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� r <br />thereafter on May 1 and November 1 of each year until payment of <br />such principal sum. <br />Each Bond shall bear interest from the interest payment <br />date next preceding the date on which it is authenticated unless <br />it is (a) authenticated upon an interest payment date in which <br />event it shall bear interest from such interest payment date or <br />(b) authenticated prior to the first interest payment date in <br />which event it shall bear interest from its date; provided, <br />however, that if at the time of authentication interest is in <br />default, such Bond shall bear interest from the date to which <br />interest has been paid. <br />The principal of and the interest and any redemption <br />premium on the Bonds shall be payable in any coin or currency of <br />the United States of America which is legal tender for the <br />payment of public and private debts on the respective dates of <br />payment thereof. <br />The Bonds will be issued by means of a book -entry <br />system with no physical distribution of Bond certificate to be <br />made except as hereinafter provided. one Bond certificate with <br />respect to each date on which the Bonds are stated to mature, in <br />the aggregate principal amount of the Bonds stated to mature on <br />such date and registered in the name of Cede & Co., a nominee of <br />The Depository Trust Company, New York, New York ( "DTC "), will be <br />issued and required to be deposited with DTC and immobilized in <br />its custody. The book -entry system will evidence ownership of <br />the Bonds in the principal amount of $5,000 or any multiple <br />3 <br />