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200403825 ARTICLE II ISSUANCE AND EXECUTION OF BONDS Section 1. Building and Equipment Bonds in the aggregate principal amount of Eight Hundred Eighty Thousand Dollars ($880,000) shall be issued by the Corporation as soon as practicable on or following the date of execution of this Indenture and the net principal proceeds thereof shall be delivered to the Trustee and deposited to the Construction and Acquisition Fund and applied to costs of the Project as provided in this Indenture. Section 2. The Bonds shall be designated "Building and Equipment Bonds (Grand Island Distance Learning Project), Series 2004" and shall be issued in the principal amount of Eight Hundred Eighty Thousand Dollars ($880,000), with said Building and Equipment Bonds bearing interest at the rates per annum and to become due on March 1 of the year as indicated below: Maturity on Interest Rate March 1 of Year Principal Amount Per Annum 2005 $120,000 1.35% 2006 120,000 1.80% 2007 120,000 2.10% 2008 125,000 2.50% 2009 130,000 2.80% 2010 130,000 3.10% 2011 135,000 3.35% The Building and Equipment Bonds shall be issued in fully registered form in the denomination of $5,000 or any integral multiple thereof. The date of original issue for the Building and Equipment Bonds shall be the date of delivery thereof. Interest on the Building and Equipment Bonds, at the respective rates for each maturity, shall be payable on March 1 and September I of each year commencing on March 1, 2005 (each of said dates an "Interest Payment Date ") and the Building and Equipment Bonds shall bear such interest from the date of original issue or the most recent Interest Payment Date, whichever is later. The interest due on each Interest Payment Date shall be payable to the registered owners of record as of the fifteenth day of the month immediately preceding the month in which the Interest Payment Date occurs (the "Record Date "), subject to the provisions of Section 4 of this Article II. The Building and Equipment Bonds shall be numbered from 1 upwards, in the order of their issuance. No Building and Equipment Bonds shall be issued originally or upon transfer or partial redemption having more than one principal maturity. The initial bond numbering and principal amounts for each of the Building and Equipment Bonds issued shall be designated by the Trustee as directed by the initial purchaser thereof. Payments of interest due on the Building and Equipment Bonds shall be made by the Trustee by mailing a check or draft in the amount due for such interest on each Interest Payment Date to the registered owner of each Building Bond, as of the Record Date for such Interest Payment Date, to such owner's registered address as shown on the books of registration as required to be maintained in Section 3 of this Article II. Payments of principal due at maturity or at any date fixed for redemption prior to maturity shall be made by the Trustee to the registered owners upon presentation and surrender of the Building and Equipment Bonds to the Trustee. The Corporation and the Trustee may treat the registered owner of any Building and Equipment Bond as the absolute owner of such Building and Equipment Bond for the purpose of making payments thereon and for all other purposes and neither the Corporation nor the Trustee shall be affected by any notice or knowledge to the contrary, whether such Building and Equipment Bond or any installment of interest due thereon shall be overdue or not. All 5