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200904064 ARTICLE II ISSUANCE AND EXECUTION OF BONDS Section 1. Refunding Bonds in the aggregate principal amount of One Million Six Hundred Thirty -five Thousand Dollars ($1,635,000) shall be issued by the Corporation as soon as practicable on or following the date of execution of this Supplemental Indenture and the net principal proceeds thereof shall be delivered to the Trustee and to be applied by the Trustee to the satisfaction and redemption of the Series 2003 Bonds, all in accordance with Article VI of this Supplemental Indenture. Section 2. The Bonds shall be designated "Refunding Bonds (Grand Island Administrative Addition Project), Series 2009" and shall be issued in the principal amount of One Million Six Hundred Thirty -five Thousand Dollars ($1,635,000), with said Refunding 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 2010 $225,000 1.35% 2011 225,000 1.55 2012 225,000 1.90 2013 235,000 2.20 2014 235,000 2.60 2015 240,000 2.85 2016 250,000 3.10 The Refunding 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 Refunding Bonds shall be the date of delivery thereof. Interest on the Refunding Bonds, at the respective rates for each maturity, shall be payable on March 1 and September I of each year commencing on September 1, 2009 (each of said dates an "Interest Payment Date ") and the Refunding 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 Refunding Bonds shall be numbered from 1 upwards, in the order of their issuance. No Refunding 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 Refunding Bonds issued shall be designated by the Trustee as directed by the initial purchaser thereof. Payments of interest due on the Refunding 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 Refunding Bonds to the Trustee. The Corporation and the Trustee may treat the registered owner of any Building Bond as the absolute owner of such Building 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 Bond or any installment of interest due thereon shall be overdue or not. All payments on account of interest or principal made to the registered ral