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3.02. Dates, Interest Payment Dates. Interest on the Bonds shall be payable on <br /> February 1 and August 1 in each year, commencing February 1, 2004, to the owner of record <br /> thereof as of the close of business on the fifteenth day of the immediately preceding month, <br /> whether or not such day is a business day. Interest on the Bonds will be computed on the basis <br /> of a 360-day year consisting of twelve 30-day months and will be rounded pursuant to the rules <br /> 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) Register. The Registrar shall keep at its principal corporate trust office a bond <br /> register in which the Registrar shall provide for the registration of ownership of Bonds <br /> and the registration of transfers and exchanges of Bonds entitled to be registered, <br /> transferred or exchanged. <br /> (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by <br /> the registered owner thereof or accompanied by a written instrument of transfer, in form <br /> satisfactory to the Registrar, duly executed by the registered owner thereof or by an <br /> attorney duly authorized by the registered owner in writing, the Registrar shall <br /> authenticate and deliver, in the name of the designated transferee or transferees, one or <br /> more new Bonds of a like aggregate principal amount and maturity, as requested by the <br /> transferor. The Registrar may, however, close the books for registration of any transfer <br /> • after the fifteenth day of the month preceding each interest payment date and until such <br /> 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 and maturity, as requested by the registered owner or <br /> the owner's attorney duly authorized in writing. <br /> (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be <br /> promptly canceled by the Registrar and thereafter disposed of as directed by the City. <br /> (e) Improper or Unauthorized Transfer. When any Bond is presented to the <br /> Registrar for transfer,the Registrar may refuse to transfer the same until it is satisfied that <br /> the endorsement on such Bond or separate instrument of transfer is legally authorized. <br /> The Registrar shall incur no liability for its refusal, in good faith, to make transfers which <br /> it, in its judgment, deems improper or unauthorized. <br /> (f) Persons Deemed Owners. The City and the Registrar <br /> may treat the person in whose name any Bond is at any time registered in the bond <br /> register as the absolute owner of such Bond, whether such Bond shall be overdue or not, <br /> for the purpose of receiving payment of, or on account of,the principal of and interest on <br /> such Bond and for all other purposes, and all such payments so made to any such <br /> registered owner or upon the owner's order shall be valid and effectual to satisfy and <br /> • <br /> 7 <br />