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• 3.02. Interest Payment Dates. Interest on the Bonds <br />shall be payable on February 1 and August 1 in each year, <br />commencing August 1, 1990, to the owners thereof as such appear <br />of record in the bond register as of the close of business on <br />the fifteenth day of the immediately preceding month, whether <br />or not such day is a business day. <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 office a bond register in which the Registrar <br />shall provide for the registration of ownership of Bonds <br />and the registration of transfers and exchanges of Bonds <br />entitled to be registered, transferred or ezchanged. <br />(b) Transfer of Bonds. Upon surrender to the <br />Registrar for transfer of any Bond 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 ezecuted 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 Bonds of a like 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) E.zchagge of Bonds. Whenever any Bond is <br />surrendered by the registered owner for exchange, the <br />Registrar shall authenticate and deliver one or more new <br />Bonds of a like aggregate principal amount, interest rate <br />and maturity, as requested by the registered owner or the <br />owner's attorney duly authorized in writing. <br />(d) Cancellation. All Bonds surrendered upon any <br />transfer or exchange shall be promptly cancelled by the <br />Registrar and thereafter disposed of as directed by the <br />City. <br />(e) Improper or Unauthorized Transfer. When any Bond <br />is presented to the Registrar for transfer, the Registrar <br />may refuse to transfer the same until it is satisfied that <br />the endorsement on such Bond or separate instrument of <br /> <br />-9- <br />