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the Registrar. The interest on the Bonds shall be paid by <br />check mailed by the Registrar to the holders of record of <br />the Bonds as of the fifteenth (15th) day of the calendar <br />month next preceding each interest payment date. <br /> <br /> At all times during which any Bond remains <br />outstanding and unpaid, the Registrar shall keep, or cause <br />to be kept, at its principal corporate trust office books of <br />registry for the registration, exchange and transfer of the <br />Bonds. Upon presentation at its principal corporate trust <br />office for such purpose, the Registrar, under such reason- <br />able regulations as at may prescribe, shall register, <br />exchange or transfer, or cause to be registered, exchanged <br />or transferred, on the books of registry the Bonds as herein <br />set forth. <br /> <br /> The books of registry shall at all times be open <br />for inspection by the City or any duly authorized officer <br />thereof-. <br /> <br /> Any Bond may be exchanged at the principal <br />corporate trust office of the Registrar for a like aggregate <br />principal amoun~ of such Bonds in other authorized principal <br />amounts of the same interest ra~e and maturity. <br /> <br /> Any Bond may, an accordance with its terms, be <br />transferred upon the books of registry by the person in <br />whose name it is registered, in person or by his duly <br />authorized agent, upon surrender of such Bond to the <br />Registrar for cancellation, accompanied by a written <br />instrument of transfer duly executed by the registered <br />holder in person or his duly authorized agent, in form <br />satisfactory ~o the Registrar. <br /> <br /> Ail transfers or exchanges of Bonds shall be made <br />without expense to the holde~ of 'su~h~ Bonds, except as <br />otherwise herein provided, and except that the Registrar <br />shall require the payment by the holder of the Bond <br />requesting such transfer or exchange of any tax or other <br />governmental charges required to be paid with respect to <br />such transfer or exchange. All Bonds surrendered for <br />transfer or exchange shall be cancelled. <br /> <br /> 3. The full faith and credit of the City shall <br />be and hereby is irrevocably pledged to the paymen~ of the <br />principal of and interest on the Bonds as the same become <br />due. In each year while the Bonds, or any of them, are <br />outstanding and unpaid, there shall be assessed, levied and <br />collected, at the same time and in the same manner as other <br />taxes in the City are assessed, levied and collected, upon <br />all property within the City subject to taxation by the <br />City, ad valorem taxes, without limitation of rate or <br />amount, sufficient to provide for the payment of the <br />principal of and interest on the Bonds as the same become <br /> <br /> <br />