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Section 3. Bond Terms, Execution and Delivery. <br /> 3.01. Maturities, Interest Rates, Denominations, Pam. The City <br /> shall forthwith issue and deliver the Bonds, which shall be denominated "General <br /> Obligation Taxable Tax Increment Bonds, Series 1996A". The Bonds shall be dated <br /> as of July 1, 1996, shall be issuable in the denomination of $5,000 each or any integral <br /> multiple thereof, shall mature on February 1 in the years and amounts set forth <br /> below, and Bonds maturing in such years and amounts shall bear interest from the <br /> date of original issue of the Bonds computed on the basis of the number of days <br /> elapsed in a 360-day year consisting of twelve 30-days months from July 1, 1996 until <br /> paid or duly called for redemption at the rates per annum shown opposite such <br /> years and amounts as follows: <br /> Year Amount Rate Year Amount Rate <br /> 2000 $75,000 7.00% 2007 $120,000 7.55% <br /> 2001 80,000 7.05 2008 130,000 7.65 <br /> 2002 85,000 7.15 2009 140,000 7.75 <br /> 2003 90,000 7.25 2010 150,000 7.80 <br /> 2004 100,000 7.35 2011 165,000 7.90 <br /> 2005 105,000 7.45 2012 175,000 8.00 <br /> 2006 115,000 7.50 2013 190,000 8.00 <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 July 1, 1996, 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, 1997, 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 />