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. . . . . The Bonds maturing on December 1,2015 are designated Special Term ~~nds and the Bonds maturing on December 1, 2016 are designatedATerm Bonds, Section 5. Interest. The Bonds shall bear interest at a rate or rates as set forth above per annum payable on December 1, 1986 and semiannually thereafter on each June 1 and December 1, Each Bond shall bear interest until its principal sum has been paid; provided, however, that if funds are available for the payment thereof in full accordance with the terms of this Resolution, such Bond shall then cease to bear interest. Interest is calculated on the basis of a 360 day year composed of twelve 30 day months. The Bonds shall be numbered by the Fiscal Agent as the Fiscal Agent or the Agency shall determine and shall be dated as of the date of their authentication, except that Bonds issued upon exchanges and transfers of other Bonds shall be dated so that no gain or loss of interest shall result from the exchange or transfer, and Bonds issued before the first Regular Record Date shall be dated as of May 1, 1986. Each Bond shall bear interest from the interest payment date next preceding the date thereof unless (i) it is dated as of an interest payment date, in which event it shall bear interest from that interest payment date, or (ii) it is dated after a Regular Record Date and before the following interest payment date, and if the Agency shall not default in the payment of interest due on such interest payment date, in which event it shall bear interest from such interest payment date, or (iii) it is dated prior to the first Regular Record Date, in which event it shall bear interest from the date of the Bonds, Interest on Bonds shall be paid by the Fiscal Agent (out of the appropriate funds) by check or draft mailed by first class mail on the interest payment date to the registered owner as his/her name and address appear on the register kept by the Fiscal Agent on the Regular Record Date preceding the interest payment date, Section 6, Place of Payment. The principal of the Bonds and any premiums upon the redemption thereof prior to maturity shall be payable in lawful money of the United States of America and shall be payable at the corporate trust office of the Fiscal Agent in Los Angeles, California. Section 7. Forms of Bonds. The Bonds shall be substantially in the form annexed hereto as Exhibit "A". Such form is hereby approved and adopted as the form of the Bonds and of the redemption, exchange, registration and assignment provisions pertaining to them, with necessary or appropriate variations, omissions, and insertions, as permitted or required by this Resolution and by any subsequent supplemental resolution of the Agency, 05-23-86 l665k/2281/06 -8-