” for a <br />description of the provisions of the Indenture relating to the transfer, registration and exchange <br />of the Bonds.