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Section 3. Bond Terms, Execution and Delivery.
<br />3.01. Maturities, Interest Rates, Denominations, Payment, Dating of Bonds. The City
<br />shall forthwith issue and deliver the Bonds, which shall be denominated "General Obligation
<br />Improvement Bonds, Series 2016A" and shall be payable primarily from the 2016A
<br />Improvement Bond Fund of the City created in Section 4.02. The Bonds shall be dated as of
<br />June 2, 2016, shall be issuable in the denominations of $5,000 or any integral multiple thereof,
<br />shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such
<br />years and amounts shall bear interest, computed on the basis of a 360 -day year consisting of
<br />twelve 30 -day months, from June 2, 2016 until paid or duly called for redemption at the rates per
<br />annum set forth opposite such years and amounts, respectively:
<br />Year
<br />Amount
<br />Rate
<br />Year
<br />Amount
<br />Rate
<br />2018
<br />$85,000
<br />2.00%
<br />2024
<br />$ 95,000
<br />2.00%
<br />2019
<br />90,000
<br />2.00
<br />2025
<br />95,000
<br />2.00
<br />2020
<br />90,000
<br />2.00
<br />2026
<br />100,000
<br />2.00
<br />2021
<br />90,000
<br />2.00
<br />2028
<br />200,000
<br />2.00
<br />2022
<br />90,000
<br />2.00
<br />2030
<br />210,000
<br />2.25
<br />2023
<br />95,000
<br />2.00
<br />2032
<br />215,000
<br />2.75
<br />The Bonds shall be issuable only in fully registered form, of single maturities. The
<br />interest thereon and, upon surrender of each Bond at the principal office of the Registrar
<br />described herein, the principal amount thereof, shall be payable by check or draft issued by the
<br />Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication.
<br />3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and
<br />August 1 in each year, commencing February 1, 2017, 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) Register. 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 Bond
<br />duly endorsed by the registered owner thereof or accompanied by a written instrument of
<br />transfer, in form satisfactory to the Registrar, duly executed by the registered owner
<br />thereof or by an attorney duly authorized by the registered owner in writing, the Registrar
<br />shall authenticate and deliver, in the name of the designated transferee or transferees, one
<br />or more new Bonds of a like aggregate principal amount and maturity, as requested by
<br />the transferor. The Registrar may, however, close the books for registration of any
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