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<br />Section 3. Each Bond shall bear interest from the interest payment date next preceding <br /> <br />the date on which it is authenticated unless it is (a) authenticated upon an interest payment date <br /> <br />in which event it shall bear int~rest from such interest payment date.or (b) authenticated prior to <br /> <br />the first interest payment date in which event it shall bear interest from its date; provided, <br /> <br />however, that if at the time of authentication interest is in default, such Bond shall bear interest <br /> <br />from the date to which interest has been paid. <br /> <br />The principal of and the interest and any redemption premium on the Bonds shall be <br /> <br />payable in any coin or currency of the United States of America which is legal tender for the <br /> <br />payment of public and private debts on the respective dates of payment thereof. <br /> <br />Section 4. The Bonds initially will be issued by means of a book-entry system with no <br /> <br />physical distribution of Bond certificates to be made except as hereinafter provided. Initially one <br /> <br />fully registered Bond certificate for each stated maturity of the Bonds for each designation, in the <br /> <br />aggregate principal amount of the Bonds of such stated maturity and registered in the name of <br /> <br />the Securities Depository Nominee (defined below), a nominee of the Securities Depository <br /> <br />(defined below), will be issued and required to be deposited with the Securities Depository and <br /> <br />immobilized in its custody. The book-entry system of the Securities Depository will evidence <br /> <br />positions held in the Bonds by the Securities Depository's participants, with beneficial <br /> <br />ownership of the Bonds in the principal amount of $5,000 or any whole multiple thereof being <br /> <br />evidenced in the records of such participants. Transfers of beneficial ownership will be effected <br /> <br />on the records of the Securities Depository and its participants pursuant to rules and procedures <br /> <br />established by the Securities Depository and its participants. <br /> <br />The County and the Bond Registrar will recognize the Securities Depository Nominee or <br /> <br />the Securities Depository, as the case maybe, while the registered owner of Bonds, as the owner <br />3 <br /> <br />G-lf <br />