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authorized and directed, on behalf of the Commission, to enter into such <br />agreements or understandings with the Registrar and Paying Agent as will enable <br />the Registrar and Paying Agent to perform the services required of a registrar and <br />a paying agent, and is authorized and directed to pay the Registrar and Paying <br />Agent for its services out of available funds. <br />The principal of and premium, if any, on the Bonds shall be <br />payable at the principal office of the Paying Agent for the Bonds. Interest on the <br />Bonds shall be paid by check or draft mailed or delivered to the registered owners <br />thereof at the address as it appears on the Bond Register as of the 15th day of the <br />month immediately preceding the interest payment date or at such other address <br />as is provided to the Paying Agent in writing by such registered owners. All <br />payments on the Bonds shall be made in any coin or currency of the United States <br />of America which on the dates of such payments shall be legal tender for the <br />payment of public and private debts. <br />The Bonds shall bear an original date which shall be the first day <br />of the month in which the Bonds are sold (the "Original Date ") and each Bond <br />shall also bear the date of its authentication. Bonds authenticated on or before <br />July 15, 2004, shall be paid interest from the Original Date. Bonds authenticated <br />after July 15, 2004, shall pay interest from the interest payment date immediately <br />preceding the date of authentication of such Bonds unless the Bonds are <br />authenticated between the fifteenth day of the month preceding an interest <br />payment date and the interest payment date, in which case interest thereon shall <br />be paid from such interest payment date. <br />Each Bond shall be transferable or exchangeable only upon the <br />Bond Register by the registered owner thereof in person, or by his attorney duly <br />authorized in writing, upon surrender of such Bond together with a written <br />instrument of transfer or exchange satisfactory to the Registrar duly executed by <br />the registered owner or his attorney duly authorized in writing, and thereupon a <br />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 <br />or transferees or the registered owner, as the case may be, in exchange therefor. <br />Bonds may be transferred or exchanged without cost to the registered owner, <br />except for any tax or governmental charge required to be paid with respect to the <br />exchange. The Registrar shall not be required to transfer or exchange any Bond <br />called for redemption or during the period from the fifteenth day of any calendar <br />month immediately preceding an interest payment date to such interest payment <br />date. The City, the Commission, the Registrar and the Paying Agent may treat <br />and consider the person in whose name such Bonds are registered as the absolute <br />owner thereof for all purposes including for the purpose of receiving payment of, <br />or on account of, the principal thereof and interest due thereon. <br />In the event any Bond is mutilated, lost, stolen or destroyed, the <br />City may execute on behalf of the Redevelopment District and the registrar may <br />SBWANI 164709vl -4- <br />