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(b) The City Manager shall direct the registrar for the Bonds of a given <br />series to authenticate such Bonds and no such Bond shall be valid or obligatory for any <br />purpose unless and until the certificate of authentication endorsed on each Bond shall have <br />been manually executed by or on behalf of the registrar. Upon the authentication of any <br />Bonds the registrar shall insert in the certificate of authentication the date as of which such <br />Bonds are authenticated as follows: (i) if the Bond is authenticated prior to the first interest <br />payment date, the certificate shall be dated as of the date of the initial delivery of and <br />pa.vment for the series of Bonds of which such Bond is one: (ii) if the Bond is authenticated <br />upon an interest payment date, the certificate shall be dated as of such interest payment <br />date; (iii) if the Bond is authenticated after the fifteenth (15th) day of the calendar month <br />next preceding an interest payment date and prior to such interest payment date, the <br />certificate shall be dated as of such interest payment date; and (iv) in all other instances the <br />certificate shall be dated as of the interest payment date next preceding the date upon which <br />the Bond is authenticated. <br /> <br /> (c) The execution of the Bonds in the manner above set forth is adopted <br />as a due and sufficient authentication of the Bonds. <br /> <br /> 3. (a) Both the principal of and interest on the Bonds shall be payable <br />in such coin or currency, of the United States of America as at the respective dates of <br />payment thereof is legal tender for public and private debts. <br /> <br /> (h) Interest on the Bonds shall be payable by check or draft mailed by the <br />registrar to the registered owners of such Bonds at their respective addresses as such <br />addresses appear on the books of registry kept pursuant to the provisions of this paragraph. <br />Principal of and premium, if any, on the Bonds shall be payable on presentation and <br />surrender thereof at the principal office of the registrar. <br /> <br /> (c) At all times during which any Bond of any series remains outstandhag <br />and unpaid, the registrar for such series shall keep or cause to be kept at its principal office <br />books of registry for the registration, exchange and transfer of the B6nds. Upon <br />presentation at the principal office of the registrar for such purpose, the registrar, under <br />such reasonable regulations as it may prescribe, shall register, exchange or transfer, or cause <br />to be registered, exchanged or transferred, on the books of registry the Bonds as herein set <br />forth. ' - <br /> <br /> (d) The books of registry shall all times be open for inspection by the City <br />or any duly authorized officer thereof. <br /> <br /> (e) Any Bond may be exchanged at the principal office of the registrar for <br />such series df Bonds for a like aggregate principal amount of such Bonds in other authorized <br />principal amounts of the same series, interest rate and maturity. <br /> <br /> (f) Any Bond of a given series may, in accordance with its terms, be <br />transferred upon the books of registry by the person in whose name it is registered, in <br /> <br /> <br />