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manner as unregistered bonds. Principal, however, shall be <br />paid only to the registered owner upon presentation of such <br />bond. <br />13. Bond Record. The City Treasurer shall keep a <br />record of the names of the purchasers of the bonds and of all <br />successive holders of the bonds issued hereunder so far as <br />such information is furnished to him. <br />14. Negotiable Instruments. The bonds of this issue <br />are negotiable instruments and title thereto, unless regis- <br />tered, shall pass by physical delivery thereof. The holders <br />of these bonds shall have all of the rights possessed by <br />holders of negotiable instruments payable to bearer. <br />15. Where Bonds Payable. The bonds shall be payable <br />at the office of the City Treasurer, City Hall, Redwood City, <br />California. <br />16. Equal Parity. All of the bonds hereby authorized' <br />to be issued shall be equally and ratably secured, without <br />preference or priority by reason of number, date of bonds, <br />date of'sale, execution or delivery, by a lien upon the reve- <br />nues of the Project, and of said on- street meter net revenues <br />in accordance with the law and this resolution. Said lien <br />shall be prior and paramount to any and all other claims and <br />obligations that have or may arise or be incurred against <br />said revenues. <br />17. Bonds Not a Debt. The bonds and interest thereon <br />shall not be a debt of said City, nor a charge, lien or en- <br />cumbrance, legal or equitable, upon any property of the City <br />or upon any income or - receipts or revenues of the City other <br />than the revenues as have been pledged to the payment thereof <br />as in this resolution provided. <br />18. City Credit Not Encumbered. No recourse shall be <br />had for the payment of the bonds, or interest thereon, or any <br />part thereof, against the General Fund of the City, nor shall <br />the credit or taxing power of the C:.ty be delemed to be pledged <br />thereto, and the holders of the bonds, or the coupons thereto <br />appertaining, shall never have the right to compel the exer- <br />cise of the taxing power of the City or the forfeiture of any <br />property of the City for the payment of the bonds or the int- <br />erest thereon. <br />19. Bonds a Special Obligation. The bonds hereby autho- <br />rized to be issued shall be special obligations of the City <br />and shall be payable from and secured by a lien upon the net <br />revenues of the Project and the other revenues as herein pro- <br />vided. <br />-12- <br />