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. 4 RESOLUTION #3151 virtue of such holder having been such holder; and such defaulted • interest may be paid by the City in any lawful manner, if, after notice given by the City to the Bond Registrar of the proposed , payment pursuant to this paragraph, such payment shall be deemed practicable by the Bond Registrar. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Resolution upon transfer of or in exchange for or in lieu of any other Bond shall carry all the rights to interest accrued and unpaid, and to accrue, whYCh were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall result from such transfer, ,�� exchange or substitution. � S . As to any Bond, the City and the Bond Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be registered as the absolute owner thereof for all purposes and neither the City nor the Bond Registrar nor their respective successors shall be affected by any notice to the contrary. Payment of or on account of the principal of any such � Bond shall be made only to or upon the order of the registered owner thereof, but such registration may be changed as above . provided. All such payments shall be valid and effectual to • satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. 9 . There is created a special fund, to be known as • the Improvement Bonds of 1992 Fund, for the purpose of paying principal and interest on the Bonds, and in the event the principal of and interest upon the said Bonds shall become due and payable and there are insufficient moneys in said fund to pay such principal and interest, the City Treasurer is authorized and directed to pay said principal and interest from the general fund and thereafter to reimburse said general fund from collections of taxes levied pursuant hereto and special assessments for 1992 Stubbs Bay Sewer Improvement Project (the "Improvement") . The � proceeds of the Bonds herein authorized shall be deposited -in a separate construction fund to be used solely for the payment of expenses of such Improvement. Any remaining proceeds may be used for the any lawful purpose. Al1 collections of special assessments for the Improvement are hereby irrevocably appropriated and pledged to the payment of principal of and interest on the Bonds herein authorized, and the moneys and investments in the Improvement Bonds of 1992 Fund shall be used for no other purpose than to pay principal of and interest on the said Bonds until such principal and interest shall have been paid in full; provided, however, that nothing herein contained shall prevent the issuance and sale of additional bonds payable from the proceeds of such assessments to provide additional funds to pay the balance of the cost of said Improvement. The City is hereby authorized to levy assessments for said Improvement for which special assessments have not heretofore been levied. The • -10-