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� <br /> �-,�. <br /> � � � <br /> �� CITY of ORONO <br /> � <br /> � - :.. � <br /> . ti <br /> ��� �G~' � RESOLUTION OF THE�cITY COUNCII <br /> �kESI��4 NO. � � r� � <br /> solely by virtue of such holder having been such holder; and such defaulted interest may be paid <br /> by the City in any lawful manner, if, after notice given by the City to the Bond Registrar of the <br /> proposed payment pursuant to this paragraph, such payment shall be deemed practicable by the <br /> Bond Registrar. Subject to the foregoing provisions of this paragraph, each Bond delivered � <br /> under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry <br /> all the rights to interest accrued and unpaid, and to accrue,which were camed by such other <br /> Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest <br /> shall result from such transfer, exchange or substitution. <br /> 9. As to any Bond,the City and the Bond Registrar and their respective <br /> successors, each in its discretion,may deem and treat the person in whose name the same for the <br /> time beinJ shall be registered as the absolute owner thereof for all purposes and neither the City <br /> nor the Bond Registrar nor their respective successors shall be affected by any notice to the � <br />� contrary. Payment of or on account of the principal of any such Bond shall be made only to or <br /> upon the order of the registered owner thereof,but such registration may be changed as above � <br /> • provided. All such payments shall be valid and effectual to satisfy and discharge the liability � <br /> upon such Bond to the extent of the sum or sums so paid. <br /> 10. There is hereby created a special fund,to be known as the Refunding <br /> Bonds of 2003A Fund, for purpose of paying principal and interest on the Bonds, and in the <br /> event the principal of and interest upon the said Bonds shall become due and payable and there <br /> are insufficient moneys in said fund to pay such principal and interest,the City Treasurer is <br /> authorized and directed to pay said principal and interest from the general fund and thereafter to <br /> reimburse said general fund from collections of special assessments for the Improvement. The <br /> proceeds of the Bonds herein authorized shall be deposited in a separate account to be used with <br /> other available funds, solely for the redemption of the Prior Bonds on August 1, 2003. Any <br /> remaining proceeds may be used for any lawful purpose. All future collections of special <br /> assessments for the Improvement are hereby irrevocably appropriated and pledged to the .� <br /> payment of principal of and interest on the Bonds herein authorized, and the moneys and . <br /> investments in the Refunding Bonds of 2003A Fund shall be used for no other purpose than to <br /> pay principal and interest on the Bonds until such principal and interest shall have been paid in <br /> full; provided, however,that nothing herein contained shall prevent the issuance and sale of . <br /> additional bonds payable from the proceeds of such assessments to provide additional funds to <br /> pay the balance of the cost of said Improvement. The City is hereby authorized to levy <br /> assessments for any of said Improvement for which special assessments have not heretofore been <br /> levied. The City Treasurer may create separate accounts within the Refunding Bonds of 2003A <br /> Fund for any capitalized interest and for assessment prepayments. <br /> i � <br /> Page 10 of 12 � <br />