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200302816 ARTICLE B ISSUANCE AND EXECUTION OF BONDS Section 1. Building Bonds in the aggregate principal amount of Two Million Six Hundred Thousand Dollars ($2,600,000) 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 Fund and applied to costs of the Project as provided in this Indenture. Section 2. The Bonds shall be designated `Building Bonds (Grand Island Administrative Addition Project), Series 2003" and shall be issued in the principal amount of Two Million Six Hundred Thousand Dollars ($2,600,000), with said Building Bonds bearing interest at the rates per annum and to become due on March I of the year as indicated below: Maturity on Interest Rate March I of Year Principal Amount Per Annum 2004 $155,000 1.35% 2005 155,000 1.65% 2006 160,000 2.10% 2007 165,000 2.50% 2008 165,000 2.95% 2009 170,000 3.35% 2010 175,000 3.65% 2011 185,000 3.90% 2012 190,000 4.05% 2013 200,000 4.20% 2014 205,000 4.30% 2015 215,000 4.40% 2016 225,000 4.50% 2017 235,000 4.60% The Building Bonds shall be issued in fully registered fonrr in the denomination of $5,000 or any integral multiple thereof. The date of original issue for the Building Bonds shall be the date of delivery thereof. Interest on the Building Bonds, at the respective rates for each maturity, shall be payable on March I and September I of each year commencing on March 1, 2004 (each of said dates an "Interest Payment Date ") and the Building 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 11. The Building Bonds shall be numbered from 1 upwards, in the order of their issuance. No Building 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 Bonds issued shall be designated by the Trustee as directed by the initial purchaser thereof. Payments of interest due on the Building 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 11. 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