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reference number or control number . Such transfer shall be <br /> without cost to the owner or transferee. <br /> Section 5 . Both principal of and interest on the Bonds <br /> shall be payable solely out of the Bond Fund and from the Local <br /> Improvement Guaranty Fund of the City, and shall be payable in <br /> lawful money of the United States of America . Interest on the <br /> Bonds shall be paid by checks or drafts mailed on the interest <br /> payment date to the registered owners at the addresses appearing <br /> on the Bond Register on the 15th day of the month preceding the <br /> interest payment date . Principal of the Bonds shall be payable <br /> upon presentation and surrender of the Bonds by the registered <br /> owners at either of the principal offices of the Bond Registrar <br /> at the option of the owners . <br /> Section 6 . Bonds Nos . 1 through 280 , inclusive, maturing <br /> in the years 1990 through 1998 , inclusive, shall be issued <br /> without the right or option of the City to redeem those Bonds <br /> prior to their stated maturity dates . The City reserves the <br /> right and option to redeem Bonds Nos . 281 through 1165 , inclu- <br /> sive, prior to their stated maturity dates in whole, or in part <br /> in numerical order , lowest numbers first, on April 1 , 1989 , and <br /> on any interest payment date thereafter , at par plus accrued <br /> interest to the date fixed for redemption, whenever there shall <br /> be sufficient money in the Bond Fund to pay the Bonds so called <br /> over and above the amount required for the payment of interest <br /> on all unpaid Bonds , except that such Bonds are not subject to <br /> - 5 - <br />