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The Notes shall be issuable only in fully registered <br />• form of single maturities. The interest thereon and, upon <br />surrender of each Note at the principal office of the Registrar <br />described herein, the principal amount thereof, shall be <br />payable by check or draft issued by the Registrar. Each Note <br />shall be dated by the Registrar as of the date of authentication <br />3.02. Interest <br />shall be payable on Febru <br />commencing August 1, 1990 <br />of record as of the close <br />the immediately preceding <br />business day. <br />P~'yment Dates. Interest on the Notes <br />ary 1 and August 1 in each year, <br />to the owners thereof as such appear <br />of business on the fifteenth day of <br />month, whether or not such day is a <br />3.03. Registration. The City shall appoint, and <br />shall maintain, a bond registrar, transfer agent and paying <br />agent (the Registrar). The effect of registration and the <br />rights and duties of the City and the Registrar with respect <br />thereto shall be as follows: <br />(a) Register. The Registrar shall keep at its <br />principal corporate trust office a bond register in which <br />the Registrar shall provide for the registration of <br />ownership of Notes and the registration of transfers and <br />e:changes of Notes entitled to be registered, transferred <br />or exchanged. <br />• (b) Transfer of Notes. Upon surrender to the <br />Registrar for transfer of any Note duly endorsed by the <br />registered owner thereof or accompanied by a written <br />instrument of transfer, in form satisfactory to the <br />Registrar, duly executed by the registered owner thereof or <br />by an attorney duly authorized by the registered owner in <br />writing, the Registrar shall authenticate and deliver, in <br />the name of the designated transferee or transferees, one <br />or more new Notes of alike aggregate principal amount and <br />maturity, as requested by the transferor. The Registrar <br />may, however, close the books for registration of any <br />transfer after the fifteenth day of the month preceding <br />each interest payment date and until such interest payment <br />date. <br />(c) Exchange of Notes. Whenever any Note is <br />surrendered by the registered owner for exchange, the <br />Registrar shall authenticate and deliver one or more new <br />Notes of a like aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's attorney <br />duly authorized in writing. <br />• <br />-S- <br />