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Payments to Bondowners. Payment of principal of and interest on the Bonds will be made by the City to the Depository through its nominee Kray & Co., the registered owner of the Global Certificates. The Depository will credit payments on the Bonds to the Participants, as listed on the records of the Depository on the fifteenth calendar day preceding each interest payment date. Transfer of such payments to the Participants is the responsibility of the Depository. Transfer of such payments by the Participants is the responsibility of the Participants. Bondowners will receive interest and principal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants, will receive payments from the Participants or others who received payments directly or indirectly from Participants. Global Certificates. As part of the Global Book Entry System, the City's Bonds are authorized only in the denomination of the entire outstanding principal amount of a given maturity and are not exchangeable for bonds of smaller denominations, unless replacement bonds are authorized. The City (or any successor registrar) will register on the registration books maintained for the Global Certificates any transfer requested by the registered owner. Initially, the owner registered on the City's registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $3,431,372.55 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $35,000, payable to the order of the City, shall have been filed with the undersigned. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made.