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bear interest at the rate of 5 . 05% per annum. The Series 2005 <br /> Bonds shall mature over a period of twenty years . The first <br /> payment of principal and interest shall be due April 1 , 2005, and <br /> shall be in the amount of $1, 185 . 25 plus accrued interest from the <br /> date of issuance of the Series 2005 Bonds . Commencing May 1, 2005 <br /> monthly payments of principal and interest shall be in the amount <br /> of $3 , 247 . 33 , except that the last payment , on March 1 , 2025, shall <br /> be in the amount of $3 , 248 .46 . <br /> The Series 2005 Bonds shall be registered as to principal <br /> and interest . Principal is payable at The Citizens Bank, in <br /> Batesville, Arkansas (the "Trustee" and the "Paying Agent" ) . <br /> Payment of interest shall be by check or draft mailed to the <br /> registered owner at the address shown on the registration book of <br /> the City maintained by the Trustee . <br /> Section 3 . The Series 2005 Bonds shall be executed on <br /> behalf of the City by the Mayor and City Clerk and shall have <br /> impressed thereon the seal of the City. The Series 2005 Bonds are <br /> secured on a parity of lien, pledge and security with the City' s <br /> Water and Sewer Revenue Refunding Bonds, Series 2001 (the "Series <br /> 2001 Bonds" ) , the City' s Water and Sewer Revenue Refunding Bonds, <br /> Series 2002 (the "Series 2002 Bonds" ) and with any Additional Bonds <br /> issued under Ordinance No. 2001-3-1, adopted March 13 , 2001 (the <br /> "Basic Ordinance" ) , and the term "Bonds" refers to and includes the <br /> Series 2005 Bonds, the Series 2002 Bonds, the Series 2001 Bonds and <br /> any Additional Bonds outstanding. The Bonds, together with <br /> interest thereon, shall be payable solely out of the Water and <br /> Sewer Revenue Bond Fund, hereinafter described, and shall be a <br /> valid claim of the holders thereof only against such fund and the <br /> amount of revenues pledged thereto or deposited therein, which <br /> revenues are hereby pledged and mortgaged for the equal and ratable <br /> payment of the Bonds and shall be used for no other purpose than to <br /> pay the principal , premium, if any, interest and Trustee ' s and <br /> Paying Agent ' s fees on and in connection with the Bonds . The Bonds <br /> shall not constitute an indebtedness of the City within any <br /> constitutional or statutory limitation. <br /> Section 4 . The Series 2005 Bonds shall be in <br /> substantially the following form and the Mayor and City Clerk are <br /> hereby expressly authorized and directed to make all recitals <br /> contained therein: <br /> 2 <br />