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Section 4. Place and Medium of Payment. The principal of and interest on the Bonds <br /> shall be payable in lawful money of the United States of America. Interest on the Bonds shall be <br /> calculated on the basis of a 360-day year and twelve 30-day months. For so long as all Bonds <br /> are in fully-immobilized form, such payments of principal and interest thereon shall be made as <br /> provided in the operational arrangements of DTC as referred to in the Letter of Representations. <br /> In the event that the Bonds are no longer in fully-immobilized form, interest on the Bonds <br /> shall be paid by check or draft mailed to the Registered Owners of the Bonds at the addresses for <br /> such Registered Owners appearing on the Bond Register on the 15th day of the month preceding <br /> the interest payment date. Principal of the Bonds shall be payable upon presentation and <br /> surrender of such Bonds by the Registered Owners at the principal office of the Bond Registrar. <br /> Section 5. Registration. <br /> (a) Bond Registrar/Bond Register. The City hereby specifies and adopts the <br /> system of registration and transfer for the Bonds approved by the Washington State Finance <br /> Committee from time to time through the appointment of state fiscal agencies. The City shall <br /> cause a bond register to be maintained by the Bond Registrar. So long as any Bonds remain <br /> outstanding, the Bond Registrar shall make all necessary provisions to permit the exchange or <br /> registration of transfer of Bonds at its principal corporate trust office. The Bond Registrar may <br /> be removed at any time at the option of the City upon prior notice to the Bond Registrar, DTC, <br /> the Insurer, each NRMSIR and SID, if any, and a successor Bond Registrar appointed by the <br /> City. No resignation or removal of the Bond Registrar shall be effective until a successor shall <br /> have been appointed and until the successor Bond Registrar shall have accepted the duties of the <br /> Bond Registrar hereunder. The Bond Registrar is authorized, on behalf of the City, to <br /> authenticate and deliver B onds transferred or exchanged in accordance with the provisions of <br /> -17- P:\CMW\CMW5NP 04/22/03 <br />