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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 2001 $55,000 <br /> 1996 165,000 2002 $50,000 <br /> 1997 180,000 2003 $50,000 <br /> 1998 350,000 2004 $45,000 <br /> 1999 45,000 2005 $45,000 <br /> 2000 45,000 <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 /> commencing 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) Register. 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 />