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3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and <br /> August 1 in each year, commencing August 1, 2012, 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 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 <br /> Bond duly endorsed by the registered owner thereof or accompanied by a written <br /> instrument of transfer, in form satisfactory to the Registrar, duly executed by the <br /> registered owner thereof or by an attorney duly authorized by the registered owner in <br /> writing, the Registrar shall authenticate and deliver, in the name of the designated <br /> transferee or transferees, one or more new Bonds of a like aggregate principal amount <br /> and maturity, as requested by the transferor. The Registrar may, however, close the <br /> books for registration of any transfer after the fifteenth day of the month preceding each <br /> interest payment date and 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 /> (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall <br /> be promptly cancelled 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 valid and genuine and <br /> that the requested transfer is legally authorized. The Registrar shall incur no liability for <br /> its refusal, in good faith, to make transfers which it, in its judgment, deems improper or <br /> unauthorized. <br /> (f) Persons Deemed Owners. The City and the Registrar may treat the person <br /> in whose name any Bond is at any time registered in the bond register as the absolute <br /> owner of such Bond, whether such Bond shall be overdue or not, for the purpose of <br /> receiving payment of, or on account of, the principal of and interest on such Bond and for <br /> all other purposes, and all such payments so made to any such registered owner or upon <br /> the owner's order shall be valid and effectual to satisfy and discharge the liability of the <br /> City upon such Bond to the extent of the sum or sums so paid. <br /> -7- <br />