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the United States at the times required by Section 148 of the United <br /> <br />States Internal Revenue Code and regulations adopted thereunder. <br /> Section 6. PAYMENT ON BONDS. The principal and interest on <br /> <br />the bonds shall be payable at the office of the Bank of America <br />National Trust and Savings Association, P.O. Box 37000, San <br />Francisco, California 94137. Principal and interest shall be paid <br />by check, draft or warrant mailed to the registered owner of each <br />bond at the owner's address appearing on the register maintained by <br />the registrar on the 15th day preceding the date of interest payment <br />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 of <br />the bond and delivering the bond to the registrar. Upon <br />reregistration, any bond may be replaced by one or more bonds of the <br />same maturity and aggregate amount in denominations of $5000 or any <br />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 following <br />covenants, which shall constitute a contract with the 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. 1988-1, Old Santa Rita Road, becomes delinquent, the <br />City Council shall cause an action to be filed in the Superior Court <br />of the County of Alameda to foreclose the lien of the delinquent <br /> <br /> <br />