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• Year Amount Rate Year Amount Rate <br /> 2002 $ 70,000 4.70% 2009 $70,000 5.05% <br /> 2003 70,000 4.75 2010 65,000 5.20 <br /> 2004 70,000 4.80 2011 65,000 5.20 <br /> 2005 70,000 4.85 2012 65,000 5.30 <br /> 2006 70,000 4.90 2013 65,000 5.30 <br /> 2007 70,000 5.05 2014 65,000 5.50 <br /> 2008 70,000 5.05 2015 65,000 5.50 <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 April 1 <br /> and October 1 in each year, commencing April 1, 2001 , to the owners thereof as such appear of <br /> 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. Interest on the Bonds will be <br /> computed on the basis of a 360-day year consisting of twelve 30-day months and will be rounded <br /> pursuant to the rules of the Municipal Securities Rulemaking Board. <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 igister. 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 <br /> the transferor. The Registrar may, however, close the books for registration of any <br /> transfer after the fifteenth 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 surrendered by the registered <br /> owner for exchange, the Registrar shall authenticate and deliver one or more new Bonds <br /> of a like aggregate principal amount, interest rate and maturity, as requested by the <br /> • registered owner or the owner's attorney duly authorized in writing. <br /> -8- <br />