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. Section 3. Bond Terms, Execution and Delivery. <br />3.01. Maturities, Interest Rates, Denominations Payment. The City <br />shall forthwith issue and deliver the Bonds, which shall be denominated "General <br />Obligation Tax Increment Refunding Bonds of 1993". The Bonds shall be issuable in <br />the denomination of $5,000 each or any integral multiple thereof, shall mature on <br />February 1 in the years and amounts set forth below, and Bonds maturing in such <br />years and amounts shall bear interest computed on the basis of the number of days <br />elapsed in a 360-day year consisting of twelve 30-days months from date of original <br />issue until paid or duly called for redemption at the rates per annum shown <br />opposite such years and amounts as follows: <br />Year Amount Rate Year Amount Rate <br />1995 $170,000 3.20 2001 $55,000 4 <br />80 <br />1996 165,000 3.65 2002 $50,000 . <br />4.95 <br />1997 180,000 ~;~5 2003 $50,000 5.05 <br />1998 320,000 ~•?~ 2004 $45,000 5.15 <br />1999 45,000 4.40 2005 $45,000 5.25 <br />2000 45,000 4.55 <br />The Bonds shall be issuable only in fully registered form. The interest thereon and, <br />upon surrender of each Bond, the principal amount thereof, shall be payable by <br />check or draft issued by the Registrar described herein. <br />3.02. Dates: Interest Payment Dates. Each Bond shall bear a date of <br />original issue of February 24, 1993, and shall be dated as of the date of authentication. <br />Interest on the Bonds shall be payable on February 1 and August 1 in each year, <br />commenting August 1, 1993, to the owner of record thereof as of the close of <br />business on the fifteenth day of the immediately preceding month, whether or not <br />such day is a business day. <br />3.03. Registration. The City shall appoint, and shall maintain, a bond <br />registrar, transfer agent and paying agent (the Registrar). The effect of registration <br />and the rights and duties of the City and the Registrar with respect thereto shall be as <br />follows: <br />(a) Re ister. The Registrar shall keep at its principal corporate trust <br />office a bond register in which the Registrar shall provide for the registration <br />of ownership of Bonds and the registration of transfers and exchanges of <br />Bonds entitled to be registered, transferred or exchanged. <br />(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly <br />-8- <br />