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Failure by the Trustee to give notice pursuant to the Indenture to any one or more of the Information Services or the Securities Depositories, or the insufficiency of any such notice, shall not affect the sufficiency of the proceedings for redemption and shall not result in any liability to the Trustee. Failure by the Trustee to mail notice of redemption pursuant to the Indenture to any one or more of the respective Owners of any Current Interest Bonds designated for redemption will not affect the sufficiency of the proceedings for redemption with respect to the Owners to whom such notice was mailed and shall not result in any liability to the Trustee. MI Current Interest Bonds redeemed pursuant to the provisions of the Indenture shall be cancelled by the Trustee and shall be destroyed and shall not be reissued. Auction and Inverse Rate Securities General The Bonds maturing on July 1, 2014 will be issued as Auction Rate Securities (the "Auction Rate Securities," or "ARS") and Inverse Rate securities ("Inverse "issued Rate Securities" or "IRS"). The ARS will be issued in an aggregate rinci al amount of$10,600,000 and the IRS will be issued in an aggregate rinciP al principalamount of$10,600,000 and will be dated the date of initial delivery, bear interest from their resp ective pective dates and mature on the date or dates set forth on the cover page hereof and will be issued in denominations of $50,000 and integral multiplies thereof. The Inverse Rate Securities and the Auction Rate Securities are collectively referred to as "Auction and Inverse Rate Securities" or "AIRs". The ARS and the IRS will be initially registered in the name of Cede & Co., as nominee of DTC, which is acting as the Securities Depository for the ARS and the IRS. Subject to the provisions described herein under "BOOK-ENTRY FORM ONLY", principal of the ARS and the IRS shall be paid at the principal corporate trust office of the Trustee, or at the duly designated office of any duly appointed alternate or successor paying agent, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. Interest on the ARS and the IRS shall be paid by check or draft (or other method as described herein) on each Interest Payment Date (as described herein)drawn upon any such paying agent and mailed to the registered holders as of the Record Date (as described herein) at their addresses as they appear on the registration books maintained by the Trustee as bond registrar. Interest payable on any Interest Payment Date may be paid by wire transfer in immediately available funds to a designated account in any bank in the United States to the registered owner of any ARS and the IRS in the aggregate principal amount of$1 million or more upon written request by such registered holder received by the Trustee prior to the preceding Record Date. All payments of interest on, and of principal upon redemption of, the ARS and the IRS shall be paid through the Securities Depository (as defined herein) in accordance with its normal procedures, which, as of the date of this Official Statement, provide for payment by the Securities Depository to its Participants and members. Payments of the principal or redemption price of and interest on the ARS will be made in immediately,available funds. Payments of the principal or redemption price of and interest on the IRS will be made in clearinghouse funds. Such method of payment may be modified by written agreement among the Trustee, Securities Depository and Auction Agent. Interest Interest Payment. Interest on the ARS and IRS shall accrue for each Interest Period and shall be payable in arrears on each succeeding Interest Payment 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 AIRS. An "Interest Payment Date" for the AIRS shall mean January 1, 1995, semi-annually thereafter on January 1 and July 1 of each year and at maturity. If any such 7