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Page 15 <br />the office of the paying agent and the failure of the holders of <br />a majority in value of the outstanding bonds to take the necessary <br />action to appoint a new paying agent within thirty (30) days after <br />such vacancy occurs, the City shall forthwith designate a new <br />paying agent. <br />Section 12. That if default is made and continues for <br />thirty (30) days in the payment of any interest coupon, the holder <br />of the bond to which it is attached may declare the same immediately <br />due and payable, and the failure of the holder to exercise this <br />option upon any default shall not be a waiver of his right to <br />exercise the option upon any subsequent default. <br />Section 13. That when the bonds have been executed by the <br />Mayor and City Clerk and the seal of the City impressed as herein <br />provided, they shall be delivered to Union National Bank of Little <br />Rock, Little Rock, Arkansas, which shall authenticate them and <br />deliver them to the purchasers upon payment of the purchase price <br />of $60,000 plus accrued interest from October 1, 1964 to the date <br />of delivery plus a premium of $13.85 (called 11total sale proceeds"). <br />There shall be withheld from the total sale proceeds the amount <br />necessary to insure the payment of interest until tax collections <br />are available, as shall be specified in a letter of instructions <br />signed by the Mayor and delivered to the said Bank at the time of <br />closing, and the said Bank shall be entitled to rely upon said <br />letter of instructions. The balance of the total sale proceeds <br />shall be deposited in a special account to be known as the <br />"1964 General Obligation Construction Fund" in the name of the <br />