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Page 3 necessary expenses incidental to the accomplishment of the project, to the refunding, and to the issuance of the Sewer Revenue Bonds (which bonds will be herein referred to sometimes as "Sewer Revenue Bonds" or "bonds"). The bonds shall be negotiable coupon bonds payable to bearer, but shall be subject to registration as to principal only. Interest on the bonds shall be evidenced by interest coupons. The principal and interest shall be payable at the principal office of the Paying Agent or Alternate Paying Agent (the purchaser of the bonds A is being granted the right to designate the Trustee and Paying Agent, with such designations to be set forth in a Resolution of the City Council of the City, here- after referred to). The bonds shall be dated February 1, 1967, interest thereon shall be payable semiannually on February 1 and August 1 of each year, com- mencing August 1, 1967, and the principal of the bonds shall mature annually on February 1 of each year as follows, but shall be subject to redemption prior to maturity as hereafter set forth: YEAR AMOUNT 1968 $ 9,000 1969 10,000 1970 10,000 1971 11,000 1972 11,000 1973 12,000 1974 13,000 1975 13,000 1976 14,000 1977 15,000 1978 16,000 1979 17,000 1980 18,000 1981 19,000 1982 21,000 1983 22,000 1984 23,000 1985 24,000 1986 26,000 1987 27,000 1988 28,000 1989 30,000 1990 31,000 1991 33,000 1992 34,000 1993 36,000 1994 38,000 1995 40,000 1996 42,000 1997 44,000 1998 125,000