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The specific Term Bonds to be redeemed will be selected by lot by the Registrar. All <br /> prepayments will be at a price of par plus accrued interest. <br /> Section 5. Registration and Payment. <br /> 5.01. The Bonds shall be issued only in fully registered form. The interest thereon and, <br /> upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued <br /> by the Registrar described herein. <br /> 5.02. Each Bond shall be dated as of the last interest payment date preceding the date of <br /> authentication to which interest on the Bond has been paid or made available for payment, unless <br /> (i) the date of authentication is an interest payment date to which interest has been paid or made <br /> available for payment, in which case such Bond shall be dated as of the date of authentication, or <br /> (ii) the date of authentication is prior to the first Interest Payment Date, in which case such bond <br /> shall be dated as of the date of original issue. The interest on the Bonds shall be payable to the <br /> owner of record thereof as of the close of business on the fifteenth day of the month preceding <br /> the interest payment date, whether or not such day is a business day. <br /> Section 6. Registration. The City appoints Northland Trust Services, Inc., as bond <br /> registrar and paying agent (the "Registrar"). The effect of registration and the rights and duties <br /> of the City and the Registrar with respect thereto shall be as follows: <br /> (a) Re ister. The Registrar shall keep at its principal office a bond register in which the <br /> Registrar shall provide for the registration of ownership of the Bonds and the registration of <br /> transfers or exchanges of the Bonds. <br /> (b) Transfer of Bonds. Upon surrender for transfer of the Bonds duly endorsed by the <br /> registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory <br /> to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized <br /> by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the <br /> designated transferee or transferees, a new Bond of a like aggregate principal amount and <br /> maturity, as requested by the transferor. The Registrar may close the books for registration of <br /> any transfer after the fifteenth day of the month preceding each Interest Payment Date and until <br /> such Interest Payment Date. <br /> (c) Cancellation. The Bonds surrendered upon any transfer shall be promptly canceled <br /> by the Registrar and thereafter disposed of as directed by the City. <br /> (d) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar <br /> for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement <br /> on such Bond or separate instrument of transfer is valid and genuine and the requested transfer is <br /> legally authorized. The Registrar shall incur no liability for its refusal, in good faith, to make <br /> transfers which it, in its judgment, deems improper or unauthorized. <br /> (e) Persons Deemed Owners. The City and the Registrar may treat the person(s) in <br /> whose name(s) the Bonds are at any time registered in the bond register as the absolute owners <br /> 7 <br />