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-6- 2. The principal of and premium, if any, and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. The principal of and premium, if any, on the Bonds shall be payable at the office of the Registrar. The interest on the Bonds shall be paid by check mailed by the Registrar to the registered owners of record of the Bonds as of the fifteenth (15th) day of the calendar month next preceding each interest payment date. At all times during which any Bond remains outstanding and unpaid, the Registrar shall keep, or cause to be kept, at its office books of registry for the registration, exchange and transfer of the Bonds. Upon presentation at its office for such purpose, the Registrar, under such reasonable regulations as it may prescribe, shall register, exchange or transfer, or cause to be registered, exchanged or transferred, on the books of registry the Bonds as herein set forth. The books of registry shall at all times be open for inspection by the City or any duly authorized officer thereof. Any Bond may bo exchanged at the office of the Registrar for a like aggregate principal amount of such Bonds in other authorized principal amounts of the same interest rate and maturity. Any Bond may, in accordance with its terms, be transferred upon the books of registry by the person in whose name it is registered, in person or by his duly authorized agent, upon surrender of such Bond to the Registrar for cancellation, accompanlexl by a written instrument of transfer duly executed by the registered owner in person or his duly authorized agent, in form satisfactory to the Registrar. All transfers or exchanges of Bonds shall be made without expense to the registered owners of such Bonds, except as otherwise herein provided, and except that the Registrar shall require the payment by the registered owner of a Bond requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect to such transfer or exchange. All Bonds surrendered for transfer or exchange shall be cancelled. The Bonds shall be issued only in fully registered form without coupons. One Bond representing each maturity of each issue of the Bonds will be issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), as registered owner of the Bonds and each such Bond shall be immobili?ed in the custody ofDTC. DTC wffi act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal mount of $5,000 or any integral multiple thereof. Purchasers will not receive physical delivery of certificates representing their interest in the Bonds purchased. Principal, premium, if any, and interest payments on the Bonds will be made by the Director of Finance of the City, as Registrar and Paying Agent for the Bonds, to DTC or