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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 /> (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 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,Paying 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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