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by the Indenture) shall be deposited, and the Authority has allocated such Revenues solely to the payment of the interest on and principal of and redemption premiums, if any, on the Bonds, and the Authority will pay promptly when due the interest on and the principal of and redemption premium, if any, on this Bonds and all other Bonds of this issue authorized by the Indenture out of said special fund, all in accordance with the terms and provisions set forth in the Indenture. Interest Rate Provisions Interest on the ARS and IRS shall accrue for each Interest Period and shall be payable in arrears on each succeeding Interest Payment Date by the Trustee to the persons who are the registered owners of the ARS as of the Record Date. An "Interest Period" begins on and includes an Interest Payment Date and ends on but excludes the next succeeding Interest Payment Date; however, the first Interest Period commences on the date of original delivery of the ARS. An "Interest Payment Date" for the ARS means January 1, 1995, semi-annually thereafter on each January 1 and July 1 and at maturity. If any such day is not a Business Day, interest due on such day shall be paid on the next succeeding Business Day without accrual of any additional interest. Interest on the ARS shall be computed on the basis of a 360-day year for the actual number of days elapsed. The interest rate on this Bond shall be 3.08% per annum for the initial Auction Period and the interest rate (the "Applicable ARS Rate") for each subsequent Auction Period shall equal the sum of(A) the rate of interest (the "Auction Rate") determined periodically on the basis of orders placed in an Auction conducted on the Business Day immediately preceding the Interest Period and (B) the Service Charge Rate (as described in the Indenture) in effect, and in such other manner as described in the Indenture. The procedures for conducting an Auction and determining the Auction Rate are set forth in the Auction Agent Agreement, dated as of March 1, 1994, Trustee and the Auction Agent. "Auction Period" shall mean the period from and including the Closing Date to, but not including, the first Auction Period Accrual Date and, thereafter, from and including each Auction Period Accrual Date to, but not including, the next succeeding Auction Period Accrual Date; provided, however, that if such date is later than the maturity date of a maturity of ARS, the last day of such Auction Period shall be the maturity date of such ARS. "Auction Period Accrual Date" shall mean September 20, 1994 and every 5th Tuesday thereafter (or such other day that the Market Agent shall establish as an Auction Period Accrual Date); provided, however, that if such day is not a Business Day, the Auction Period Accrual Date shall be the next succeeding Business Day. THE INTEREST PERIOD, THE APPLICABLE ARS RATE AND METHOD FOR DETERMINING IT, THE INTEREST PAYMENT DATES, AND THE AUCTION PROCEDURE RELATED THERETO WILL BE DETERMINED UPON THE TERMS AND CONDITIONS, INCLUDING REQUIRED NOTICES THEREOF TO THE HOLDERS OF THE BONDS, DESCRIBED IN THE INDENTURE INCLUDING APPENDIX A THERETO, TO WHICH PROVISIONS SPECIFIC REFERENCE IS HEREBY MADE AND ALL OF A-3-4