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II ! The B princip mayb Bonds order ds maturing on February 1, 2032 are hereinafter referred to as the "Term Bonds." The amounts of the Term Bonds subject to mandatory sinking fund redemption on any date educed through earlier optional redemptions, with any partial redemptions of the Term edited against future mandatory sinking fund redemptions of such Term Bonds in such the City shall determine. ection 2. Registration and Payment. .01. Rel1istered Form. The Bonds will be issued only in fully registered form. The interes hereon and, upon surrender of each Bond, the principal amount thereof, is payable by check draft issued by the Registrar described herein. .02. Dates: Interest Payment Dates. Each Bond will be dated as of the last interest payme date preceding the date of authentication to which interest on the Bond has been paid or made ailable for payment, unless (i) the date of authentication is an interest payment date to which . terest has been paid or made available for payment, in which case the Bond will be dated of the date of authentication, or (ii) the date of authentication is prior to the first interest payme date, in which case the Bond will be dated as of the date of original issue. The interest on the onds is payable on February 1 and August 1 of each year, commencing February 1, 2007, the registered owners of record as of the close of business on the fifteenth day of the tely preceding month, whether or not that day is a business day. .03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent d paying agent (the "Registrar"). The effect of registration and the rights and duties of the Ci and the Registrar with respect thereto are as follows: (a) Register. The Registrar must keep at its principal corporate trust office a ond register in which the Registrar provides for the registration of ownership of Bonds d the registration of transfers and exchanges of Bonds entitled to be registered, ansferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed y the registered owner thereof or accompanied by a written instrument of transfer, in orm satisfactory to the Registrar, duly executed by the registered owner thereof or by an ttomey duly authorized by the registered owner in writing, the Registrar will uthenticate and deliver, in the name of the designated transferee or transferees, one or ore new Bonds of a like aggregate principal amount and maturity, as requested by the ransferor. The Registrar may, however, close the books for registration of any transfer fier the fifteenth day of the month preceding each interest payment date and until that nterest payment date. (c) Exchange of Bonds. When Bonds are surrendered by the registered owner or exchange the Registrar will authenticate and deliver one or more new Bonds of a like 4 d