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• <br /> 1 registering the name and address of the transferee on the Bond <br /> II <br /> 2 Register . The new certificate shall bear the same Bond number <br /> 3 as the transferred Bond but may have a different inventory <br /> 4 reference number or control number . Any exchange or transfer <br /> 5 shall be without cost to the owner or transferee . The Bond <br /> 6 Registrar shall not be obligated to exchange or transfer any <br /> 7 Bond during the fifteen days preceding any principal payment or <br /> 8 redemption date. <br /> 9 Section 3 . Both principal of and interest on the Bonds <br /> 10 shall be payable solely out of the Local Improvement Fund, <br /> 11 District No . 724 (the "Bond Fund" ) , and from the Local <br /> 12 Improvement Guaranty Fund of the City, and shall be payable in <br /> 13 lawful money of the United States of America . Interest on the <br /> 14 Bonds shall be paid by checks or drafts mailed on the interest <br /> 15 payment date to the registered owners at the addresses appearing <br /> 16 on the Bond Register on the last business day of the month <br /> 17 preceding the interest payment date . Principal of the Bonds <br /> 18 shall be payable upon presentation and surrender of the Bonds by <br /> 19 the registered owners at either of the principal offices of the <br /> 20 Bond Registrar at the option of the owners . <br /> 21 Section 4 . The City reserves the right to redeem the Bonds <br /> 22 prior to their stated maturity date on any interest payment <br /> 23 date, in numerical order, lowest numbers first, at par plus <br /> 24 accrued interest, whenever there is sufficient money in the Bond <br /> 25 Fund to pay the Bonds so called and all earlier numbered Bonds <br /> - 3 - <br />