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Section 3. Bond Terms, Execution and Delivery. <br /> 3.01. Maturities, Interest Rates, Denominations, Payment, and Dating <br /> of Bonds. The City shall forthwith issue and deliver the Bonds, which shall be <br /> denominated "Liquor Store Revenue Refunding Bonds, Series 1992." The Bonds <br /> shall be issuable in the denomination of $5,000 each or any integral multiple <br /> thereof, shall bear a date of original issue of October 1, 1992, shall mature on <br /> January 1 in the years and amounts set forth below, without option of prior <br /> payment, and Bonds maturing in such years and amounts shall bear interest from <br /> date of original issue until paid at the rates per annum shown opposite such years <br /> and amounts as follows: <br /> Year Amount Rate <br /> 1994 $70,000 4.00% <br /> 1995 80,000 4.50 <br /> 1996 80,000 4.75 <br /> 1997 85,000 5.00 <br /> 1998 90,000 5.25 <br /> The Bonds shall be issuable only in fully registered form. The interest thereon and, <br /> upon surrender of each Bond, the principal amount thereof, shall be payable by <br /> check or draft issued by the Registrar described herein. Each Bond shall be dated by <br /> the Registrar as of its date of its authentication. <br /> 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on <br /> January 1 and July 1 in each year, commencing July 1, 1993, to the owner of record <br /> thereof as of the close 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 shall maintain, a bond <br /> registrar, transfer agent and paying agent (the Registrar). The effect of registration <br /> and the rights and duties of the City and the Registrar with respect thereto shall be as <br /> follows: <br /> (a) Register. The Registrar shall keep at its principal corporate trust <br /> office a bond register in which the Registrar shall provide for the registration <br /> of ownership of Bonds and the registration of transfers and exchanges of <br /> Bonds entitled to be registered, transferred or exchanged. <br /> (b) Transfer of Bonds. Upon surrender to the Registrar for transfer of <br /> any Bond duly endorsed by the registered owner thereof or accompanied by a <br /> written instrument of transfer, in form satisfactory to the Registrar, duly <br /> -8- <br />