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1 the Bond to be transferred, cancelling it and issuing a new <br /> 2 certificate in the form of the Bonds to the transferee after <br /> 3 registering the name and address of the transferee on the Bond <br /> 4 Register . The new certificate shall bear the same Bond number <br /> 5 as the transferred Bond but may have a different inventory <br /> 6 reference number or control number . Any exchange or transfer <br /> 7 shall be without cost to the owner or transferee The Bond <br /> 8 Registrar shall not be obligated to exchange or transfer any <br /> 9 Bond during the fifteen days preceding any principal payment or <br /> 10 redemption date. <br /> 11 Section 3 . Both principal of and interest on the Bonds <br /> 12 shall be payable solely out of the Local Improvement Fund, <br /> 13 District No . 717 (the "Bond Fund" ) , and from the Local <br /> 14 <br /> Improvement Guaranty Fund of the City, and shall be payable in <br /> 15 lawful money of the United States of America . Interest on the <br /> 16 Bonds shall be paid by checks or drafts mailed on the interest <br /> 17 payment date to the registered owners at the addresses appearing <br /> 18 on the Bond Register on the last day of the month preceding the <br /> 19 interest payment date . Principal of the Bonds shall be payable <br /> 20 upon presentation and surrender of the Bonds by the registered <br /> 21 owners at either of the principal offices of the Bond Registrar <br /> 22 <br /> at the option of the owners . <br /> 23 <br /> Section 4 . The City reserves the right to redeem the Bonds <br /> 24 prior to their stated maturity on any interest payment date, in <br /> 25 numerical order , lowest numbers first , at par plus accrued <br /> - 3 - <br />