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• Year Amount Rate Year Amount Rate <br /> 2003 $70,000 4.00% 2011 $75,000 4.30% <br /> 2004 70,000 4.00% 2012 80,000 4.40% <br /> 2005 70,000 4.00% 2013 80,000 4.60% <br /> 2006 70,000 4.00% 2014 85,000 4.70% <br /> 2007 70,000 4.00% 2015 85,000 5.00% <br /> 2008 75,000 4.10% 2017 180,000 5.00% <br /> 2009 75,000 4.10% <br /> 2010 75,000 4.20% <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 <br /> February I and August 1 in each year, commencing August 1, 2001, to the owners thereof as such <br /> appear of record in the bond register as of the close of business on the fifteenth day of the <br /> immediately 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 <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 /> • <br /> -7- <br />