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• August 1, 1997 until paid or duly called for redemption at the rates per annum <br /> shown opposite such years and amounts as follows: <br /> Year Amount Rate <br /> 1999 $ 45,000 4.75% <br /> 2000 50,000 5.00 <br /> 2004 220,000 5.25 <br /> 2007 200,000 5.50 <br /> 2012 425,000 5.75 <br /> The Bonds shall be issuable only in fully registered form, of single maturities. The <br /> interest thereon and, upon surrender of each Bond, the principal amount thereof, <br /> shall be payable by check or draft issued by the Registrar described herein. Each Bond <br /> shall be dated by the Registrar as of its date of its authentication. <br /> 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on <br /> January 1 and July 1 in each year, commencing January 1, 1998, to the owner of <br /> record thereof 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 <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 /> (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 /> any transfer after the fifteenth day of the month preceding each interest <br /> payment date and until such interest payment date. <br /> (c) Exchange of Bonds. Whenever any Bond is surrendered by the <br /> registered owner for exchange, the Registrar shall authenticate and deliver <br /> • <br /> -10- <br />