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-3- <br />• (b) The City Manager shall direct the Registrar for the Bonds of a given series to <br />authenticate such Bonds and no such Bond shall be valid and obligatory for any purpose unless <br />and until the certificate of authentication endorsed on such Bond shall have been manually <br />executed by or on behalf of the Registrar. Upon the authentication of any Bonds, the Registrar <br />shall insert in the certificate of authentication the date as of which such Bonds are authenticated <br />as follows: (i) if the Bond is authenticated prior to the first interest payment date, the certificate <br />shall be dated as of the date of the initial issuance and delivery of the Bonds of the series of which <br />such Bond is one; (ii) if the Bond is authenticated upon an interest payment date, the certificate <br />shall be dated as of such interest payment date; (iii) if the Bond is authenticated after the fifteenth <br />(15th) day of the calendar month next preceding an interest payment date and prior to such <br />following interest payment date, the certificate shall be dated as of such following interest payment <br />date; and (iv) in all other instances the certificate shall be dated as of the actual date upon which <br />the Bond is authenticated by the Registrar. <br />(c) The execution and authentication of the Bonds in the manner above set forth <br />is adopted as a due and sufficient authentication of the Bonds. <br />3. (a) The principal of and premium, if any, and interest on the Bonds shall <br />be payable in such coin or currency of the United States of America as at the respective dates of <br />payment thereof is legal tender for public and private debts. <br />• (b) Interest on the Bonds shall be payable by check mailed by the Registrar to <br />the registered owners of such Bonds at their respective addresses as such addresses appear on the <br />books of registry kept pursuant to the provisions of this Paragraph 3. Principal of and premium, <br />if any, on the Bonds of a given series shall be payable upon presentation and surrender thereof at <br />the office of the Registrar for the Bonds of such series. <br />(c) At all times during which any Bond of any series remains outstanding and <br />unpaid, the Registrar for such series shall keep or cause to be kept, at its office, books of registry <br />for the registration, exchange and transfer of Bonds of such series. Upon presentation of a Bond <br />or Bonds for such purpose at the office of the Registrar, the Registrar, under such reasonable <br />regulations as it may prescribe, shall register, exchange or transfer, or cause to be registered, <br />exchanged or transferred, such Bond or Bonds on the books of registry as hereinbefore set forth. <br />(d) The books of registry shall at all times be open for inspection by the City <br />or any duly authorized officer thereof. <br />(e) Any Bond may be exchanged at the office of the Registrar for such series <br />of Bonds for a like aggregate principal amount of such Bonds in other authorized principal sums <br />and of the same series, interest rate and maturity. <br />(f) Any Bond of any series may, in accordance with its terms, be transferred <br />• upon the books of registry by the person in whose name it is registered, in person or by his duly <br />authorized agent, upon surrender of such Bond to the Registrar for such series for cancellation, <br />373436.1 W2828 ORD <br />