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The Certificates shall be issuable only in fully <br /> registered form. The interest thereon and, upon surrender of <br /> each Certificate, the principal amount thereof, shall be <br /> payable by check or draft issued by the Registrar described <br /> herein. <br /> 3 . 02 .. Dates; Interest Payment Dates . Each <br /> Certificate shall be dated as of the last interest payment date <br /> preceding the date of authentication to which interest on the <br /> Certificate has been paid or made available for payment , unless <br /> (i) the date of authentication is an interest payment date to <br /> which interest has been paid or made available for payment, in <br /> which case such Certificate shall be dated as of the date of <br /> authentication, or (ii) the date of authentication is prior to <br /> August 1, 1987, in which case such Certificate shall be dated <br /> as of January 1 , 1987 . The interest on the Certificates shall <br /> be payable on February 1 and August 1 in each year, commencing <br /> August 1, 1987 , to the owner of record thereof as of the close <br /> of business on the fifteenth day of the immediately preceding <br /> 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 Certificates and the registration of transfers <br /> and exchanges of Certificates entitled to be registered, <br /> transferred or exchanged. <br /> (b) Transfer of Certificates . Upon surrender for <br /> transfer of any Certificate duly endorsed by the registered <br /> owner thereof or accompanied by a written instrument of <br /> transfer, in form satisfactory to the Registrar, duly <br /> executed by the registered owner thereof or by an attorney <br /> duly authorized by the registered owner in writing, the <br /> Registrar shall authenticate and deliver, in the name of <br /> the designated transferee or transferees, one or more new <br /> Certificates of a like aggregate principal amount and <br /> maturity, as requested by the transferor . The Registrar <br /> may, however, close the books for registration of any <br /> transfer after the fifteenth day of the month preceding <br /> each interest payment date and until such interest payment <br /> date. <br /> -7- <br />