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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />12. Interest Pavment: Record Date. Interest on any Bond <br />shall be paid on each Interest Payment Date by check or draft <br />mailed to the person in whose name the Bond is registered (the <br />"Holder") on the registration books of the City maintained by the <br />Bond Registrar and at the address appearing thereon at the close of <br />business on the fifteenth (15th) day of the calendar month next <br />preceding such Interest Payment Date (the "Regular Record Date"). <br />Any such interest not so timely paid shall cease to be payable to <br />the 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 the <br />close of business on a date (the "Special Record Date") fixed by <br />the Bond Registrar whenever money becomes available for payment of <br />the defaulted interest. Notice of the Special Record Date shall be <br />given by the Bond Registrar to the Holders not less than ten (10) <br />days prior to the Special Record Date. <br /> <br />13. Treatment of Reaistered OWner. The City and Bond <br />Registrar may treat the person in whose name any Bond is registered <br />as the owner of such Bond for the purpose of receiving payment of <br />principal of and interest (subject to the payment provisions in <br />paragraph 12 above) on such Bond and for all other purposes <br />whatsoever, whether or not such Bond shall be overdue, and neither <br />the City nor the Bond Registrar shall be affected by notice to the <br />contrary. <br /> <br />14. Deliverv: Application of Proceeds. The Bonds when so <br />prepared and executed shall be delivered by the City 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 application <br />thereof. <br /> <br />15. Fund and Accounts. For the convenience and proper <br />administration of the moneys to be borrowed and repaid on the Bonds <br />and the Refunded Bonds, and to make adequate and specific security <br />to the Purchaser and registered owners from time to time of the <br />Bonds and the Refunded Bonds, there is hereby created a special <br />fund to be designated the General Obligation Refunding Bonds, <br />Series 1993A, Fund" (the "Fund") to be administered and maintained <br />by the City Finance Director as a bookkeeping account separate and <br />apart from all other funds maintained in the official financial <br />records of the City. The Fund shall be maintained in the manner <br />herein specified until all of the Refunded Bonds and the Bonds <br />herein authorized and the interest thereon shall have been fully <br />paid. There shall be maintained in the Fund two separate accounts, <br />to be designated the "Escrow Account" and the "Debt Service <br />Account," respectively. <br /> <br />235883 <br /> <br />14 <br />