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ill Rights [upon Transfer or Exchange, Each Bond <br /> delivered upon transfer of or in exchange for or in <br /> lieu of any other Bond shall carry all the rights to <br /> interest accrued and unpaid, and to accrue, which were <br /> carried by such other Bond. <br /> 12 Interest Pa ent; Record Date* Interest on any <br /> Bond shall be paid on each Interest Payment Date by <br /> check or draft mailed to the person in whose name the <br /> Bond is registered (the "Holder") on the registration <br /> books of the city maintained by the Bond Registrar and <br /> at the address appearing thereon at the close of <br /> business on the fifteenth (15th) day of the calendar <br /> month next preceding such Interest Payment Date (the <br /> 'Regular Record Date") . Any such interest not so <br /> timely paid shall cease to be payable to the person who <br /> is the Holder thereof as of the Regular Record Date, <br /> and shall be payable to the person who ,is the Helder <br /> thereof at the close of business on a date (the <br /> "Special Record Date") fixed by the Bond Registrar <br /> whenever money becomes available for payment of the <br /> defaulted 'Interest. Notice of the Special Record Bate <br /> shall be given by the Bond Registrar to the Holders not <br /> less than ten (10) days prior to the Special Record <br /> Date. <br /> 13 , Treatment of Regi stered Owner. The City and Bond <br /> Registrar may treat the person in whose name any Bond <br /> is registered as the owner of such Band for the purpose <br /> lk <br /> of receiving payment of principal of and premium, if <br /> any, and interest (subject to the payment provisions in <br /> paragraph 12 above) on, such Song and for all other <br /> purposes whatsoever whether or not such Bond shall be <br /> overdue, and neither the City nor the Bond Registrar <br /> shall be affected by notice to the contrary, <br /> W 12e l ivery� Application of Ergceeds. The Bonds when <br /> so prepared and executed shall be delivered by the <br /> Treasurer/Finance Director to the Purchaser upon <br /> receipt of the purchase price, and the Purchaser shall <br /> not be obliged to see to the proper application <br /> thereof, <br /> 15. Fund and Accounts* There is hereby created a <br /> special fund to be designated the "General Obligation <br /> Improvement Bonds,, Series 25 Fund" (the "Fund") to be <br /> administered and maintained by the Treasurer/Finance <br /> Director as a bookkeeping account separate and apart <br /> from all other funds maintained in the official <br /> financial records of the City, The Fund shall be <br /> maintained in the manner herein specified until all of <br /> the Bonds and the interest thereon have been fully <br /> paid. There shall be maintained in the Fund two (2) <br /> separate accounts, to be designated the 'Construction <br /> Account's and "Debt Service Account" , respectively. <br /> 1006009.1 20 <br />