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The Bonds shall be issuable only in fully registered form, of single maturities. The <br />interest thereon and, upon surrender of each Bond at the principal office of the Registrar <br />described herein, the principal amount thereof, shall be payable by check or draft issued by the <br />Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. <br />3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and <br />August 1 in each year, commencing February 1, 2014, to the owners thereof as such appear of <br />record in the bond register as of the close of business on the fifteenth day of the immediately <br />preceding month, whether or not such day is a business day. <br />3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer <br />agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of <br />the City and the Registrar with respect thereto shall be as follows: <br />(a) Register. The Registrar shall keep at its principal office a bond register in <br />which the Registrar shall provide for the registration of ownership of Bonds and the <br />registration of transfers and exchanges of Bonds entitled to be registered, transferred or <br />exchanged. <br />(b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any Bond <br />duly endorsed by the registered owner thereof or accompanied by a written instrument of <br />transfer, in form satisfactory to the Registrar, duly executed by the registered owner <br />thereof or by an attorney duly authorized by the registered owner in writing, the Registrar <br />shall authenticate and deliver, in the name of the designated transferee or transferees, one <br />or more new Bonds of a like aggregate principal amount and maturity, as requested by <br />the transferor. The Registrar may, however, close the books for registration of any <br />transfer after the fifteenth day of the month preceding each interest payment date and <br />until such interest payment date. <br />(c) Exchange of Bonds. Whenever any Bond is surrendered by the registered <br />owner for exchange. the Registrar shall authenticate and deliver one or more new Bonds <br />of a like aggregate principal amount, interest rate and maturity, as requested by the <br />registered owner or the owner's attorney duly authorized in writing. <br />(d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be <br />promptly cancelled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When any Bond is presented to the <br />Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that <br />the endorsement on such Bond or separate instrument of transfer is valid and genuine and <br />that the requested transfer is legally authorized. The Registrar shall incur no liability for <br />its refusal, in good faith. to make transfers which it. in its judgment, deems improper or <br />unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person in <br />whose name any Band is at any time registered in the bond register as the absolute owner <br />0 <br />