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and Bonds maturing in such years and amounts shall bear interest, computed on the basis of a <br /> 360-day year consisting of twelve 30-day months, from April 1, 1998 until paid or duly called <br /> for redemption at the rates per annum set forth opposite such years and amounts, respectively: <br /> Year Amount Rate Year Amount Rate <br /> 2000 $10,000 % 2008 $50,000 % <br /> 2001 40,000 2009 55,000 <br /> 2002 40,000 2010 55,000 <br /> 2003 40,000 2011 60,000 <br /> 2004 45,000 2012 60,000 <br /> 2005 45,000 2013 65,000 <br /> 2006 45,000 2014 65,000 <br /> 2007 50,000 <br /> The Bonds shall be issuable only in fully registered form, of single maturities. <br /> The 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 <br /> 1 and August 1 in each year, commencing February 1, 1999, to the owners thereof as such appear <br /> of 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, <br /> transfer agent and paying agent (the "Registrar"). The effect of registration and the rights and <br /> duties of the City and the Registrar with respect thereto shall be as follows: <br /> (a) Re ig ster. 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 the <br /> transferor. The Registrar may, however, close the books for registration of any transfer <br /> -8- <br />