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2.02. Dates{ Interest Payment Dates. Each Bond will be dated as of the last <br />interest payment date preceding the date of authentication to which interest on the <br />Bond has been paid or made available for payment, unless (i) the date of <br />authentication is an interest payment date to which interest has been paid or made <br />available for payment, in which case such Bond will be dated as of the date of <br />authentication, or (ii) the date of authentication is prior to the first interest <br />payment date, in which case such Bond will be dated as of the date of origin,,] issue. <br />The interest on the Bonds is payable on February ! and August 1 of each year, <br />commencing August 1, 1992, 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 /> <br /> 2.03. Registration. The City will appoint and msintaln, a bond registrar, <br />transfer agent, authenticating agent and paying agent (Registrar). The effect of <br />registration and the rights and duties of the City and the Registrar with respect <br />thereto are as follows: <br /> <br /> (a) Register. The Registrar must keep at its principal corporate <br />trust office a bond register in which the Registrar provides for the <br />registration of ownership of Bonds and the registration of transfers and <br />exchanges of Bonds entitled to be registered, transferred or exchanged. <br /> <br /> (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly <br />endorsed by the registered owner thereof or accompanied by a written <br />instrument of transfer, in form satisfactory to the Registrar, duly executed <br />by the registered owner thereof or by an attorney duly authorized by the <br />registered owner in writing, the Registrar will authenticate and deliver, in <br />the name of the designated transferee or transferees, one or more new Bonds <br />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 /> <br /> (c) Exchange of Bonds. When Bonds are surrendered by the <br />registered owner for exchange the Registrar will authenticate and deliver one <br />or more new Bonds of a Iike aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's attorney in writing. <br /> <br /> (d) Cancellation. Bonds surrendered upon any transfer or exchange <br />will be promptly cancelled by the Registrar and thereafter disposed of as <br />directed by the City. <br /> <br /> (e) Improper or Unauthorized Transfer. When a Bond is presented <br />to the Registrar for transfer, the Registrar may refuse to transfer the Bond <br />until the Registrar is satisfied that the endorsement on the Bond or separate <br />instrument of transfer is valid and genuine and that the requested transfer <br />is legally authorized. The Registrar will incur no liability for the refusal, in <br />good faith, to make transfers which it, in its judgment, deems improper or <br />unauthorized. <br /> <br /> (f) Persons Deemed Owners. The City and the Registrar may treat <br />the person in whose name a Bond is registered in the bond register as the <br />absolute owner of the Bond, whether the Bond is overdue or not, for the <br />purpose of receiving payment of, or on account of, the principal of and <br /> <br />SNG27508 <br />RA~25-32 <br /> <br /> <br />