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ARTICLE II AUTHORIZATION OF BONDS Section 201. Authorization of Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Bonds, Series 1994, of the City in the principal amount of $4,475,000 (the "Bonds"), for the purposes set forth above. Section 202. Description of Bonds. The Bonds shall consist of fully registered bonds without coupons, numbered from I upward in order of issuance, in denominations of $5,000 or any integral multiple thereof. The Bonds shall be substantially in the form set forth in Exhibit A attached hereto, and shall be subject to registration, transfer and exchange as provided in Section 205 hereof. All of the Bonds shall be dated June 1, 1994, shall become due serially in the amounts on the Stated Maturities, subject to redemption and payment prior to their Stated Maturities as provided in Article III hereof, and shall bear interest at the rates per annum, as follows: STATED MATURITY FEBRUARY 1 PRINCIPAL AMOUNT ANNUAL RATE OF INTEREST 1995 $340,000 3.75 % 1996 365,000 4.10 1997 390,000 4.30 1998 415,000 4.45 1999 435,000 6.75 2000 455,000 4.70 2001 480,000 4.70 2002 505,000 4.80 2003 530,000 4.90 2004 560,000 5.00 The Bonds shall bear interest at the above-specified rates (computed on the basis of a 360-day year of twelve 30-day months) from the date thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semiannually on February 1 and August 1 in each year, beginning on February 1, 1995. Each of the Bonds, as originally issued or issued upon transfer, exchange or substitution, shall be in substantially the form set forth in Exhibit A attached hereto. Section 203. Designation of Paving A~ent. Mark Twain Bank, St. Louis, Missouri, is hereby designated as the City's paying agent for the payment of principal of and interest on the Bonds and bond registrar with respect to the registration, transfer and exchange of Bonds (the "Paying Agent"). The City will at all times maintain a Paying Agent meeting the qualifications herein described for the performance of the duties hereunder. The City reserves the right to appoint a successor Paying Agent by (1) filing with the Paying Agent then performing such function a certified copy of the proceedings giving notice of the termination of such Paying Agent and appointing a successor, and (2) causing notice to be given to each Bondowner. -6-