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registering the name and address of the transferee on the Note <br /> Register . Notes are interchangeable for Notes in any authorized <br /> denomination of an equal aggregate principal amount . Such <br /> exchange or transfer shall be without cost to the owner or <br /> transferee . <br /> Both principal of and interest on the Notes shall be pay- <br /> able solely out of the Note Fund from the proceeds of local <br /> improvement district bonds authorized to be issued by Ordinance <br /> No. 1185-85 or other short-term obligations to be deposited in <br /> such fund and/or prepaid special benefit assessments deposited <br /> in such fund, and from the Local Improvement Guaranty Fund of <br /> the City, and shall be payable in lawful money of the United <br /> States of America . Interest on the Notes shall be paid by <br /> checks or drafts mailed to the registered owners at the <br /> addresses appearing on the Note Register on the 15th day of the <br /> month preceding the interest payment date. Principal of the <br /> Notes shall be payable upon presentation and surrender of the <br /> Notes by the registered owners at the principal offices of <br /> either of the fiscal agencies of the State of Washington in <br /> Seattle, Washington, and New York, New York, at the option of <br /> such owners . <br /> Section 2 . The City reserves the right to redeem <br /> any of the Notes prior to their stated maturity on the first day <br /> of each month, commencing February 1 , 1988 , at par, plus accrued <br /> interest to the date of redemption, by mailing , not less than 30 <br /> nor more than 45 days prior to the d :.e fixed for redemption, <br /> - 4 - <br />