Clark bought series EE U.S. Savings Bonds in the current year. Redemption proceeds will be used for payment of college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption of accumulated interest on these bonds is that the O Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse). Bonds must be bought by a parent (or both parents) and put in the name of the dependent child. O Bonds must be bought by the owner of the bonds before the owner reaches the age of 24. O Bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.