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12. Interest on any Bond shall be paid on each <br /> • interest payment date by check or draft mailed to the person in <br /> whose name the Bond is registered (the "Holder") on the <br /> registration books of the City maintained by the Bond Registrar <br /> and at the address appearing thereon at the close of business <br /> on the fifteenth day of the calendar month next preceding such <br /> interest payment date (the "Regular Record Date") . Any such <br /> interest not so timely paid shall cease to be payable to the <br /> person who is the Holder thereof as of the Regular Record Date, <br /> and shall be payable to the person who is the Holder thereof at <br /> the close of business on a date (the "Special Record Date" ) <br /> fixed by the Bond Registrar whenever money becomes available <br /> for payment of the defaulted interest. Notice of the Special <br /> Record Date shall be given by the Bond Registrar to the Holders <br /> not less than 10 days prior to the Special Record Date. <br /> 13. The City and the Bond Registrar may treat the <br /> person in whose name any Bond is registered as the owner of <br /> such Bond for the purpose of receiving payment of principal of <br /> and premium, if any, and interest (subject to the payment <br /> provisions in paragraph 12 above) on, such Bond and for all <br /> other purposes whatsoever whether or not such Bond shall be <br /> overdue, and neither the City nor the Bond Registrar shall be <br /> affected by notice to the contrary. <br /> 14. The Bonds when so prepared and executed shall be <br /> delivered by the Clerk-Treasurer to the Purchaser upon receipt <br /> of the purchase price, and the Purchaser shall not be obliged <br /> to see to the proper application thereof. <br /> 15. There is hereby created a special fund to be <br /> designated "General Obligation Improvement Bonds, Series 1984 <br /> Fund" (the "Fund") to be held and administered by the City <br /> Clerk-Treasurer separate and apart from all other funds of the <br /> City. The Fund shall be maintained in the manner herein <br /> specified until all of the Bonds herein authorized and the <br /> interest thereon have been fully paid. There shall be <br /> maintained in the Fund two separate accounts to be designated <br /> the "Construction Account" and the "Debt Service Account" , <br /> respectively. The proceeds of the sale of the Bonds herein <br /> authorized, less any accrued interest received thereon, and <br /> less any amount paid for the Bonds in excess of $304,870, and <br /> less capitalized interest in the amount of $14, 338 (together <br /> with interest earnings thereon and subject to such other <br /> adjustments as are appropriate to provide sufficient funds to <br /> pay interest due on the Bonds on or before February 1, 1985) , <br /> • <br /> 14 <br />