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12. Rights Upon Transfer or Exchange. Each Bond <br />delivered upon transfer of or in. exchange for or in lieu of any <br />• other Bond shall carry all the rights to interest accrued and <br />unpaid, and to accrue, which were carried by such other Bond. <br />13. Interest Payment; Record Date. Interest on any <br />Bond shall be paid on each interest payment date by check or <br />draFt mailed to the person in whose name the Bond is registered <br />(the "Holder") on the registration books of the City maintained <br />by the Bond Registrar and at the address appearing thereon at <br />the close of business on the fifteenth day of_ the calendar <br />month next preceding such interest payment date (the "Regular <br />Record Date"). Any such interest not so timely paid shall <br />cease to be payable to the person who is the Holder thereof as <br />of the Regular Record Date, and shall be payable to the person <br />who is the Holder thereof at the close of business on a date <br />(the "Special Record Date") fixed by the Bond Registrar <br />whenever money becomes available for payment of the defaulted <br />interest. Notice of the Special Record Date shall be given by <br />the Bond Registrar to the Holders not less than ten (10) days <br />prior to the Special Record Date. <br />14. Treatment of Registered Owner. The City and the <br />Bond Registrar may treat t'ne person in whose name any Bond is <br />registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and <br />interest (subject to the payment provisions in paragraph 13 <br />• above) on, such Bond and for all other purposes whatsoever <br />whether or not such Bond shall be overdue, and neither the City <br />nor the Bond Registrar shall be affected by notice to the <br />contrary. <br />15. Delivery; Application of Proceeds. The Bonds <br />when so prepared and executed shall be delivered by the <br />Clerk-Treasurer to the Purchaser upon receipt of the purc'nase <br />price, and the Purchaser shall not be obliged to see to the <br />proper application thereof. <br />16. Fund and Accounts. There is hereby created a <br />special fund to be designated "General Obligation Tax Increment <br />Bonds of 1985, Series B, Fund" (the "Fund") to be held and <br />administered by the Clerk-Treasurer. The Fund shall be <br />continued and maintained as a separate permanent account of the <br />City in the manner herein specified until all of the Bonds <br />herein authorized and any other general obligation tax <br />increment bonds hereafter issued for the Project (including any <br />• <br />15 <br />