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. . . payable on February 1 and August 1 in each year, commencing February 1, 1987, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day (the Record Date). Interest shall be paid on each interest paYment date by check or draft mailed to the person in whose name the Bond is registered on the registration books of the "City maintained by the Registrar and at the address appearing thereon on the Record Date. Principal of any Bond, at maturity or earlier redemption, is payable on presentation and surrender of the Bond at the principal office of the paying agent. 2.03. Reqistration. The Bonds shall be issued in fully registered form. The Issuer shall appoint, and shall maintain, a bond registrar, transfer agent, and paying agent (the Registrar). The effect of registration and the rights and duties of the Issuer and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corporate trust office a bond register in which the Registrar shall provide for the registration of ownership of the Bonds and the registration of transfers and exchanges of Bonds. (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by the registered owner thereof, or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the fifteenth day of the month preceding each interest payment date and until such interest payment date. (c) Exchanqe of Bonds. Whenever any Bonds are surrendered by the registered owner for exchange, the Registrar shall authenticate and deliver one or more new Bonds of a like aggregate principal amount and maturity, as requested by the registered owner or the owner's attorney, so designated in writing. (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be promptly cancelled by the Registrar and thereafter disposed of as directed by the Issuer. 4 .