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Bond Register shall contain the name and mailing address of the <br /> owner of each Bond and the principal amounts and numbers of <br /> Bonds held by each owner . <br /> Bonds may be transferred only if endorsed in the manner <br /> provided thereon and surrendered to the Bond Registrar . The <br /> transfer of a Bond shall be by the Bond Registrar ' s receiving <br /> the Bond to be transferred, cancelling it and issuing a new <br /> certificate in the form of the Bonds to the transferee after <br /> registering the name and address of the transferee on the Bond <br /> Register . The new certificate shall bear the same Bond number <br /> as the transferred Bond but may have a different inventory <br /> reference number or control number . Such exchange or transfer <br /> shall be without cost to the owner or transferee. The Bond <br /> Registrar shall not be required to make any such transfer during <br /> the fifteen days preceding any principal payment or redemption <br /> date. <br /> Both principal of and interest on the Bonds shall be <br /> payable solely out of the Bond Fund and from the Local Improve- <br /> ment Guaranty Fund of the City, and shall be payable in lawful <br /> money of the United States of America . Interest on the Bonds <br /> shall be paid by check or draft mailed to the registered owners <br /> at the addresses appearing on the Bond Register on the 15th day <br /> of the month preceding the interest payment date . The principal <br /> of the Bonds shall be payable upon presentation and surrender of <br /> the Bonds by the registered owners at the principal offices of <br /> either of the fiscal agencies of the State of Washington in <br /> - 3 - <br />