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in connection with such exchange, and such charge or <br />charges shall be paid before any such new Bond shall be <br />delivered." <br /> <br />shall be, and hereby is, amended to read as follows: <br /> <br /> "Section 3. Said Bonds shall express upon <br />their faces the purpose for which they are issued and <br />that they are issued pursuant to this ordinance; shall be <br />designated "1988 Water System Improvement Bonds"; shall <br />be executed by the Mayor and by the Director of Finance, <br />both of whose signatures may be facsimile'signatures; <br />shall bear the corporate seal of the City or a facsimile <br />thereof; shall be issued only in fully registered form; <br />and shall be registered as to both principal and interest <br />at the corporate trust office of the City's registrar, <br />presently Ameritrust Company National Association, <br />Cleveland, Ohio (the "Registrar"). The principal on the <br />Bonds shall be payable upon presentation and surrender <br />thereof to the Registrar. Interest on any Bond shall be <br />paid on each Interest Payment Date by check or draft <br />mailed to the person in whose name that Bond is regis- <br />tered (the "Holder") on the registration books of the <br />City maintained by the Registrar at the address appearing <br />thereon at the close of business on the fifteenth day of <br />the calendar month next preceding the Interest Payment <br />Date (the "Regular Record Date"). Any interest not <br />timely paid (the "Defaulted Interest") shall cease to be <br />payable to the person who is the Holder as of the Regular <br />Record Date and shall be payable to the person who is the <br />Holder at the close of business on a special record date <br />(the "Special Record Date") for the payment of such <br />Defaulted Interest. Such Special Record shall be fixed <br />by the Council of the City whenever moneys become avail- <br />able for payment of the Defaulted Interest, and shall <br />cause notice of the proposed payment of such. Defaulted <br />Interest and the Special Record Date therefor to be <br />mailed first class postage prepaid, not less than ten <br />(10) days prior to each Holder at his address as it <br />appears on the registration books of the City maintained <br />by the Registrar. The principal and interest on the <br />Bonds ~s payable in lawful money of the United States of <br />America without deduction for the services of the Regis- <br /> <br />trar. <br /> <br /> No Bond shall be valid or become obligatory for <br />any purpose unless and until an authentication certifi- <br />cate appearing on the Bond shall have been duly endorsed <br />by the Registrar. <br /> <br /> Each Bond shall bear' interest from its date and <br />shall be dated as of October 1, 1988, if authenticated <br />prior to December 1, 1988, and otherwise shall be dated <br />as of the Interest Payment Date next preceding the date <br />of its authentication, unless authenticated upon an <br />Interest Payment Date, in which case ~t shall be dated as <br /> <br />-4- <br /> <br /> <br />