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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 />authenticate a new Bond of like date, maturity and denomination as that <br />mutilated, lost, stolen or destroyed, which new Bond shall be marked in a manner <br />to distinguish it from the Bond for which it was issued; provided, that in the case <br />of any mutilated Bond, such mutilated Bond shall first be surrendered to the <br />Registrar, and in the case of any lost, stolen or destroyed Bond there shall be first <br />furnished to the City and the Registrar evidence of such loss, theft or destruction <br />satisfactory to the City and the Registrar, together with indemnity satisfactory to <br />them. In the event any such lost, stolen or destroyed Bond shall have matured, <br />instead of issuing a duplicate Bond, the City and the Registrar may, upon <br />receiving indemnity satisfactory to them, pay the same without surrender thereof. <br />The City and the Registrar may charge the owner of such Bond with their <br />reasonable fees and expenses in connection with the above. Every substitute <br />Bond issued by reason of any Bond being lost, stolen or destroyed shall, with <br />respect to such Bonds, constitute a substitute contractual obligation of the City, <br />acting for and on behalf of the Redevelopment District, whether or not the lost, <br />SBIMANI 167906v1 - 4 - <br />