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"City of Santa Ana, Assessment District No. 2015 -01 (Warner Industrial Community), Limited <br />Obligation Improvement Bonds," and shall be secured by the Assessments. <br />Section 2.02 Terms of Bonds. <br />(A) The Bonds. The Bonds shall be issued as fully registered bonds, without coupons, <br />in the denominations of $5,000 or any integral multiple thereof. The Bonds shall be lettered and <br />numbered in a customary manner as determined by the Fiscal Agent. The Bonds shall be dated <br />as of the Closing Date. <br />(B) Maturities, The Bonds shall mature and become payable on September 2 of each <br />year, as follows: <br />Maturity Dates <br />(September 2) <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023 <br />2024 <br />2025 <br />2026 <br />2027 <br />2028 <br />2029 <br />2030 <br />2031 <br />2032 <br />2033 <br />2034 <br />2035 <br />2036 <br />Principal Amounts Interest Rates <br />$ Rio <br />(C) Interest. The Bonds shall bear interest at the rates set forth in subsection (B) <br />above payable on the Interest Payment Dates in each year. Interest shall be calculated on the <br />basis of a 360 -day year composed of twelve 30 -day months. Each Bond shall bear interest from <br />the Interest Payment Date next preceding the date of authentication thereof unless (i) it is <br />authenticated after a Record Date and before the close of business on the next Interest Payment <br />Date, in Which event it shalt bear interest from such Interest Payment Date, or (ii) it is <br />authenticated on or before the Record Date preceding the first Interest Payment Date, in which <br />event it shall bear interest from the Closing Date; provided, however, that if at the time of <br />authentication of a Bond, interest is in default thereon, such Bond shall bear interest from the <br />-It- <br />55B-31 <br />