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(d) Cancellation. Bonds surrendered upon transfer or exchange shall 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 requested
<br />transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to
<br />make transfers which it, in its judgment, deems improper or unauthorized.
<br />(0 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 interest
<br />on the Bond and for all other purposes, and payments so made to a registered owner or upon the
<br />owner's order shall be valid and effectual to satisfy and discharge the liability upon the Bond to the
<br />extent of the sum or sums so paid.
<br />(g) Taxes, Fees, and Charges. The Registrar may impose a charge upon the owner thereof
<br />for a transfer or exchange of Bonds sufficient to reimburse the Registrar for any tax, fee, or other
<br />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 shall deliver a new Bond of like amount, number, maturity date,
<br />and tenor in exchange and substitution for and upon cancellation of the mutilated Bond or in lieu of
<br />and in substitution for any Bond destroyed, stolen, or lost upon the payment of the reasonable expenses
<br />and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen, or
<br />lost, upon filing with the Registrar evidence satisfactory to it that the Bond was destroyed, stolen, or
<br />lost, and of the ownership thereof, and upon furnishing to the Registrar an appropriate bond or
<br />indemnity in form, substance, and amount satisfactory to it and as provided by law, in which both the
<br />City and the Registrar must be named as obligees. Bonds so surrendered to the Registrar shall be
<br />cancelled by the Registrar and evidence of such cancellation must be given to the City. If the mutilated,
<br />destroyed, stolen, or lost Bond has already matured or been called for redemption in whole in
<br />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 shall 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 Bond Register and, if publication of the notice of redemption is
<br />required by law, by publishing the notice of redemption as required by law. Failure to give notice by
<br />publication or by mail to any registered owner, or any defect therein, shall not affect the validity of the
<br />proceedings for the redemption of Bonds. Bonds so called for redemption shall cease to bear interest
<br />after the specified redemption date, provided that the funds for the redemption are on deposit with the
<br />place of payment at that time.
<br />2.04. Appointment of Initial Registrar, Pang Agent, and Authenticating Agent. The City appoints
<br />Bond Trust Services Corporation, Minneapolis, Minnesota, as the initial Registrar, Paying Agent, and
<br />Authenticating Agent with respect to the Bonds. The Mayor and the City Administrator are authorized to
<br />execute and deliver, on behalf of the City, a contract with Bond Trust Services Corporation, as the initial
<br />Registrar, Paying Agent, and Authenticating Agent with respect to the Bonds. Upon merger or consolidation
<br />of the Registrar, Paying Agent, and Authenticating Agent with another corporation, if the resulting corporation
<br />is a bank or trust company authorized by law to conduct such business, the resulting corporation is authorized
<br />to act as successor Registrar, Paying Agent, and Authenticating Agent. The City agrees to pay the reasonable
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