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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 10 days prior <br />to the Special Record Date. <br />13. Treatment of Registered Owner. The City and the <br />Bond Registrar may treat the person in w ose 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 12 <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 />14. 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 />15. Funds and Accounts. There is hereby created a <br />special fund to be designated "General Obligation Improvement <br />Bonds of 1984, Series A Fund" (the "Fund") to be held and <br />administered by the City Clerk -Treasurer separate and apart <br />from all other funds of the City. The Fund shall be maintained <br />in the manner herein specified until all of the Bonds herein <br />authorized and the interest thereon have been fully paid. <br />There shall be maintained in the Fund two separate accounts to <br />be designated the "Construction Account" and the "Debt Service <br />Account", respectively. <br />(a) Construction Account. The proceeds of <br />the sale of the Bonds herein authorized, less any <br />accrued interest received thereon, and less any <br />amount paid for the Bonds in excess of $290,000, and <br />less capitalized interest in the amount of $14,000 <br />(together with interest earnings thereon and subject <br />to such other adjustments as are appropriate to <br />provide sufficient funds to pay interest due on the <br />Bonds on or before June 1, 1986), plus any <br />-12- <br />