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York) deems necessary for the purpose of identification. The <br /> Notes shall be dated February 1 , 1987; shall mature May 2,, 1988 ; <br /> and shall bear interest at the rate of ,. % per annum, (com- <br /> puted on the basis of a 360-day year of twelve 30-day months) <br /> payable on November 1, 1987 , and at maturity. The City Council <br /> declares and finds that the fixing of the above interest rate is <br /> in the best interests of the City. <br /> If any Note is not redeemed upon proper presentment at its <br /> maturity or call date, the City shall be obligated to pay inter- <br /> est at the same rate for each such Note from and after its <br /> maturity or call until such Note, both principal and interest , <br /> is paid in full or until sufficient money for such payment in <br /> full is on deposit in the Local Improvement Fund, District <br /> No. 716A (the "Note Fund" ) and such Note has been called for <br /> payment . <br /> The Notes shall be issued only in registered form as to <br /> both principal and interest on books or records maintained by <br /> the Note Registrar (the "Note Register" ) . Such Note Register <br /> shall contain the name and mailing address of the owner of each <br /> Note and the principal amount and number of Notes held by each <br /> owner . <br /> Notes may be transferred only if endorsed in the manner <br /> provided thereon and surrendered to the Note Registrar . The <br /> transfer of a Note shall be by the Note Registrar ' s receiving <br /> the Note to be transferred, cancelling it and issuing a new <br /> certificate in the form of the Notes to the transferee after <br /> 4 <br /> - 3 - <br />