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- 3 - <br />• (b) The City Manager shall direct the Registrar for the <br />Bonds of a given series to authenticate such Bonds and no such Bond <br />shall be valid and obligatory for any purpose unless and until the <br />certificate of authentication endorsed on such Bond shall have been <br />manually executed by an authorized signator of the Registrar. Upon <br />the authentication of any Bonds, the Registrar shall insert in the <br />certificate of authentication the date as of which such Bonds are <br />authenticated as follows: (i) if the Bond is authenticated prior <br />to the first interest payment date, the certificate shall be dated <br />as of the date of the initial issuance and delivery of the Bonds of <br />the issue of which such Bond is one; (ii) if the Bond is <br />authenticated upon an interest payment date, the certificate shall <br />be dated as of such interest payment date; (iii) if the Bond is <br />authenticated after the fifteenth (15th) day of the calendar month <br />next preceding an interest payment date and prior to such following <br />interest payment date, the certificate shall be dated as of such <br />following interest payment date; and (iv) in all other instances <br />the certificate shall be dated as of the actual date upon which the <br />Bond is authenticated by the Registrar. <br />(c) The execution and authentication of the Bonds in the <br />manner above set forth is adopted as a due and sufficient <br />authentication of the Bonds. <br />• 3. (a) Both the principal of and premium, if any, and <br />interest on the Bonds shall be payable in such coin or currency of <br />the United States of America as at the respective dates of payment <br />thereof is legal tender for public and private debts. <br />(b) Principal of and premium, if any, on the Bonds of a <br />given series shall be payable upon presentation and surrender <br />thereof at the principal corporate trust office of the Registrar <br />for the Bonds of such series. <br />(c) Interest on the Bonds shall be payable by check or <br />draft mailed by the Registrar to the registered owners of such <br />Bonds at their respective addresses as such addresses appear on the <br />books of registry kept pursuant to the provisions of this <br />paragraph. <br />(d) At all times during which any Bond of any series <br />remains outstanding and unpaid, the Registrar for such series shall <br />keep or cause to be kept, at its principal corporate trust office, <br />books of registry for the registration, exchange and transfer of <br />Bonds of such series. Upon presentation of a Bond or Bonds for <br />such purpose at the principal corporate trust office of the <br />Registrar, the Registrar, under such reasonable regulations as it <br />may prescribe, shall register, exchange or transfer, or cause to be <br />registered, exchanged or transferred, such Bond or Bonds on the <br />books of registry as hereinbefore set forth. <br />• <br />