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under the 2004 Note. Thereafter, if the City reduces the Outstanding Principal Balance of the <br /> 2004 Note to an amount less than $2,000,000, the City may initiate additional Drawings on the <br /> 2004 Note. Drawings on the 2004 Note may be made by the Finance Director on any business <br /> day of the Bank with one business day's prior telephonic notice to the Bank (confirmed in <br /> writing, including by electronic means acceptable to the Bank) until the Maturity Date of the <br /> 2004 Note. The Finance Director will specify the total dollar amount being drawn. Drawings <br /> will be honored by the Bank by remitting the funds requested on the date requested (by <br /> electronic funds transfer) to the City's depository bank. <br /> Section 5. Application of 2004 Note Proceeds. Money derived from Drawings under <br /> the 2004 Note will be deposited in the capital fund of the City specified by the Finance Director, <br /> and the proceeds of the 2004 Note will be utilized to pay identified capital expenditures. <br /> Section 6. Registration and Payments. The Finance Director shall act as <br /> authenticating agent, paying agent and registrar for the Notes (collectively, the "Note <br /> Registrar"). Both principal of and interest on the Notes shall be payable in lawful money of the <br /> United States of America. Interest on the Notes and prepayments of principal shall be paid by <br /> electronic funds transfer to the account specified by the Bank on the date due, except that interest <br /> on any such principal shall continue to accrue to the payment date. If any date for the payment <br /> of the principal of and interest on the Notes is not a business day (on which the Bank is open for <br /> business), the payment of principal and interest may be made on the next succeeding business <br /> day of the Bank with the same effect as if the payment had been made on the due date. The <br /> Bank shall tender the Notes to the Note Registrar for cancellation upon receipt of final payment <br /> on their respective Maturity Dates. The Notes shall not be transferable, except to a successor to <br /> -6- P:\CMW\CMW634 03/12/08 <br />