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<br />", <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 than 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 />a~fected by notice to the contrary. <br /> <br />14, The Bonds when so prepared and executed shall be <br />delivered by the City Treasurer to the Purchaser upon receipt <br />of the purchase price, and the Purchaser shall not be obliged <br />to see to the proper application thereof. <br /> <br />. <br /> <br />15, Refunding of General Obligation Temporary <br />Improvement Bonds of 1982. Pursuant to the resolution adopted <br />by the City Council on April 26, 1982 (the "Temporary Bond <br />Resolution"), there has heretofore been created a Debt Service <br />Account in the General Obligation Temporary Improvement Bonds <br />of 1982 Fund. The Debt Service Account was established for the <br />purpose of paying the principal and interest on the Temporary <br />Bonds. Of the proceeds derived from the Bonds herein <br />authorized, $ 1,486,182 shall be credited to the Debt Service <br />Account (Which sum, together with sums already held in the Debt <br />Service Account, is sufficient to pay all principal and <br />interest to become due on the Temporary Bonds on May 1, 1985). <br />Any surplus in the Debt Service Account in excess of such <br />requirements is hereby pledged and shall be credited to the <br />Debt Service Account hereinafter created in the General <br />Obligation Improvement Bonds of 1985 Fund. Upon payment of the <br />Temporary Bonds, all uncollected special assessments and taxes, <br />heretofore pledged to the Debt Service Account are hereby <br />pledged and shall thereafter be credited to the Debt Service <br />Account created in the General Obligation Improvement Bonds of <br />1985 Fund, <br /> <br />14 <br />