Interest on Bonds

(a)Bonds shall bear interest payable annually or semi-annually or in part annually and in part semi-annually, except that the first coupon on any bond may be payable twelve

(12)months or any number of months less than twelve

(12)after the date of such bond.

(b)If, upon presentation at maturity, or if redeemable and duly called for redemption, payment of the bonds or any interest coupon thereof is not made in accordance with the indenture of issuance, said bonds or coupons, or both, shall continue to bear interest at the rate stated in the bond until fully paid.