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• 360-day year consisting of twelve 30-day months, from March 1, 1995 until paid or <br /> duly called for redemption at the rates per annum set forth opposite such years and <br /> amounts, respectively: <br /> Year Amount Rate Year Amount Rate <br /> 1998 $40,000 5.00 2005 $60,000 5.45 <br /> 1999 40,000 5.05 2006 65,000 5.50 <br /> 2000 45,000 5.10 2007 65,000 5.60 <br /> 2001 45,000 5.20 2008 70,000 5.70 <br /> 2002 50,000 5.25 2009 75,000 5.75 <br /> 2003 50,000 5.30 2010 80,000 5.80 <br /> 2004 55,000 5.35 2011 85,000 5.90 <br /> The Bonds shall be issuable only in fully registered form, of single <br /> maturities. The interest thereon and, upon surrender of each Bond at the principal <br /> office of the Registrar described herein, the principal amount thereof, shall be <br /> payable by check or draft issued by the Registrar. Each Bond shall be dated by the <br /> Registrar as of the date of its authentication. <br /> 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on <br /> February 1 and August 1 in each year, commencing February 1, 1996, to the owners <br /> • thereof as such appear of record in the bond register as of the close of business on the <br /> fifteenth day of the immediately preceding month, whether or not such day is a <br /> business day. <br /> 3.03. Registration. The City shall appoint, and shall maintain, a bond <br /> registrar, transfer agent and paying agent (the Registrar). The effect of registration <br /> and the rights and duties of the City and the Registrar with respect thereto shall be as <br /> follows: <br /> t (a) Register. The Registrar shall keep at its principal office a bond <br /> register in which the Registrar shall provide for the registration of ownership <br /> of Bonds and the registration of transfers and exchanges of Bonds entitled to <br /> be registered, transferred or exchanged. <br /> (b) Transfer of Bonds. Upon surrender to the Registrar for transfer of <br /> any Bond duly endorsed by the registered owner thereof or accompanied by a <br /> written instrument of transfer, in form satisfactory to the Registrar, duly <br /> executed by the registered owner thereof or by an attorney duly authorized by <br /> the registered owner in writing, the Registrar shall authenticate and deliver, <br /> in the name of the designated transferee or transferees, one or more new <br /> 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 <br /> • <br /> -8- <br />