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<br />Section 6. A. Trust funds of the City are hereby <br />authorized to be established and maintained with the Trustee under <br />such designations as shall be sufficient to identify said trust <br />funds as follows: <br /> <br />(a) Bond Fund; <br />(b) Construction Fund; <br />(c) Project Fund; <br />(d) Bond Purchase Fund. <br /> <br />B. All amounts credited or transferred to <br />said trust funds, including the proceeds received by the City from <br />sale of the Bonds and certain other sources in the amounts <br />determined pursuant to the Indenture, shall be credited to <br />the respective funds and shall be held for the purposes, may be <br />invested or reinvested and shall be disbursed as provided by the <br />Indenture. <br /> <br />Section 7. The City shall keep at the principal corporate <br />trust office of the Trustee in Los Angeles, California, a bond <br />register (the "Bond Register") for the registration and transfer of <br />the Bonds, and, upon presentation thereof for such purpose at such <br />office, the Trustee, as Bond Registrar, shall register or cause to <br />be registered therein the name and address of the registered owner <br />or transferee and cancel the surrendered Bond, under such <br />reasonable regulations as the Bond Registrar may prescribe. <br /> <br />Section 8. A. The Bonds shall be transferable only upon <br />the Bond Register by or for the registered owner thereof as <br />provided by the Indenture. No transfer of the Bonds shall be <br />valid unless made in the Bond Register, the Bond being surrendered <br />and cancelled on behalf of the City, and the City shall execute a <br />new Bond registered in the name of the transferee. <br /> <br />B. The Bonds otherwise shall be transferable <br />and exchangeable pursuant to the Indenture. <br /> <br />Section 9. The ownership of the Bonds shall be proved by <br />the Bond Register. Any request or consent by the owner of a Bond <br />shall bind all future owners of such Bond in respect of anything <br />done or suffered to be done by the City or the Developer in <br />accordance therewith. <br /> <br />Section 10. When a Bond has been paid or redeemed, or <br />cancelled, or if mutilated has been replaced, the Bond shall be <br />destroyed by or upon the instructions of the City and certificates <br />thereof delivered to the Developer and filed in the records of the <br />City. <br /> <br />Section 11. The Preliminary Official Statement is approved <br />for distribution to broker/dealers, banking institutions and other <br />persons who may be interested in purchasing the Bonds and any of <br /> <br />MFH0072.RWC/7 <br /> <br />-6- <br /> <br />10/23/85 <br />