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Transfers shall also be subject to reasonable <br />regulations of the City contained in any agreement with the <br />Bond Registrar, including regulations which permit the Bond <br />Registrar to close its transfer books between record dates and <br />payment dates. <br />12. Rights Upon Transfer or Exchange. Each Bond <br />delivered upon transfer of or in exchange for or in lieu of <br />any other Bond shall carry all the rights to interest accrued <br />and unpaid, and to accrue, which were carried by such other <br />Bond. <br />13. Interest Payment; Record Date. Interest on any <br />Bond shallrbe paid on each Interest Payment Date by check or <br />draft mailed to the person in whose name the Bond is <br />registered (the "Holder") on the registration books of the <br />City maintained by the Bond Registrar and at the address <br />appearing thereon at the close of business on the fifteenth <br />(15th) day of the calendar month next preceding such Interest <br />Payment Date (the "Regular Record Date"). Any such interest <br />not so timely paid shall cease to be payable to the person who <br />is the Holder thereof as of the Regular Record Date, and shall <br />be payable to the person who is the Holder thereof at the <br />close of business on a date (the "Special Record Date") fixed <br />by the Bond Registrar whenever money becomes available for <br />payment of the defaulted interest. Notice of the Special <br />Record Date shall be given by the Bond Registrar to the <br />Holders not less than ten (10) days prior to the Special <br />Record Date. <br />14. Treatment of Registered Owner. The City and <br />Bond Registrar may treat the 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 <br />City 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 City <br />Clerk -Treasurer to the Purchaser upon receipt of the purchase <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 the "General Obligation <br />15 <br />