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Section 5. Description of Bonds. Said Bonds shall be in the principal sum of $2,000,000,
<br />shall be all in the denomination of $5,000 each, or, if expressly so requested by the purchaser at
<br />his option, all in the denomination of $1,000, and shall either be 400 in number, numbered B1 to
<br />B400, inclusive, or 2000 in number numbered B1 to B2000, inclusive, depending upon the de-
<br />nomination determined as above. Said bonds shall be designated 1962 WATER REVENUE
<br />BONDS, SERIES B, shall be dated January 1, 1964, and shall he payable in consecutive numerical
<br />order on July 1 in each year of maturity in the amounts for each of the several years as follows:
<br />
<br /> Maturity Years
<br /> ~ Inclusive -- Amount l~ach Year
<br />
<br />1965 ....................................................................................................................... $ 10,000
<br />1966 ....................................................................................................................... 20,000
<br />1967- 1968 ............................................................................................................ 30,000
<br />1969 - 1970 ............................................................................................................ 40,000
<br />1971 - 1975 ............................................................................................................ 50,000
<br />1976 - 1980 ............................................................................................................ 60,000
<br />1981 - 1984 ............................................................................................................ 70,000
<br />
<br />1994 ....................................................................................................................... 1,000,000
<br />
<br /> The bonds maturing in the years 1965 to 1984, inclusive, are herein sometimes referred to as
<br />"the serial bonds". The bonds maturing in the year 1994 are herein sometimes referred to as
<br />"the term bonds".
<br />
<br /> Section 6. Interest. Said bonds shall bear interest at a rate or rates to be hereafter fixed by
<br />resolution or resolutions, but not to exceed six per cent (6%) per annum, payable annually for the
<br />first year and semiannually thereafter, on the 1st days of January and July of each year. Each bond
<br />shall bear interest until the principal sum thereof has been paid, provided, however, that if at the
<br />maturity date of any bond, or if the same is redeemable and has been duly called for redemption,
<br />funds are available for the payment or redemption thereof in full accordance with the terms of this
<br />resolution, said bonds shall then cease to bear interest. Said bonds and the interest thereon shall be
<br />payable in lawful money of the United States of America at the office of the Director of Finance
<br />of the City of Santa Aha, in said city, or, at the option of the holder, at any paying agent of the
<br />city in Los Angeles or San Francisco, California, Chicago, Illinois, or in New York, New York.
<br />
<br /> Section 7. Execution of Bonds, The Mayor of the City and the Director of Finance of the
<br />city are hereby authorized and directed to sign all of said bonds by their printed, lithographed or
<br />engraved facsimile signatures, and the Clerk of the Council is hereby authorized and directed to
<br />countersign said bonds and to affix thereto the corporate seal of the city, and the Director of
<br />Finance of the city is hereby authorized and directed to sign the interest coupons of said bonds
<br />by his printed, lithographed or engraved facsimile signature.
<br />
<br /> Section 8. Registration. Said bonds may be registered either as to principal only or as to both
<br />principal and interest, and the form of registration of any registered bond may be discharged from
<br />registration in the manner and with the effect set forth in the provisions for registration contained
<br />in the form of bond set forth herein.
<br />
<br /> Section 9. Redemption of Bonds. The bonds maturing on or prior to July 1, 1984 are not
<br />subject to call or redemption prior to maturity. The bonds maturing on July 1, 1994, are subject
<br />to call and redemption, at the option of the city, on July 1, 1974, or on any interest payment
<br />date thereafter prior to maturity, at a redemption price equal to the principal amount thereof plus
<br />the following premiums (percentage of par value) if redeemed at the following times:
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