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(a) Original Issue Date; Denominations; Maturities; Term Bond Option. The <br />Certificates shall be dated December 4, 2014, as the date of original issue, shall be issued <br />forthwith on or after such date in fully registered form, shall be numbered from R -1 upward in <br />the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the <br />"Authorized Denominations ") and shall mature on the December 15 in the years and amounts as <br />follows: <br />Year Amount <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />As may be requested by the Purchaser, one or more term bonds may be issued having <br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing <br />principal repayment schedule, and corresponding additions may be made to the provisions of the <br />applicable Certificate(s). <br />(b) Book Entry Only System. The Depository Trust Company, a limited purpose <br />trust company organized under the laws of the State of New York or any of its successors or its <br />successors to its functions hereunder (the "Depository ") will act as securities depository for the <br />Certificates, and to this end: <br />(i) The Certificates shall be initially issued and, so long as they remain in <br />book entry form only (the "Book Entry Only Period "), shall at all times be in the form of <br />a separate single fully registered Certificate for each maturity of the Certificates; and for <br />purposes of complying with this requirement under paragraphs 5 and 10 Authorized <br />Denominations for any Certificate shall be deemed to be limited during the Book Entry <br />Only Period to the outstanding principal amount of that Certificate. <br />(ii) Upon initial issuance, ownership of the Certificates shall be registered in a <br />bond register maintained by the Registrar (as hereinafter defined) in the name of CEDE <br />& CO., as the nominee (it or any nominee of the existing or a successor Depository, the <br />"Nominee "). <br />(iii) With respect to the Certificates neither the City nor the Registrar shall <br />have any responsibility or obligation to any broker, dealer, bank, or any other financial <br />institution for which the Depository holds Certificates as securities depository (the <br />"Participant ") or the person for which a Participant holds an interest in the Certificates <br />shown on the books and records of the Participant (the "Beneficial Owner "). Without <br />2 <br />