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• All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general <br /> obligations of the Authority evidencing the same debt, and entitled to the same benefits under <br /> this resolution, as the Bonds surrendered for such exchange or transfer. <br /> Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or <br /> be accompanied by a written instrument of transfer,in form satisfactory to the Bond Registrar, <br /> duly executed by the holder thereof or the Holder's attorney duly authorized in writing. <br /> The Bond Registrar may require payment of a sum sufficient to cover any tax or other <br /> governmental charge payable in connection with the transfer or exchange of any Bond and any <br /> legal or unusual costs regarding transfers and lost Bonds. <br /> Transfers shall also be subject to reasonable regulations of the Authority contained in any <br /> agreement with the Bond Registrar,including regulations which permit the Bond Registrar to <br /> close its transfer books between record dates and payment dates. <br /> 11. Rights Upon Transfer or Exchange. Each Bond delivered upon transfer of or in <br /> exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, <br /> and to accrue,which were carried by such other Bond. <br /> 12. Interest Payment; Record Date. Interest on any Bond shall be paid on each <br /> Interest Payment Date by check or draft mailed to the person in whose name the Bond is <br /> registered(the "Holder") on the registration books of the Authority maintained by the Bond <br /> Registrar and at the address appearing thereon at the close of business on the fifteenth day of the <br /> calendar month next preceding such Interest Payment Date(the "Regular Record Date"). Any <br /> such interest not so timely paid shall cease to be payable to the person who is the Holder thereof <br /> as of the Regular Record Date, 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") fixed by the Bond Registrar <br /> whenever money becomes available for payment of the defaulted interest. Notice of the Special <br /> Record Date shall be given by the Bond Registrar to the Holders not less than ten days prior to <br /> the Special Record Date. <br /> 13. Treatment of Registered Owner: The Authority and Bond Registrar may treat the <br /> person in whose name any Bond is registered as the owner of such Bond for the purpose of <br /> receiving payment of principal of and premium, if any, and interest(subject to the payment <br /> provisions in paragraph 12 with respect to interest payment and record date) on, such Bond and <br /> for all other purposes whatsoever whether or not such Bond shall be overdue, and neither the <br /> Authority nor the Bond Registrar shall be affected by notice to the contrary. <br /> 14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br /> shall be delivered by the Treasurer to the Purchaser upon receipt of the purchase price, and the <br /> Purchaser shall not be obliged to see to the proper application thereof. <br /> 15. Fund and Accounts. There is hereby created a special fund to be designated the <br /> "General Obligation Bonds, Series 2008A Fund" (the "Fund")to be administered and maintained <br /> by the Treasurer as a bookkeeping account separate and apart from all other funds maintained in <br /> • the official financial records of the Authority. The Fund shall be maintained in the manner <br /> 2114906v1 11 <br />