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The City promises to pay interest on the unpaid principal amount hereof (calculated on the basis <br />of a 360 -day year of twelve 30 -day months) from the [Dated Date / Delivery Date] at the <br />respective Interest Rate per annum specified above. Interest is payable on [June 15, 2024 and on <br />each December 15 and June 15] thereafter to the date of payment of the principal installment <br />specified above, or the date of redemption prior to maturity; except, that if this Bond is required <br />to be authenticated and the date of its authentication is later than the first Record Date <br />(hereinafter defined), such principal amount shall bear interest from the interest payment date <br />next preceding the date of authentication, unless such date of authentication is after any Record <br />Date but on or before the next following interest payment date, in which case such principal <br />amount shall bear interest from such next following interest payment date; provided, however, <br />that if on the date of authentication hereof the interest on the Bond or Bonds, if any, for which <br />this Bond is being exchanged is due but has not been paid, then this Bond shall bear interest from <br />the date to which such interest has been paid in full." <br />(C) The initial Bond shall be numbered 7-1." <br />FEW <br />