52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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í Record Date applicable to s~ch Interest Payment Date, and (ii) on any Bond not in a Book-entry system by check or draft mailed on s~ch Intere",t Payment Date to the Holder of s~ch Bond (or of one or more predecessor Bonds) as of the close of b~siness on the Reqular Record Date applicable to that Interest Payment Date and at the Holder's address as it appears on the registration books of the Iss~er maintained by the Registrar. Any interest not timely paid (the "Defa~lted Interest") shall cease to be payable to the person whO is the Holder as of the Reg~lar Record Date and shall be payable to the person who is the Holder at the close of b~siness on a special record date (the "Special Record Date") for the payment of s~ch Defa~lted Interest. S~ch Special Record Date shall be fixed by the Legislative A~thority of the Iss~er whenever monies become available for payment of the Defa~lted Interest who shall ca~se notice of the proposed payment of s~ch Defa~lted Interest and the special Record Date therefor to be mailed first class, postage prepaid, not less than ten (10) days prior to s~ch Special Record Date to each Holder at his address as it appears on the registration books of the Iss~er maintained by the Registrar, Bond Service Charges on Bonds are payable in lawf~l money of the United States of America witho~t ded~ction for the services of the Registrar. No Bond shall be valid or become obligatory for any p~rpose ~nless and ~ntil an a~thentication certificate appearing on the Bond shall have been d~ly endorsed by the Registrar. Each Bond shall bear interest from the most recent date to which interest has been paid or d~ly provided for or, if no interest has been paid or d~ly provided for, from its date. Any Bond, ~pon s~rrender thereof at the principal corporate tr~st office of the Registrar, together with an assignment d~ly exec~ted by the Holder or his d~ly a~thorized attorney in ",uch form as shall be satisfactory to the Registrar, at the option of the Holder thereof, may be exchanged for Bonds of any a~thorized denomination or denominations in an aggregate principal amo~nt not exceeding the principal amo~nt of the Bonds so exchanged, and bearing interest at the same rate and mat~ring on the same date. Any Bond, at no cost to the Holder, may be transferred only ~pon the books kept for the registration and transfer of Bonds, upon s~rrender thereof at the principal corporate tr~st office of the Registrar, together with an assignment d~ly exec~ted by the Holder or his d~ly a~thorized attorney in s~ch form as shall be satisfactory to the Regi"'trar. Upon the transfer of any "'~ch Bond and on request of the Registrar, the Is"'~er shall exec~te in the name of the transferee, and the Registrar shall a~thenticate and deliver, a new Bond, of any a~thorized denomination, in aggregate principal amo~nt equal to the principal amo~nt of s~ch Bond, and bearing intere"'t at the same rate and mat~ring on the same date. In all case", in which Bonds shall be exchanged or transferred, the Issuer shall exe¢~te and the Registrar shall a~thenticate and deliver Bonds in accordance with the provisions of this Bond Legislation, The Regi",trar shall deliver "'~ch exchanged or transferred Bond", to the Holder by mailing, ~nless other arrangements are made by the Holder at the Holder' s expen",e. The exchange or transfer shall be made witho~t charge; provided, however, that the Issuer and the Registrar may make a charge for every exchange or transfer of Bonds, sufficient to reimburse them for any tax or excise required to be paid with respect to the exchange or transfer. The charge will be paid before a new Bond is delivered. All Bonds issued upon any transfer or exchange of Bonds shall be valid obligation", of the Issuer, evidencing the same debt, and entitled to the -10-