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Francisco, California 94137. Principal and interest shall be <br />paid by check, draft or warrant mailed to the registered owner of <br />each bond at the owner's address appearing on the register <br />maintained by the registrar on the 15th day preceding the date of <br />interest payment or maturity of each bond. <br /> <br /> Section 7. REREGISTRATION. Any bond may be registered to a <br />new owner by completing the assignment certificate on the reverse <br />of the bond and delivering the bond to the registrar. Upon <br />reregistration, any bond may be replaced by one or more bonds of <br />the same maturity and aggregate amount in denominations of $5000 <br />or any integral multiple thereof. <br /> <br /> Section 8. COVENANTS. In the event of a default in the <br />payment of any bond or any installment of interest thereon, <br />bondholders shall have the remedies set forth in the Improvement <br />Bond Act of 1915. In addition, the City Council makes the <br />following covenants, which shall constitute a contract with the <br />bondholders: <br /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any installment of <br />principal or interest of any assessment levied in Assessment <br />District No. 1986-9, North Pleasanton Improvement District No. 3, <br />becomes delinquent, the City Council shall cause an action to be <br />filed in the Superior Court of the County of Alameda to foreclose <br />the lien of the delinquent assessment under the authority of <br />Section 8830 and following of the Streets and Highways Code of <br />the State of California. This action shall be filed not later <br />than September 1 following the fiscal year of delinquency. <br /> <br />7 <br /> <br /> <br />