DESCRIPTION OF FIRST Sample Clauses

DESCRIPTION OF FIRST. MORTGAGE BONDS, 5.55% SERIES DUE MARCH 28, 2029 AND FIRST MORTGAGE BONDS, 5.75% SERIES DUE MARCH 28, 2034 Section 1. The Company hereby creates a new series of Bonds to be known as “First Mortgage Bonds, 5.55% Series due March 28, 2029” and a new series of Bonds to be known as “First Mortgage Bonds, 5.75% Series due March 28, 2034.” The First Mortgage Bonds of the 5.55% Series and the First Mortgage Bonds of the 5.75% Series shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the Indenture, as supplemented and modified. The aggregate principal amount of First Mortgage Bonds of the 5.55% Series, which may be authenticated and delivered under the Indenture (except for First Mortgage Bonds of the 5.55% Series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other First Mortgage Bonds of the 5.55% Series pursuant to the Indenture and except for First Mortgage Bonds of the 5.55% Series which, pursuant to the Indenture, are deemed never to have been authenticated and delivered under the Indenture) is limited to $33,000,000.00. The aggregate principal amount of First Mortgage Bonds of the 5.75% Series, which may be authenticated and delivered under the Indenture (except for First Mortgage Bonds of the 5.75% Series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other First Mortgage Bonds of the 5.75% Series pursuant to the Indenture and except for First Mortgage Bonds of the 5.75% Series which, pursuant to the Indenture, are deemed never to have been authenticated and delivered under the Indenture) is limited to $7,000,000.00. The commencement of the first interest period for the First Mortgage Bonds of the 5.55% Series and for the First Mortgage Bonds of the 5.75% Series shall be March 28, 2024. The First Mortgage Bonds of the 5.55% Series shall mature on March 28, 2029, and shall bear interest at the rate of 5.55% per annum, from March 28, 2024 or from the most recent date to which interest has been paid or duly provided for. The First Mortgage Bonds of the 5.75% Series shall mature on March 28, 2034, and shall bear interest at the rate of 5.75% per annum, from March 28, 2024 or from the most recent date to which interest has been paid or duly provided for. Interest on the First Mortgage Bonds of the 5.55% Series due March 28, 2029 and on the First...