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• Section 3. Bond Terms, Execution and Delivery. <br /> 3.01. Maturities, Interest Rates, Denominations, Payment. The City <br /> shall forthwith issue and deliver the Bonds, which shall be denominated "General <br /> Obligation Tax Increment Bonds, Series 1995B". The Bonds shall be dated as of <br /> December 1, 1995, shall be issuable in the denomination of $5,000 each or any <br /> integral multiple thereof, shall mature on February 1 in the years and amounts set <br /> forth below, and Bonds maturing in such years and amounts shall bear interest <br /> from the date of original issue of the Bonds computed on the basis of the number of <br /> days elapsed in a 360-day year consisting of twelve 30-days months from December 1, <br /> 1995 until paid or duly called for redemption at the rates per annum shown opposite <br /> such years and amounts as follows: <br /> Year Amount Rate Year Amount Rate <br /> 1996 $130,000 3.80 % 2004 $180,000 4.60 % <br /> 1997 135,000 3.90 2005 190,000 4.70 <br /> 1998 140,000 4.05 2006 195,000 4.80 <br /> 1999 145,000 4.15 2007 205,000 4.90 <br /> 2000 150,000 4.25 2008 220,000 5.00 <br /> 2001 155,000 4.30 2009 230,000 5.10 <br /> • 2002 165,000 4.40 2010 240,000 5.20 <br /> 2003 170,000 4.50 <br /> The Bonds shall be issuable only in fully registered form. The interest thereon and, <br /> upon surrender of each Bond, the principal amount thereof, shall be payable by <br /> check or draft issued by the Registrar described herein. <br /> 3.02. Dates; Interest Payment Dates. Each Bond shall bear a date of <br /> original issue of Dcember 1, 1995, and shall be dated as of the date of authentication. <br /> Interest on the Bonds shall be payable on February 1 and August 1 in each year, <br /> commencing February 1, 1996, to the owner of record thereof as of the close of <br /> business on the fifteenth day of the immediately preceding month, whether or not <br /> such day is a 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 /> (a) Register. The Registrar shall keep at its principal corporate trust <br /> office a bond register in which the Registrar shall provide for the registration <br /> • of ownership of Bonds and the registration of transfers and exchanges of <br /> Bonds entitled to be registered, transferred or exchanged. <br /> -8- <br />