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shall be dated by the Registrar as of the date of its <br /> authentication. <br /> 3 . 02 . Dates ; Interest Payment Dates . Interest on the <br /> Bonds shall be payable on April 1 and October 1 in each year , <br /> commencing April 1 , 1989 , to the owner of record thereof as of <br /> 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 <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 Bonds and the registration of transfers and <br /> exchanges of Bonds entitled to be registered, transferred <br /> or exchanged . <br /> (b) Transfer of Bonds . Upon surrender for transfer <br /> of any Bond duly endorsed by the registered. owner thereof <br /> or accompanied by a written instrument of transfer, in form <br /> satisfactory to the Registrar, duly executed by the <br /> registered owner. thereof or by an attorney duly authorized <br /> by the registered owner in writing, the Registrar shall <br /> authenticate and deliver, in the name of the designated <br /> transferee or transferees, one or more new Bonds of a like <br /> aggregate principal amount and maturity, as requested by <br /> the transferor . The Registrar may, however, close the <br /> books for registration of any transfer after the fifteenth <br /> 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 <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 and maturity, as <br /> requested by the registered owner or the owner ' s attorney <br /> 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 /> -8- <br />