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<br />Transfers shall also be subject to reasonable <br />regulations of the City contained in any agreement with the Bond <br />Registrar, including regulations which permit the Bond Registrar <br />to close its transfer books between record dates and payment <br />dates. The Manager is hereby authorized to negotiate and execute <br />the terms of said agreement. <br /> <br />11. Rights Upon Transfer or Exchanqe. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of any <br />other Bond shall carryall the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Bond. <br /> <br />12. Interest Payment: Record Date. Interest on any <br />Bond shall be paid on each Interest Payment Date by check or <br />draft mailed to the person in whose name the Bond is registered <br />(the "Holder") on the registration books of the City maintained <br />by the Bond Registrar and at the address appearing thereon at the <br />close of business on the fifteenth (15th) day of the calendar <br />month next preceding such Interest Payment Date (the "Regular <br />Record Date"). Any such interest not so timely paid shall cease <br />to be payable to the person who is the Holder thereof as of the <br />Regular Record Date, and shall be payable to the person who is <br />the Holder thereof at the close of business on a date (the <br />"Special Record Date") fixed by the Bond Registrar whenever money <br />becomes available for payment of the defaulted interest. Notice <br />of the Special Record Date shall be given by the Bond Registrar <br />to the Holders not less than ten (10) days prior to the Special <br />Record Date. <br /> <br />13. Treatment of Registered Owner. The City and Bond <br />Registrar may treat the person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of receiving <br />payment of principal of and premium, if any, and interest <br />(subject to the payment provisions in paragraph 12 above) on, <br />such Bond and for all other purposes whatsoever whether or not <br />such Bond shall be overdue, and neither the City nor the Bond <br />Registrar shall be affected by notice to the contrary. <br /> <br />14. Delivery: Apulication of Proceeds. The Bonds when <br />so prepared and executed shall be delivered by the <br />Treasurer/Finance Director to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be obliged to see to <br />the proper application thereof. <br /> <br />15. Fund and Accounts. There is hereby created a <br />special fund to be designated the "General Obligation Tax <br />Increment Refunding Bonds, Series 1998 Fund" (the "Fund") to be <br />administered and maintained by the Treasurer/Finance Director as <br />a bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br /> <br />906107.01 <br /> <br />20 <br />