34-90 Motorized Equip Bond $1,307,500

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payment of such Defaulted Interest. Such Special Record shall be fixed by the Council of the City whenever moneys become available for payment of the Defaulted Interest, and shall cause notice of the proposed pay- ment of such. Defaulted Interest and the Special Record Date therefor to be mailed first class postage prepaid, not less than ten (10) days prior to each Holder at his address as it appears on the registration books of the City maintained by the Registrar. The principal and interest on the Bonds is payable in lawful money of the United States of America without deduction for the services of the Registrar. No Bond shall be valid or become obligatory for any purpose unless and until an authentication certificate appearing on the Bond shall have been duly endorsed by the Registrar. Each Bond shall bear interest from its date and shall be dated as of May 1, 1990, if authenticated prior to December 1, 1990, and otherwise shall be dated as of the Interest Payment Date next preceding the date of its authentication, unless authenticated upon an Interest Payment Date, in which case it shall be dated as of the date of its authentication; provided, however, that if at the time of authentication interest is in default, such Bond shall be dated as of the date to which interest has been paid. Any Bond, upon surrender thereof at the principal corporate trust office of the Registrar, together with an assignment duly executed by the Holder or his duly authorized attorney in such form as shall be satisfactory to the Registrar, at the option of the Holder thereof, may be exchanged for Bonds of any authorized denomination or denominations in an aggregate principal amount not exceeding the principal amount of the Bond so exchanged, and bearing interest at the same rate and matur- ing on the same date. Any Bond, at no cost to the Holder, may be transferred only upon the books kept for the registration and transfer of Bonds, upon surrender thereof at the principal corporate trust office of the Regis- trar together with an assignment duly executed by the Holder or his duly authorized attorney in such form as shall be satisfactory to the Regis- trar. Upon the transfer of any such Bond and on request of the Regis-' trar, the City shall execute in the name of the transferee, and the Registrar shall authenticate and deliver, a new Bond, of any authorized denomination, in aggregate principal amount equal to the principal amount of such Bond, and bearing interest at the same rate and maturing on the same date. In all cases in which Bonds shall be exchanged or transferred, the City shall execute and the Registrar shall authenticate and deliver Bonds in accordance with the provisions of this Ordinance. The City and Registrar may make a charge for every such exchange (but not for any such transfer) of Bonds sufficient to reimburse them for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, and the City and the Registrar may charge a sum sufficient to reimburse them for all other costs and expenses incurred in connection with such exchange, and such charge or charges shall be paid before any such new Bond shall be delivered. Section 4. The Bonds, pursuant to the terms set forth below, may also be issued to a Depository (as hereinafter defined) for use in a book-entry system. The Director of Finance is also hereby authorized and directed, to the extent necessary or required, to enter into any agreements determined necessary in connection with the registration, authentication, immobilization, and transfer of Bonds, including -2-