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<br />11. Each Bond delivered upon transfer of or in <br />exchange for or in lieu of any other Bond shall carryall the <br />rights to interest accrued and unpaid, and to accrue, which <br />were carried by such other Bond. <br /> <br />. <br /> <br />12. Interest on any Bond shall be paid on each <br />interest payment date by check or draft mailed to the person in <br />whose name the Bond is registered (the "Holder") on the <br />registration books of the City maintained by the Bond Registrar <br />and at the address appearing thereon at the close of business <br />on the fifteenth day of the calendar month-next preceding such <br />interest payment date (the "Regular Record Date"). Any such <br />interest not so timely paid shall cease to be payable to the <br />person who is the Holder thereof as of the Regular Record Date, <br />and shall be payable to the person who is the Holder thereof at <br />the close of business on a date (the "Special Record Date") <br />fixed by the Bond Registrar whenever money becomes available <br />for payment of the defaulted interest, Notice of the Special <br />Record Date shall be given by the Bond Registrar to the Holders <br />not less ~lan 10 days prior to the Special Record Date, <br /> <br />13. The City and the Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of <br />such Bond for the purpose of receiving payment of principal of <br />and premium, if any, and interest (subject to the payment <br />provisions in paragraph 12 above) on, such Bond and for all <br />other purposes whatsoever whether or not such Bond shall be <br />overdue, and neither the City nor the Bond Registrar shall be <br />affected by notice to the contrary. <br /> <br />14, The Bonds when so prepared and executed shall be <br />delivered by the Treasurer to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be Obliged to see <br />to the proper application thereof. <br /> <br />15. There is hereby created a special fund to be <br />designated "General Obligation Advance Refunding Bonds of 1985 <br />Fund" (the "Fund") to be held and administered by the Treasurer <br />separate and apart from all other funds of the City, The Fund <br />shall be maintained in the manner herein specified until all of <br />the Bonds herein authorized and the interest thereon have been <br />fully paid. There shall be maintained in the Fund two separate <br />accounts to be designated the "Escrow Account" and the "Debt <br />Service Account", respectively; The proceeds of the sale of <br />the Bonds herein authorized, less any accrued interest received <br /> <br />. <br /> <br />14 <br />