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13. 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 tRe 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. 14. 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 13 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. 15. The Bonds when so prepared and executed shall be delivered by the Treasurer to the Purchaser upon receipt of the purchase price, and the Purchaser shall n~t be obliged to see to the proper application thereof. 16. Pursuant to a resolution adopted by the City Council on December 17, 1985, there has heretofore been created a special fund des igna ted "General Obligation Tax Increment Bonds (Development District No.1) Fund" (the "Fund") to be held and administered by the Treasurer separate and apart from all other funds of the City. The Fund shall continue to be maintained in the manner heretofore and herein specified until all of the Bonds heretofore and herein authorized and made payable from the Fund and any other general obligation tax increment bonds hereafter issued to complete the Project, including any modifications or additions thereto, and made payable from the Fund and the interest thereon have been fully paid. 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 $8,172,000, and less capitalized interest in the amount of $'.332.00~together with interest earnings thereon and subject to such other adjustments as are appropriate to pr~vide sufficient funds to pay interest 14