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3. Interest. The Bonds shall bear interest at the rate or <br /> rates determined by this Council at thetime of sale of the Bonds <br /> (not to exceed 7% per annum) ,'' payable commencing on .January 2, 1980, <br /> and semiannually thereafter on July 2 . and .January 2 o each year to <br /> their respective dates of maturity, the coupon Bonds bearing <br /> interest from their date, the single fully registered Bond <br /> representing allof the 'Bonds bearing interest from the interest <br /> payment date next preceding the date. of registration thereof, unless <br /> ;the date of registration is an interest payment date, in which event <br /> it shall bear interest from such date, or unless such date of <br /> registration is prior to the first interest payment date, in which <br /> event it shall bear interest from July 2, 1979. <br /> Each Bond will continue to bear interest after maturity at <br /> the rate stated therein, provided it is presented at maturity and . <br /> payment thereof isrefused on the soleground that there is not <br /> sufficient moneyin the redemption fund with which to pay same; if <br /> it is not presented at maturity, interest thereon willrun only. <br /> until .maturity. <br /> 4.: Payable. The principal of and interest on. the Bonds <br /> shall .b.e- payable in lawful money of the United States. of America at <br /> the office of the City Treasurer. Principal and interest on any <br /> fully registered Bond shall be paid to the registered owner by <br /> check, draft or warrant mailed to the address entered in the <br /> registry book required to be kept pursuant. to Section 12 hereof, <br /> exceptthat in the; event the City is the owner of .the, Bonds, payment <br /> may be made by bookkeeping entry. <br /> -3 <br />