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ARTICLE II ISSUANCE OF BONDS Section 2.01. Bonds Authorized. All acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of the Bonds have existed, happened and been performed in due time, form and manner as required by law, and the Council is now authorized pursuant to each and every requirement of law to issue the Bonds in the manner and form as in this Resolution provided. Section 2.02. Unpaid Assessments. The assessments now remaining unpaid are as shown on said list of unpaid assessments on file with the Treasurer which is incorporated herein by this reference made a part hereof. The aggregate amount thereof is not to exceed $ 11,723,378 . For a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said list, reference is hereby made to the assessment and to the diagram, and any amendments thereto recorded in the office of the City Engineer, as the Superintendent of Streets, of the City after confirmation thereof by the Council. Section 2.03. Issuance of Bonds. The Bonds, in the aggregate principal amount of not to exceed $ 11,723,378 , shall be issued as hereinafter provided upon the security of said unpaid assessments in accordance with, under and pursuant to the provisions of said Resolution of Intention and the proceedings thereunder duly had and taken. The Bonds shall be known as "Limited Obligation Improvement Bonds, City of Redwood City, Seaport Centre Assessment District - 1990." Jurisdiction is hereby expressly retained to issue bonds, from time to time, as determined by the Council, upon the security of any remaining balance of unpaid assessments upon which any bonds remain unissued. Section 2.04. Maturities of Bonds. The Bonds shall be issued in only fully registered form, without coupons, in the Bond Denomination or any integral multiple thereof, so long as no Bond shall have more than one maturity date. The Bonds shall be dated and mature on September 2 in each of the years and in the amounts set forth in the Bond Purchase Contract. The Bonds shall be numbered or otherwise identified as determined by the Agent. Section 2.05. Interest on Bonds. The Bonds shall bear interest at the rate or rates set forth in the Bond Purchase Contract. Interest on the Bonds shall be payable on each Interest Payment Date to the person whose name appears on the Bond Registration Books as the Owner thereof as of the Record Date immediately preceding each such Interest Payment Date, such interest to be paid by check or draft of the Agent mailed to the Owner, at the address of such Owner as it appears on the Bond Registration Books. Principal of and premium (if any) on any Bond shall be paid upon presentation and surrender thereof at the Principal Office of the Agent. Both the principal of and interest and premium (if any) on the Bonds shall be payable in lawful money of the United States of America. The Bonds shall bear interest from the Interest Payment Date next preceding the date of authentication of the Bonds (except for any Bond which is authenticated on an -9- 11305