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5313747v2 12 All Bonds delivered in exchange for or upon transfer of Bonds sh all be valid general obligations of the City evidenci ng the same debt, and entitled to the same benefits under this resolution, as the Bonds surrendered for such exchange or transfer. Every Bond presented or surrendered for transf er or exchange sha ll be duly endorsed or be accompanied by a written instrument of transfer , in form satisfactory to the Bond Registrar, duly executed by the Holder thereof or his, her or its attorney duly authorized in writing. The Bond Registrar may require payment of a sum sufficient to c over any tax or other governmental charge payable in connection with th e transfer or exchange of any Bond and any legal or unusual costs regard ing transfers and lost Bonds. Transfers shall also be subject to reasonabl e regulations of the C ity contained in any agreement with the Bond Registrar, including regulations which permit the Bond Registrar to close its transfer books between re cord dates and payment dates. The Clerk is hereby authorized to negotiate and execute the terms of said agreement. 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in exchange for or in lieu of any other Bond shall ca rry all the rights to inte rest accrued and unpaid, and to accrue, which were carried by such other Bond. 12. Interest Payment; Record Date. 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 cl ose of business on the first 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 payabl e 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 Reco rd Date") fixed by the Bond Registrar whenever money becomes available for payment of the defa ulted interest. Notice of the Special Record Date shall be given by the Bond Registrar to th e Holders not less than ten days prior to the Special Record Date. 13. Treatment of Registered Owner. The City and Bond Registrar may treat the person in whose name any Bond is registered as the owner of such B ond for the purpose of receiving payment of principal of and premium, if any, and inte rest (subject to the payment provisions in paragraph 12) on, su ch 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. Delivery; Application of Proceeds. The Bonds when so prepared and executed shall be delivered by the Finance Director to th e Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to the proper application thereof. 15. Fund and Accounts. There is hereby created a special fund designated the General Obligation Municipal Building Refundi ng Bonds, Series 2013A Fund (the "Fund"), to be administered and maintained by the Finan ce Director as a bookkeeping account separate and apart from all other funds maintained in the offici al financial records of the City. The fund shall