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0 <br />Payments of interest and redemptions of principal may be made by <br />check or draft to the registered owner without presentation of the Fully <br />Registered Bond and each such payment shall fully discharge the obligations <br />of the City herein to the extent of the payment so made. Payment of principal <br />and interest shall be in any coin or currency of the United States of America <br />which, on the respective dates of payment is legal tender for the payment <br />of public and private debts. <br />C. The bonds initially issued as coupon bonds under subsection A <br />above may be exchanged for the Fully Registered Bond provided for in <br />subsection B above, in which event the Fully Registered Bond shall be executed <br />on behalf of the City as provided in Section 203 hereof. Thereafter the Fully <br />Registered Bond shall be delivered to the Trustee for authentication. After <br />authentication the Trustee shall deliver the Fully Registered Bond to the holder <br />of all outstanding coupon bonds in exchange for, and upon receipt by the <br />Trustee of, all outstanding coupon bonds. The outstanding coupon bonds so <br />received by the Trustee shall not be cancelled and shall be held by the <br />Trustee in safe keeping for the sole purpose of cancellation upon payment <br />of the corresponding principal amount of the Fully Registered Bond or for <br />delivery (to the extent not cancelled as aforesaid) in exchange for the Fully <br />Registered Bond. In this regard, the owner of the Fully Registered Bond shall <br />have one exchange privilege for all, or the uncancelled portion, of the <br />coupon bonds which are held by the Trustee as aforesaid. As and when the <br />Fully Registered Bond is tendered to the Trustee for exchange as aforesaid <br />the Trustee shall verify the principal that has been paid, shall cancel (if not <br />theretofore cancelled) that portion of coupon bonds corresponding to the <br />principal of the Fully Registered Bond that has been redeemed, and shall <br />deliver to the registered owner of the Fully Registered Bond the coupon bonds <br />corresponding to the principal of the Fully Registered Bond that has not been <br />paid and thereupon shall cancel the Fully Registered Bond. In order to <br />