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registered owner 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 registered owners not less than ten (10) days prior to the <br />Special Record Date. <br /> <br /> 14. 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 13 above) on, <br />such Bond and for all other purposes whatsoever whether or not <br />such Bond shall be overdue, and neither the City nor the Bond <br />Registrar shall be affected by notice to the contrary. <br /> <br /> 15. Delivery; Application of Proceeds. The Bonds shall be <br />delivered by the City to the Purchaser upon receipt of the <br />purchase price, and the Purchaser shall not be obliged to see to <br />the proper application thereof. <br /> <br /> 16. Fund and Accounts. For the convenience and proper <br />administration of the moneys to be borrowed and repaid on the <br />Bonds and the Refunded Bonds, and to make adequate and specific <br />security to the Purchaser and registered owners from time to time <br />of the Bonds and the Refunded Bonds, there is hereby created a <br />special fund to be designated the General Obligation Improvement <br />Refunding Bonds, Series 2000C, Fund" (the "Fund") to be <br />administered and maintained by the City Finance Director as a <br />bookkeeping account separate and apart from all other funds <br />maintained in the official financial records of the City. The <br />Fund shall be maintained in the manner herein specified until all <br />of the Refunded Bonds and the Bonds herein authorized and the <br />interest thereon shall have been fully paid. There shall be <br />maintained in the Fund two separate accounts, to be designated <br />the ,,Refunding Account" and the "Debt Service Account," <br />respectively. <br /> <br /> (i) Refunding Account. The proceeds of the sale of the <br /> Bonds, less such proceeds of the Bonds (if any) as may be <br /> used to pay issuance expenses or hereinafter directed for <br /> deposit into the Debt Service Account, plus any other <br /> available municipal funds ("Other Funds"), if any, as may be <br /> required to adequately fund the Refunding Account to <br /> accomplish its purposes, together with all investment <br /> earnings on funds held in the Refunding Account, are hereby <br /> pledged and appropriated and shall be credited to the <br /> Refunding Account. The Refunding Account may be invested <br /> only in securities maturing or callable on such dates and <br /> bearing interest at such rates as shall be required to <br /> provide funds sufficient, together with any cash or other <br /> funds retained in the Refunding Account, and together with <br /> monies made available from the debt service account for the <br /> Prior Bonds, to pay all principal and interest due on the <br /> Prior Bonds on February 1, 2001, whether due thereon by <br /> <br /> <br />