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. <br /> ,f . <br /> ifi a <br /> J <br /> 111 111 <br /> . . <br /> No. 1 $10, 000, 000 <br /> COUNTY OF LOS ANGELES <br /> CI 2651-M, 19VOT LIMITED OBLIGATION IMPROVEMENT BOND <br /> \eV _ (Aba l one Cove) <br /> INTEREST DATE OF <br /> RATE REGISTRATION <br /> 7.7654% July 26, 1991 <br /> GA 110"'..V. IV <br /> REGISTERED OWNER: COUNTY OF LOS ANGELES C/ V4CI <br /> Under and by virtue of the Improvement Bond Act of 1915, <br /> constituting Division 10 (commencing with Section 8500) of the <br /> California Streets and Highways Code (the "Act") , the County of <br /> Los Angeles, State of California (the "County") will, out of the <br /> redemption fund for the payment of bonds issued upon the unpaid <br /> portion of assessments made for the acquisition, work, and <br /> improvements more fully described in the proceedings taken <br /> pursuant to County Improvement . 2651-M (Abalone Cove) for the <br /> Acquisition of Necessary R' Way and the Acquisition and <br /> Construction of Landsli. v a ent Improvements Resolution of <br /> Intention, adopted • - - •ard of Supervisors of the County on <br /> September 18, 19400 , o the registered owner hereof, or <br /> registered assigAQ the principal sum of Ten Million Dollars <br /> ($10, 000, 000) , in lawful money of the United States of America <br /> and in like manner will pay interest at the rate per annum stated <br /> above, from the interest payment date next preceding the date on <br /> which this bond is registered, unless this bond is registered as <br /> of an interest payment date or between a Record Date (as herein <br /> defined) and the corresponding interest payment date, in which <br /> event interest shall be paid from such interest payment date, or <br /> unless this bond is authenticated and registered prior to <br /> February 17, 1992, in which event interest will be paid from <br /> July 26, 1991, until payment of such principal sum shall have <br /> been discharged. To the extent that insufficient funds are <br /> available in the redemption fund of the County to pay an <br /> scheduled amount of principal or interest on this bo fVdue, <br /> payment of such amount shall be deferred until f .,o- a so <br /> available. Interest shall continue to accru • •l ate stated <br /> above on any installment of principal whi deferred, but <br /> interest shall not accrue on any installmfti of interest which is <br /> so deferred. Failure by the County to pay any amount of <br /> principal or interest which has been so deferred will not <br /> constitute a breach of or default under this bond or the <br /> Page 1 of 4 Pages <br />