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General Obligation Street Improvement Bond Fund of the City created in Section 4.02. The <br /> Bonds shall be dated as of May 20, 2010, shall be issuable in the denominations of$5.000 or any <br /> integral multiple thereof shall mature on February 1 in the years and amounts set forth below, <br /> and Bonds maturing in such years and amounts shall bear interest, computed on the basis of a <br /> 360-day year consisting of twelve 30-day months, from May 20, 2010 until paid or duly called <br /> for redemption at the rates per annum set forth opposite such years and amounts, respectively: <br /> Year Amount Rate Year Amount Rate <br /> 2012 $ 75,000 2.250 % 2020 $ 95,000 3.100 % <br /> 2013 75,000 2.250 % 2021 95,000 3.125 % <br /> 2014 80,000 2.250 % 2022 100,000 3.300 % <br /> 2015 80,000 2.250 % 2023 105,000 3.375 % <br /> 2016 80,000 2.250 % 2024 105,000 3.375 % <br /> 2017 85,000 2.500 % 2025 110,000 3.600 % <br /> 2018 85,000 2.750 % 2026 115,000 3.625 % <br /> 2019 90,000 3.000 % <br /> The Bonds shall be issuable only in fully registered form, of single maturities. The <br /> 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 February 1 and <br /> August 1 in each year, commencing February 1, 2011, 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. <br /> 3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer <br /> agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of <br /> the City and the Registrar with respect thereto shall be as follows: <br /> (a) Re ister. 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 /> -6- <br />