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No later than the date fixed for redemption, funds shall be deposited with the Paying <br /> Agent or another paying agent to pay, and such agent is hereby authorized and directed to apply <br /> such funds to the payment of, the 2012 Bonds or portions thereof called for redemption, <br /> including accrued interest thereon to the redemption date. No payment shall be made upon any <br /> 2012 Bond or portion thereof called for redemption until such 2012 Bond shall have been <br /> delivered for payment or cancellation or the Registrar shall have received the items required by <br /> this Ordinance with respect to any mutilated, lost, stolen or destroyed bond. <br /> The BANS are prepayable by the City, in whole or in part, at any time upon seven (7) <br /> days' notice to the owner of the BANS, without any premium. <br /> SECTION 7, Execution and Negotiabili The 2012 Bonds shall be signed in the <br /> name of the City by the manual or facsimile signature of the Executive and attested by the <br /> manual or facsimile signature of the City Clerk, who also shall affix the seal of the City manually <br /> or shall have the seal imprinted or impressed thereon by facsimile or other means. In case any <br /> officer whose signature or facsimile signature appears thereon shall cease to be such officer <br /> before the delivery of the 2012 Bonds, such signature shall nevertheless be valid and sufficient <br /> for all purposes as if such officer had remained in office until such delivery. <br /> The 2012 Bonds shall also be authenticated by the manual signature of the Registrar, and <br /> no 2012 Bond shall be valid or become obligatory for any purpose until the certificate of <br /> authentication thereon has been so executed. <br /> The 2012 Bonds shall have all of the qualities and incidents of negotiable instruments <br /> under the laws of the State of Indiana, subject to the provisions for registration herein. <br /> SECTION 8. Authorization for Book-Ent S stern. The 2012 Bonds may, in <br /> compliance with all applicable laws, initially be issued and held in book-entry form on the books <br /> of the central depository system, The Depository Trust Company, its successors, or any <br /> successor central depository system appointed by the City from time to time (the "Clearing <br /> Agency"), without physical distribution of bonds to the purchasers. The following provisions of <br /> this Section apply in such event. <br /> One definitive 2012 Bond of each maturity shall be delivered to the Clearing Agency (or <br /> its agent) and held in its custody. The City and Registrar may, in connection herewith, do or <br /> perform or cause to be done or performed any acts or things not adverse to the rights of the <br /> holders of the 2012 Bonds as are necessary or appropriate to accomplish or recognize such <br /> book-entry form 2012 Bonds. <br /> During any time that the 2012 Bonds are held in book-entry form on the books of a <br /> Clearing Agency, (1) any such 2012 Bond may be registered upon Registration Record in the <br /> name of such Clearing Agency, or any nominee thereof, including Cede & Co.; (2) the Clearing <br /> Agency in whose name such 2012 Bond is so registered shall be, and the City and the Registrar <br /> and Paying Agent may deem and treat such Clearing Agency as, the absolute owner and holder <br /> of such 2012 Bond for all purposes of this Ordinance, including, without limitation, the receiving <br /> of payment of the principal of and interest and premium, if any, on such 2012 Bond, the <br /> receiving of notice and the giving of consent; (3) neither the City nor the Registrar or Paying <br /> - 8 - <br />