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' t <br /> Both principal of and interest on the Bonds shall be payable <br /> in lawful money of the United States of America. Interest on the <br /> Bonds shall be paid by check or draft of the Bond Registrar <br /> mailed (on the date such interest is due) to the registered <br /> owners or nominees at the addresses appearing on the Bond <br /> Register on the fifteenth (15th) day of the month preceding each <br /> interest payment date. Principal of the Bonds shall be payable <br /> upon presentation and surrender of the Bonds to the Bond <br /> Registrar by the registered owners or nominees at the principal <br /> offices of either of the fiscal agencies of the State of <br /> Washington in the cities of Seattle, Washington, or New York, New <br /> York. <br /> The Bonds may be transferred only on the Bond Register <br /> maintained by the Bond Registrar for that purpose upon the <br /> surrender thereof by the registered owner or nominee or his/her <br /> duly authorized agent and only if endorsed in the manner provided <br /> thereon, and thereupon a new fully registered Bond of like <br /> principal amount, maturity and interest rate shall be issued to <br /> the transferee in exchange therefor. Such transfer shall be <br /> without cost to the registered owner or transferee . <br /> The City may deem the person in whose name each Bond is <br /> registered to be the absolute owner thereof for the purpose of <br /> receiving payment of the principal of and interest on such Bonds <br /> and for any and all other purposes whatsoever. <br /> Upon surrender thereof to the Bond Registrar, the Bonds are <br /> interchangeable for Bonds in any authorized denomination of an <br /> -9- FWWOOHDOC 93/01/08 <br />