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12. Interest on any Bond shall be paid on each interest payment date by check or draft mailed to the person in whose name the Bond is registered (the "Holder") on the registration books of the City maintained by the Bond Registrar and at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding such interest payment date (the "Regular Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular Record Date, and shall be payable to the person who is the Holder thereof at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money becomes available for payment of the defaulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to the Holders not less than 10 days prior to the Special Record Date. 13. The City and the Bond Registrar may treat the person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and interest (subject to the payment provisions in paragraph 12 above) on, such Bond and for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by notice to the contrary. 14. The Bonds when so prepared and executed shall be delivered by the City Treasurer to the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. There is hereby created a special fund to be designated "General Obligation Improvement Bonds, Series 12 Fund" (the "Fund") to be held and administered by the City Treasurer separate and apart from all other funds of the City. The Fund shall be maintained in the manner herein specified until all of the Bonds herein authorized and the interest thereon have been fully paid. There shall be maintained in the Fund two separate accounts to be designated the "Construction Account" and the "Debt Service Account", respectively. The proceeds of the sale of the Bonds herein authorized, less any accrued interest received thereon, and less any amount paid for the Bonds in excess of $2,828,432, and less capitalized interest in the amount of $ 443 441 (together with interest earnings thereon and subject to ~uch other adjustments as are appropriate to provide sufficient funds to pay interest due on the Bonds on or before November 1, 1987 ), plus any special assessments levied with respect to Improvements 14