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<br />discretion of the City. If only part of the Bonds having a common maturity date are called for <br />prepayment the City will notify the Depository of the particular amount of such maturity to be <br />prepaid. The Depository will determine by lot the amount of participant's interest in such <br />maturity to be redeemed and each participant will then select by lot the beneficial ownership <br />interest in such maturity to be redeemed. <br /> <br />Section 5. <br /> <br />Rel!istration and Pavment. <br /> <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 /> <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 /> <br />Section 6. Rel!istration. The City appoints Northland Trust Services, Inc., <br />Minneapolis, Minnesota, as bond registrar and paying agent (the "Registrar"). The effect of <br />registration and the rights and duties of the City and the Registrar with respect thereto shall be as <br />follows: <br /> <br />(a) Rel!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 /> <br />(b) Transfer of Bonds. Upon surrender for transfer of the Bonds du1y 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 /> <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 /> <br />(d) ImoroDer 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 /> <br />6 <br />