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2 Section 3. Bond Terms, Execution and Delivery. 3.01. Maturities, Interest Rates, Denominations, Payment, Dating of Bonds. The City shall forthwith issue and deliver the Bonds, which shall be denominated “General Obligation Improvement Bonds, Series 2018A” and shall be payable primarily from the 2018A Improvement Bond Fund of the City created in Section 4.02. The Bonds shall be dated as of May 15, 2018, shall be issuable in the denominations of $5,000 or any integral multiple thereof, shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such years and amounts shall bear interest, computed on the basis of a 360-day year consisting of twelve 30-day months, from May 15, 2018 until paid or duly called for redemption at the rates per annum set forth opposite such years and amounts, respectively: Year Amount Rate Year Amount Rate 2020 $165,000 % 2028 $180,000 % 2021 165,000 2029 185,000 2022 165,000 2030 190,000 2023 170,000 2031 190,000 2024 170,000 2032 195,000 2025 170,000 2033 200,000 2026 175,000 2034 205,000 2027 180,000 [REVISE MATURITY SCHEDULE FOR ANY TERM BONDS] The Bonds shall be issuable only in fully registered form, of single maturities. The interest thereon and, upon surrender of each Bond at the principal office of the Registrar described herein, the principal amount thereof, shall be payable by check or draft issued by the Registrar. Each Bond shall be dated by the Registrar as of the date of its authentication. 3.02. Interest Payment Dates. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2019, to the owners thereof as such appear of record in the bond register as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent and paying agent (the “Registrar”). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. (b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any Bond duly endorsed by the registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the 20