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Interest on each Bond shall be paid by check or draft of the Paying Agent, payable upon <br /> presentation thereof in lawful money of the United States of America, to the person in whose <br /> name such Bond is registered at the close of business on the applicable Record Date (the <br /> "Record Date"), and mailed to the registered owner of the Bond as shown in the Bond Registrar <br /> or at such other address furnished in writing by such Registered Owner. The Record Date shall <br /> be the 15th day of the month next preceding any regular or other interest payment date occurring <br /> on the 1 st day of any month and 15 days preceding any interest payment date occasioned by the <br /> redemption of Bonds on other than the 1 st day of a month. The principal of or redemption price <br /> due on the Bonds shall be payable in lawful money of the United States of America upon <br /> presentation thereof at the principal corporate trust office of the Paying Agent, or at successor <br /> Paying Agent and locality. <br /> Section S. Global Book-Enti.v Svstem. The Bonds shall be initially issued in the form <br /> of a separate single fully registered Bond for each of the maturities of the Bonds as provided in <br /> Section 4 hereof, and the ownership of each such Bond shall be registered in the Bond Register <br /> in the name of Cede & Co., or any successor thereto ("Cede"), as nominee of The Depository <br /> Trust Company, New York, New York, and its successors and assigns ("DTC"). All of the <br /> outstanding Bonds shall be registered in the Bond Register in the name of Cede, as nominee of <br /> DTC, except as hereinafter provided. The Mayor, the Treasurer and the City Clerk are hereby <br /> authorized to execute and deliver on behalf of the City such letters to or agreements with DTC <br /> and the Bond Registrar as shall be necessary to effectuate such book-entry system(any such letter <br /> or agreement being referred to herein as the "Representation Letter"). <br /> With respect to the Bonds registered in the Bond Register in the name of Cede, as <br /> nominee of DTC, the City and the Bond Registrar shall have no responsibility or obligation to <br /> any broker-dealer, bank or other financial institution for which DTC holds Bonds from time to <br /> -8- <br /> 23 <br />