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Section 3.03. Medium, Method and Place of Payment. <br />Hent. <br />(a) The principal of, premium, if any, and interest on the Bonds shall be paid in <br />lawful money of the United States of America as provided in this Section. <br />(b) Interest on the Bonds shall be payable to the Owners whose names appear in the <br />Register at the close of business on the Record Date; provided, however, that in the event of <br />nonpayment of interest on a scheduled Interest Payment Date, and for 30 days thereafter, a new <br />record date for such interest payment (a "Special Record Date") will be established by the Paying <br />Agent/Registrar if and when funds for the payment of such interest have been received from the <br />City. Notice of the Special Record Date and of the scheduled payment date of the past due <br />interest (the "Special Payment Date", which shall be at least 15 days after the Special Record <br />Date) shall be sent at least five business days prior to the Special Record Date by United States <br />mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books <br />of the Paying Agent/Registrar at the close of business on the last business day next preceding the <br />date of mailing of such notice. <br />(c) Interest on the Bonds shall be paid by check (dated as of the Interest Payment <br />Date) and sent by the Paying Agent/Registrar to the person entitled to such payment by United <br />States mail, first class postage prepaid, to the address of such person as it appears in the Register <br />or by such other customary banking arrangements acceptable to the Paying Agent/Registrar and <br />the person to whom interest is to be paid; provided, however, that such person shall bear all risk <br />and expenses of such other customary banking arrangements. The foregoing notwithstanding, so <br />long as TWDB is the registered owner of 100% in aggregate principal amount of the bonds then <br />outstanding, payment of principal and interest on the Bonds shall be made thereto by wire <br />transfer, at no expense to the TWDB. <br />(d) The principal of each Bond shall be paid to the person in whose name such Bond <br />is registered on the due date thereof (whether at the maturity date or the date of prior redemption <br />thereof) upon presentation and surrender of such Bond at the Designated Payment/Transfer <br />Office. <br />(e) If a date for the payment of the principal of or interest on the Bonds is a Saturday, <br />Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated <br />Payment/Transfer Office is located are authorized by law or executive order to close, then the <br />date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal <br />holiday, or day on which such banking institutions are authorized to close; and payment on such <br />SANMARCOS/W W W SRev2017B: Ordinance <br />