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Section 8. PAYMENT ON BONDS. The principal and <br />interest on the bonds shall be payable at Bank of America <br />National Trust and Savings Association, Corporate A~ency <br />Division, P.O. Box ~T000, San Francisco, CA 9~13T. 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 />appearin~ on the re~ister maintained by the registrar on the <br />1Bth day preoedin~ the date of interest payment or maturity of <br />each bond. <br /> <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 $~000 or any integral multiple thereof. <br /> <br /> ~. 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 /> <br /> Section 8.1. FORECLOSURE OF LIENS. If any <br />installment of the principal or interest of any reassessment <br />levied in North Pleasanton Fire Protection Refundin~ District <br />No. 1988-~ 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 ~f the delinquent reassessment <br />under the authority of Section 8830 and follo~in~ of the Streets <br /> <br /> <br />