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The Bond Registrar may require payment of a sum <br />sufficient to cover any tax or other governmental charge payable <br />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 regula- <br />tions of the City contained in any agreement with the Bond <br />Registrar, including regulations which permit the Bond Registrar <br />to close its transfer books between record dates and payment <br />dates. <br />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 />on the registration books of the City maintained by the Bond <br />Registrar and at the address appearing thereon at the close of <br />business on the fifteenth (15th) day of the calendar month <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 registered owner thereof as of the Regular <br />Record Date, and shall be payable to the person who is the <br />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 />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 />15. Delivery; Application of Proceeds. The Bonds when <br />so 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 <br />application thereof. <br />Z«882 <br />16 <br />