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All payments of interest on the Bonds shall be paid by check mailed one (1)business day <br /> prior to the interest payment date to the registered owners thereof as of the last day of the month <br /> preceding such month in which such interest payment date occurs at the addresses as they appear <br /> on the registration books kept by the Registrar (the "Registration Record"), or at such other <br /> address as is provided to the Paying Agent (as hereafter defined) in writing by such registered <br /> owner. All principal payments on the Bonds shall be made upon surrender thereof at the <br /> principal office of the Paying Agent, in any coin or currency of the United States of America <br /> which on the date of such payment shall be legal tender for the payment of public and private <br /> debts. <br /> Interest on Bonds shall be payable from the interest payment date to which interest has <br /> been paid next preceding the authentication date thereof unless such Bonds are authenticated <br /> after the last day of the month preceding the month in which such interest payment date occurs <br /> and on or before such interest payment date in which case they shall bear interest from such <br /> interest payment date, or unless authenticated on or before the last day of the month preceding <br /> the month in which the first interest payment date occurs, in which case they shall bear interest <br /> from the original date, until the principal shall be fully paid. <br /> Each Bond shall be transferable or exchangeable only upon the Registration Record by <br /> the registered owner thereof in person, or by his attorney duly authorized in writing, upon <br /> surrender of such Bond together with a written instrument of transfer or exchange satisfactory to <br /> the Registrar duly executed by the registered owner or his attorney duly authorized in writing, <br /> and thereupon a new fully registered Bond or Bonds in the same aggregate principal amount, and <br /> of the same maturity, shall be executed and delivered in the name of the transferee or transferees <br /> or the registered owner, as the case may be, in exchange therefor. The costs of such transfer or <br /> exchange shall be borne by the City, except for any tax or governmental charge required to be <br /> paid in connection therewith, which shall be payable by the person requesting such transfer or <br /> exchange. The City, the Registrar and the Paying Agent may treat and consider the persons in <br /> whose names such Bonds are registered as the absolute owners thereof for all purposes including <br /> for the purpose of receiving payment of, or on account of, the principal thereof and interest due <br /> thereon. <br /> In the event any Bond is mutilated, lost, stolen or destroyed, the City may execute and the <br /> Registrar may authenticate a new Bond of like date, maturity and denomination as that mutilated, <br /> lost, stolen or destroyed, which new bond shall be marked in a manner to distinguish it from the <br /> Bond for which it was issued, provided that, in the case of any mutilated bond, such mutilated <br /> Bond shall first be surrendered to the Registrar, and in the case of any lost, stolen or destroyed <br /> bond there shall be first furnished to the Registrar evidence of such loss, theft or destruction <br /> satisfactory to the City and the Registrar, together with indemnity satisfactory to them. In the <br /> event any such Bond shall have matured, instead of issuing a duplicate Bond, the City and the <br /> Registrar may, upon receiving indemnity satisfactory to them, pay the same without surrender <br /> thereof. The City and the Registrar may charge the owner of such Bond with their reasonable <br /> fees and expenses in this connection. Any Bond issued pursuant to this paragraph shall be <br /> deemed an original, substitute contractual obligation of the City,whether or not the lost, stolen or <br /> destroyed Bond shall be found at any time, and shall be entitled to all the benefits of this <br /> Ordinance, equally and proportionately with any and all other Bonds issued hereunder. <br /> SECTION III. Terms of Redemption. The Controller, upon consultation with the City's <br /> municipal advisor, may designate maturities of Bonds (or portion thereof in authorized <br /> 3 <br />