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interest on the bonds shall be payable at Bank of America <br /> National Trust and Savings Association, Corporate Agency <br /> Division, P.O. Box 37000, San Francisco, CA 94137. Principal <br /> and interest shall be paid by check, draft or warrant mailed to <br /> the registered owner of each bond at the owner's address <br /> appearing on the register maintained by the registrar on the <br /> 15th day preceding the date of interest payment or maturity of <br /> each bond. <br /> Section 7. REREGISTRATION. Any bond may be <br /> registered to a new owner by completing the assignment <br /> certificate on the reverse of the bond and delivering the bond <br /> to the registrar. Upon reregistration, any bond may be replaced <br /> by one or more bonds of the same maturity and aggregate amount <br /> in denominations of $5000 or any integral multiple thereof. <br /> Section 8. COVENANTS. In the event of a default in <br />-. the payment of any bond.or any installment of interest thereon, <br /> bondholders shall have the remedies set forth in the Act. .In <br /> addition, the City Council makes the following covenants, which <br /> shall constitute a contract with the bondholders: <br /> Section 8.1. FORECLOSURE OF LIENS. If any <br /> installment of the principal or interest of any reassessment <br /> levied in Stoneridge Business Center Refunding District <br /> No. 1986-3 becomes delinquent, the City Council shall cause an <br /> action to be filed in the Superior Court of the County of <br /> Alameda to foreclose the lien of the delinquent reassessment <br /> under the authority of Section 8830 and following of the Streets <br /> and Highways Code of the State of California. This action shall <br /> <br /> 5 <br /> <br /> <br />