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<br />Consistently with the foregoing and in accordance with their <br />determination of the best interest of and financial advantages to the City, the <br />Mayor and the Director of Finance shall specify in the Certificate of Award <br />(i) the aggregate principal amount of Bonds to be issued, (ii) the aggregate <br />principal amount of Bonds to be issued as Current Interest Bonds, the <br />Principal Payment Dates on which those Bonds shall be stated to mature <br />and the principal amount thereof that shall be stated to mature on each such <br />Principal Payment Date, and (iii) the aggregate principal amount of any <br />Bonds to be issued as Capital Appreciation Bonds and the corresponding <br />aggregate Maturity Amount thereof, the Principal Payment Date or Dates <br />on which those Bonds shall be stated to mature, and the principal amount <br />and corresponding Maturity Amount thereof that shall be payable on each <br />such Principal Payment Date. <br />(c) Conditions for Establishment of Interest Rates and Principal <br />Payment Dates and Amounts. The rate or rates of interest per year to be <br />borne by the Current Interest Bonds and the compounding rate or rates of <br />interest per year to be borne by any Capital Appreciation Bonds, and the <br />principal amount of Current Interest Bonds maturing on each Principal <br />Payment Date and the Maturity Amount of any Capital Appreciation Bonds <br />payable on each Principal Payment Date, shall be such as to demonstrate <br />net present value savings to the City due to the refunding of the Refunded <br />Bonds, taking into account all expenses related to that refunding and the <br />issuance of the Bonds. <br />(d) Payment of Debt Charges. The debt charges on the Bonds shall <br />be payable in lawful money of the United States of America without <br />deduction for the services of the Bond Registrar as paying agent. Principal <br />of the Current Interest Bonds, and principal of and interest on any Capital <br />Appreciation Bonds, shall be payable when due upon presentation and <br />surrender of the Bonds at the designated corporate trust office of the Bond <br />Registrar. Interest on a Current Interest Bond shall be paid on each Interest <br />Payment Date by check or draft mailed to the person in whose name the <br />Bond was registered, and to that person's address appearing, on the Bond <br />Register at the close of business on the 15th day of the calendar month next <br />preceding that Interest Payment Date. Notwithstanding the foregoing, if <br />and so long as the Bonds are issued in a book entry system, principal of and <br />interest on the Bonds shall be payable in the manner provided in any <br />agreement entered into by the Director of Finance, in the name and on <br />behalf of the City, in connection with the book entry system. <br />The City reserves the right to order the Bond Registrar to return to it <br />any money held by the Bond Registrar for the payment of (i) checks or <br />drafts for the payment of interest on the Bonds or (ii) principal of Bonds, <br />which checks, drafts or Bonds have not been presented for payment within <br />four years following the date on which payment of the interest or principal <br />represented thereby came due. Thereafter, the registered owners shall look <br />only to the City for payment of the interest and principal represented by <br />those checks, drafts and Bonds. <br />(e) Redemption Provisions. The Bonds shall not be subject to <br />redemption prior to stated maturity." <br />-6- <br />