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date of issue until paid or duly called for redemption at the <br /> rates per annum shown opposite such years and amounts as <br /> follows : <br /> Year Amount Rate Year Amount Rate <br /> 1989 $ 75 , 000 6 . 20% 1994 $300 , 000 7 . 20% <br /> 1990 -0- ---- 1995 325 , 000 7 . 40% <br /> 1991 75 , 000 6 . 60% 1996 3.50 , 000 7 . 60% <br /> 1992 150 , 000 6 . 80% 1997 375 , 000 7 , 80% <br /> 1993 275 , 000 7 . 00% 1998 200 , 000 8 . 00% <br /> The Bonds shall be issuable only in fully registered form. The <br /> interest thereon and, upon surrender of each Bond, the <br /> principal amount thereof, shall be payable by check or draft <br /> issued by the Registrar described herein. <br /> 3 . 02 . Dates ; Interest -Payment Dates . Each Bond shall <br /> be dated as of the last interest payment date preceding the . <br /> date of authentication to which interest on the Bond has been <br /> paid or made available for payment , unless ( i) the date of <br /> authentication is an interest payment date to which interest <br /> has been paid or made available for payment , in which case such <br /> . Bond shall be dated as of the date of authentication, or <br /> ( ii) the date of authentication is prior to August 1 , 1986 in <br /> which case such Bond shall be dated as of December 1 , 1985 . <br /> The interest on the Bonds shall be payable on February 1 and <br /> August 1 in each year , commencing August 1 , 1986 , to the owner <br /> of record thereof as of the close of business on the fifteenth <br /> day of the immediately preceding month, whether or not such day <br /> 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 /> -12- <br />