Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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Agent. The City shall notify each registered owner of 1998 Bonds then outstanding by first-class mail of the removal of the Registrar and Paying Agent. Notices to registered owners of the 1998 Bonds shall be deemed to be given when mailed by first-class mail to the addresses of such registered owners as they appear on the registration books kept by the Registrar. Any predecessor Registrar and Paying Agent shall deliver all of the 1998 Bonds and cash in its possession with respect thereto, together with the registration books, to the successor Registrar and Paying Agent. The Controller is hereby authorized to act on behalf of the City with regard to any of the aforementioned actions of the City relating to the resignation or removal of the Registrar and Paying Agent and appointment of a successor Registrar and Paying Agent. If the 1998 Bonds are not sold to the State or the Bond Bank or if wire transfer payment is not required, the principal of and any redemption premium on the 1998 Bonds shall be payable at the principal corporate trust office of the Paying Agent. Interest on the 1998 Bonds shall be paid by check or draft mailed or delivered by the Paying Agent to the registered owner thereof at the address as it appears on the registration books kept by the Registrar as of the fifteenth (15th) day of the month immediately preceding the Interest Payment Date or at such other address as may be provided to the Paying Agent in writing by such registered owner. Principal of and interest on any series of 1998 Bonds registered in the name of the State or the Bond Bank shall be paid by wire transfer to a financial institution if and as directed by the State on the due date of such payment or, if such date is a day whets financial institutions are not open for business, on the business day immediately preceding such due date. Interest on 1998 bonds sold to the State or Bond Bank to finance Eligible Costs (as defined in the Financial Assistance Agreement) shall be paid from the date which is one (1) year after the date of delivery of the 1998 Bonds. So long as the State or the Bond Bank is the registered owner of the 1998 Bonds, such 1998 Bonds shall be presented for payment as directed by the State or the Bond Bank, as applicable. All payments on the 1998 Bonds shall be made in any coin or currency of the United States of America which, on the dates of such payments, shall be legal tender for the payment of public or private debt. Each 1998 Bond shall be transferable or exchangeable only on the books of the City maintained for such purpose at the principal corporate trust office of the Registrar, by the registered owner thereof in person, or by his or her attorney duly authorized in writing, upon surrender of such 1998 Bond together with a written instrument of transfer or exchange satisfactory to the Registrar -7- ::ODMA\PCDOCS\SBDOCS 1\1494T3