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11 . Rights Upon Transfer or Exchange. Each Bond <br /> delivered upon transfer of or in exchange for or in lieu of any <br /> other Bond shall carry all the rights to interest accrued and <br /> unpaid, and to accrue, which were carried by such other Bond. <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 /> 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 with <br /> respect to interest payment and record date) on, such Bond and <br /> for all other purposes whatsoever whether or not such Bond shall <br /> .be overdue, and neither the City nor the Bond Registrar shall be <br /> affected by notice to the contrary. <br /> 14 . Delivery; Application of Proceeds . The Bonds when <br /> so prepared and executed shall be delivered by the Finance <br /> Director to the Purchaser upon receipt of the purchase price, and <br /> the Purchaser shall not be obliged to see to the proper <br /> application thereof . <br /> 15 . Fund and Accounts. There is hereby created a <br /> special fund to be designated the "General Obligation Improvement <br /> Bonds, Series 2000A Fund" (the "Fund") to be administered and <br /> maintained by the Finance Director as a bookkeeping account <br /> separate and apart from all other funds maintained in the <br /> official financial records of the City. The Fund shall be <br /> maintained in the manner herein specified until all of the Bonds <br /> and the interest thereon have been fully paid. There shall be <br /> maintained in the Fund two (2) separate accounts, to be <br /> designated the "Construction Account" and "Debt Service Account" , <br /> respectively. <br /> 1194249.1 20 <br />