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close of business on a date (the "Special Record Date") fixed by the Bond Registrar whenever <br />money becomes available for payment of the defaulted interest. Notice of the Special Record <br />Date shall be given by the Bond Registrar to the Holders not less than ten (10) days prior to the <br />Special Record Date. <br />13. Treatment of Registered Owner. The City and Bond Registrar may treat <br />the 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 above) on, such Bond and for all other purposes whatsoever whether <br />or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected <br />by notice to the contrary. <br />14. Deliym. Application of Proceeds. The Bonds when so prepared and <br />executed shall be delivered by the Clerk -Treasurer to the Purchaser upon receipt of the purchase <br />price, and the Purchaser shall not be obliged to see to the proper application thereof. <br />15. Funds and Account. There is hereby created a special fund to be <br />designated the "Taxable General Obligation Tax Increment Bonds, Series 2000A Fund" (the <br />"Fund") to be administered and maintained by the Clerk -Treasurer as a bookkeeping account <br />separate and apart from all other funds maintained in the official financial records of the City. <br />The Fund shall be maintained in the manner herein specified until all of the Bonds and any other <br />general obligation tax increment bonds hereafter made payable from the Fund and issued for the <br />Project, including any modifications or additions thereto, and the interest thereon have been fully <br />paid and the City has been fully reimbursed from the pledge of Tax Increments for all of the <br />principal and interest of such bonds paid by the City from taxes levied on property in the City <br />other than the Tax Increment District. There shall be maintained in the Fund two (2) separate <br />accounts to be designated the "Payment Account" and "Debt Service Account", respectively. <br />(a) Payment Account. The proceeds of the Bonds, less accrued interest, and less any <br />amount paid for the Bonds in excess of $1,853,000, shall be deposited in the Payment Account. <br />On or prior to February 1, 2001, the Clerk -Treasurer shall transfer $1,825,000 of the proceeds of <br />the Bonds from the Payment Account to the paying agent for the 1998C Bonds, which sum is <br />sufficient, together with other funds on deposit in the debt service fund for the 1998C Bonds, to <br />pay the principal and interest due on the 1998C Bonds on February 1, 2001. The remainder of <br />the monies in the Payment Account shall be used to pay the costs of issuance of the Bonds. Any <br />monies remaining in the Payment Account after payment of all costs of issuance and payment of <br />the 1998C Bonds shall be transferred to the Debt Service Account. <br />(b) Debt Service Account. To the Debt Service Account, there shall be credited (1) all <br />accrued interest received upon delivery of the Bonds; (2) all funds paid for the Bonds in excess <br />of $1,853,000; (3) any balance remaining on February 1, 2001, in the 1998C Bonds Debt Service <br />Account created by the Prior Resolution; (4) any uncollected Tax Increments which were <br />heretofore pledged for the payment of the refunded Bonds and are herein pledged to the payment <br />1221%8.1 18 <br />