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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. Delivery: 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. Fund and Accounts. There is hereby created a special fund designated the <br />"General Obligation Temporary Improvement Bonds, Series 2000B Fund" (the "Fund"), to be <br />administered and maintained by the Clerk -Treasurer as a bookkeeping account separate and apart <br />from all other funds maintained in the official financial records of the City. The Fund shall be <br />maintained in the manner herein specified until all of the Bonds and the interest thereon have <br />been fully paid. There shall be maintained in the Fund two (2) separate accounts to be <br />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 $1,003,600 shall be deposited in the. Payment Account. <br />On or prior to February.1, 2001, the Clerk -Treasurer. shall transfer $985,000.of the proceeds of <br />the Bonds from the Payment Account to the paying agent for the 1998B Bonds, which sum is <br />sufficient, together with other -funds on deposit in the debt service fund for the 1998B Bonds, to <br />pay the principal and interest due on the 1998E Bonds due on February 1, 2001: The remainder <br />of the ironies in the Payment Account shall be used to pay the costs of issuance of the Bonds. <br />Any monies remaining in the Payment Account after payment of all costs of issuance and <br />payment of the 1998B Bonds shall be transferred Wthe Debt Service Account. <br />(b) Debt Service Acco,=t.. To the Debt Service Account there is hereby pledged and <br />irrevocably appmpriated and theie shall be credited: (1) all funds paid for the Bonds in excess of <br />$1,003;600; (2) accrued interest; (3) any balance remaining on February. 1;•2001, in the 19988•... . <br />Bonds Debt Service Account created by the Prior Resolution; (4) any uncollected special assess= <br />meats which -were heretofore pledged for the payment of the Refunded.Bonds and are herein <br />pledged.to the payment of thc.Bonds; (5) all investment earnings.on funds in the Debt Service . <br />Account; -(6) any taxes hereafter levied for the payment of the Bonds; (7) -the proceeds of any <br />definitive bonds or additional temporary bonds in an amount, together with other moneys then on <br />hand irrevocably appropriated to said account, as is necessary to pay the principal of and interest <br />1222136.1 17 <br />