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The principal of and premium, if any, on the Bonds shall be payable at the <br />principal office of the Paying Agent for the Bonds. Interest on the Bonds shall be paid by check <br />or draft mailed or delivered to the registered owners thereof at the address as it appears on the <br />Bond Register as of the last day of the month immediately preceding the interest payment date or <br />at such other address as is provided to the Paying Agent in writing by such registered owners. <br />All payments on the Bonds shall be made in any coin or currency of the United States of <br />America which on the dates of such payments shall be legal tender for the payment of public and <br />private debts. The President of the Commission and the Controller are hereby authorized and <br />directed, on behalf of the Commission, to enter into such agreements or understandings with the <br />Paying Agent as will enable the Paying Agent to perform the services required of a paying agent, <br />and is directed to pay reasonable and customary fees to the Paying Agent for its services out of <br />available funds. <br />Notwithstanding anything herein to the contrary, the Bonds shall, in compliance <br />with all applicable laws, be initially issued and held in book -entry form and registered in the <br />name of Cede & Co., as nominee for The Depository Trust Company without physical <br />distribution of Bonds to the purchasers thereof. The President of the Commission is hereby <br />authorized to take such action as may be necessary to provide for the Bonds to be issued in book - <br />entry -only form, including without limitation executing a Blanket Issuer Letter of <br />Representations. <br />The Bonds shall bear an original date which shall be the date upon which the <br />Bonds are to be delivered (the "Original Date ") and each Bond shall also bear the date of its <br />authentication. Bonds authenticated on or before the first day of the month containing the first <br />interest payment date shall pay interest from their respective Original Date. Bonds authenticated <br />after the first day of the month containing the first interest payment date shall pay interest from <br />the interest payment date immediately preceding the date of authentication of such Bonds unless <br />the Bonds are authenticated between the first day of the month preceding an interest payment <br />date and the interest payment date, in which case interest thereon shall be paid from such interest <br />payment date. <br />Each Bond shall be transferable or exchangeable only upon the Bond Register 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. Bonds may be transferred or <br />exchanged without cost to the registered owner, except for any tax or governmental charge <br />required to be paid with respect to the exchange. The Registrar shall not be required to transfer <br />or exchange any Bond called for redemption or during the period from the fifteenth day of any <br />calendar month immediately preceding an interest payment date to such interest payment date. <br />The City, the Commission, the Registrar and the Paying Agent may treat and consider the person <br />in whose name such Bonds are registered as the absolute owner thereof for all purposes <br />including for the purpose of receiving payment of, or on account of, the principal thereof and <br />interest due thereon. <br />BDDB01 6406657v2 - 4 - <br />