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(c) Exchange of Bonds. When Bonds are surrendered by the registered owner for
<br />exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate
<br />principal amount and maturity as requested by the registered owner or the owner's attorney in
<br />writing-
<br />(d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly
<br />cancelled by the Registrar and thereafter disposed of as directed by the City.
<br />(e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar for
<br />transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the
<br />endorsement on the Bond or separate instrument of transfer is valid and genuine and that the
<br />requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in good
<br />faith, to make transfers which it, in its judgment, deems improper or unauthorized.
<br />(f) Persons Deemed Owners. The City and the Registrar may treat the person in whose
<br />name a Bond is registered in the bond register as the absolute owner of the Bond, whether the Bond
<br />is overdue or not, for the purpose of receiving payment of, or on account of, the principal of and
<br />interest on the Bond and for all other purposes, and payments so made to a registered owner or upon
<br />the owner's order will be valid and effectual to satisfy and discharge the liability upon the Bond to
<br />the extent of the sum or sums so paid.
<br />(g) Taxes, Fees, and Charges. The Registrar may impose a charge upon the owner
<br />thereof for a transfer or exchange of Bonds sufficient to reimburse the Registrar for any tax, fee, or
<br />other governmental charge required to be paid with respect to the transfer or exchange.
<br />(h) Mutilated, Lost, Stolen, or Destroyed Bonds. If a Bond becomes mutilated or is
<br />destroyed, stolen, or lost, the Registrar will deliver a new Bond of like amount, number, maturity
<br />date, and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in
<br />lieu of and in substitution for any Bond destroyed, stolen, or lost, upon the payment of the reasonable
<br />expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed,
<br />stolen, or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was
<br />destroyed, stolen, or lost, and of the ownership thereof, and upon furnishing to the Registrar an
<br />appropriate bond or indemnity in form, substance, and amount satisfactory to it and as provided by
<br />law, in which both the City and the Registrar must be named as obligees. Bonds so surrendered to
<br />the Registrar will be cancelled by the Registrar and evidence of such cancellation must be given to
<br />the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for
<br />redemption in accordance with its terms it is not necessary to issue a new Bond prior to payment.
<br />(i) Redemption. In the event any of the Bonds are called for redemption, notice thereof
<br />identifying the Bonds to be redeemed will be given by the Registrar by mailing a copy of the
<br />redemption notice by first class mail (postage prepaid) to the registered owner of each Bond to be
<br />redeemed at the address shown on the registration books kept by the Registrar and by publishing the
<br />notice if required by law. Failure to give notice by publication or by mail to any registered owner, or
<br />any defect therein, will not affect the validity of the proceedings for the redemption of Bonds. Bonds
<br />so called for redemption will cease to bear interest after the specified redemption date, provided that
<br />the funds for the redemption are on deposit with the place of payment at that time.
<br />2.04. Appointment of Initial Registrar. The City appoints U.S. Bank National Association, Saint
<br />Paul, Minnesota, as the initial Registrar. The Mayor and the City Administrator are authorized to execute and
<br />deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar
<br />with another corporation, if the resulting corporation is a bank or trust company authorized by law to conduct
<br />5398950 JAE LN140-118
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