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mature serially without option of prior payment on April 1 in the years and <br />amounts as follows: <br /> <br />Year Amount Year Amount <br /> <br />1986 $30,000 1991 $10,000 <br />1987 25,000 1992 10,000 <br />1988 25,000 1993 10,000 <br />1989 20,000 1994 10,000 <br />1990 20,000 1995 10,000 <br /> <br />The City may elect on April 1, 1990, and on any interest payment date <br />thereafter, to prepay Bonds due on or after April 1, 1991. Redemption may <br />be in whole or in part of the Bonds subject to prepayment. If redemption <br />is in part, those Bonds remaining unpaid which have the latest maturity <br />date will be prepaid first. If only part of the Bonds having a common <br />maturity date are called for prepayment the specific Bonds to be prepaid <br />will be chosen by lot by the Registrar named in section 9. All prepayments <br />shall be at a price of par and accrued interest. <br /> <br /> 6. The Bonds shall be issuable only in fully registered form. The <br />interest thereon and, upon surrender of each Bond, the principal amount <br />thereof shall be payable by check or draft issued by the Registrar de- <br />scribed herein. <br /> <br /> 7. Dates; Interest Payment Dates. Each Bond shall be dated as of <br />the last interest payment date preceding the date of authentication to <br />which interest on the Bond has been paid or made available for payment, <br />unless (i) the date of authentication is an interest payment date to which <br />interest has been paid or made available for payment, in which case such <br />Bond shall be dated as of the date of authentication, or (ii) the date of <br />authentication is prior to April 1, 1985, in which case such Bond shall be <br />dated as of July 1, 1984. The interest on the Bonds shall be payable on <br />April 1 and October 1 in each year, commencing April 1, 1985, to the owner <br />of record thereof as of the close of business on the fifteenth day of the <br />immediately preceding month, whether or not such day is a business day. <br /> <br /> 8. Re~istration. The City shall appoint, and shall maintain, a bond <br />registrar, transfer agent, authenticating agent and paying agent (Regis- <br />trar). The effect of registration and the rights and duties of the City <br />and the Registrar with respect thereto shall be as follows: <br /> <br /> (a) Register. The Registrar shall keep at its principal corpo- <br />rate trust office a bond register in which the Registrar shall provide <br />for the registration of ownership of Bonds and the registration of <br />transfers and exchanges of Bonds entitled to be registered, trans- <br />ferred or exchanged. <br /> <br /> (b) Transfer of Bonds. Upon surrender for transfer of any Bond <br />duly endorsed by the registered owner thereof or accompanied by a <br />written instrument of transfer, in form satisfactory to the Registrar, <br />duly executed by the registered owner thereof or by an attorney duly <br />authorized by the registered owner in ,writing, the Registrar shall <br />authenticate and deliver, in the name of 'the designated transferee or <br /> <br /> <br />