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All Bonds delivered in exchange for or upon transfer of Bonds shall be valid general <br /> obligations of the City evidencing the same debt, and entitled to the same benefits under this <br /> 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 City 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. The Finance Director is hereby <br /> authorized to negotiate and execute the terms of said agreement. <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 City maintained by the Bond Registrar <br /> and at the address appearing thereon at the close of business on the first day of the calendar <br /> month of such Interest Payment Date (the "Regular Record Date"). Any such interest not so <br /> timely paid shall cease to be payable to the person who is the Holder thereof as of the Regular <br /> Record Date, and shall be payable to the person who is the Holder thereof at the close of <br /> business on a date (the "Special Record Date") fixed by the Bond Registrar whenever money <br /> becomes available for payment of the defaulted interest. Notice of the Special Record Date shall <br /> be given by the Bond Registrar to the Holders not less than ten days prior to the Special Record <br /> Date. <br /> 13. Treatment of Registered Owner. The City 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) on, such Bond and for all other purposes whatsoever whether or not <br /> such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected by <br /> notice to the contrary. <br /> 14. Delivery; Application of Proceeds. The Bonds when so prepared and executed <br /> shall be delivered by the Finance Director to the Purchaser upon receipt of the purchase price, <br /> and the Purchaser shall not be obliged to see to the proper application thereof <br /> 15. Funds. There is hereby established a special fund to be designated the "General <br /> Obligation Street Reconstruction Bonds, Series 2017A Fund" (the "Fund")to be administered <br /> and maintained by the Finance Director as a bookkeeping account separate and apart from all <br /> other funds maintained in the official financial records of the City. The Fund shall be maintained <br /> 12 <br /> 8394444v1 <br />