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authorized by the registered owner in writing, the Registrar shall authenticate and deliver, in the
<br />name of the designated transferee or transferees, a new Note of a like aggregate principal amount
<br />and maturity, as requested by the transferor. Notwithstanding the foregoing, the Note shall not
<br />be transferred to any person other than an affiliate, or other related entity, of the Owner unless
<br />the Authority has been provided with an opinion of counsel or a certificate of the transferor, in a
<br />form satisfactory to the Authority, that such transfer is exempt from registration and prospectus
<br />delivery requirements of federal and applicable state securities laws. The Registrar may close
<br />the books for registration of any transfer after the fifteenth day of the month preceding each
<br />Payment Date and until such Payment Date.
<br />(c) Cancellation. The Note surrendered upon any transfer shall be promptly
<br />cancelled by the Registrar and thereafter disposed of as directed by the Authority.
<br />(d) Improper or Unauthorized Transfer. When the Note is presented to the Registrar
<br />for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement
<br />on such Note or separate instrument of transfer is legally authorized. The Registrar shall incur
<br />no liability for its refusal, in good faith, to make transfers which it, in its judgment, deems
<br />improper or unauthorized.
<br />(e) Persons Deemed Owners. The Authority and the Registrar may treat the person in
<br />whose name the Note is at any time registered in the bond register as the absolute owner of the
<br />Note, whether the Note shall be overdue or not, for the purpose of receiving payment of, or on
<br />account of, the principal of such Note and for all other purposes, and all such payments so made
<br />to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and
<br />discharge the liability of the Authority upon such Note to the extent of the sum or sums so paid.
<br />(f) Taxes, Fees and Charges. For every transfer or exchange of the Note, the
<br />Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for
<br />any tax, fee, or other governmental charge required to be paid with respect to such transfer or
<br />exchange.
<br />(g) Mutilated, Lost, Stolen or Destroyed Note. In case any Note shall become
<br />mutilated or be lost, stolen, or destroyed, the Registrar shall deliver a new Note of like amount,
<br />maturity dates and tenor in exchange and substitution for and upon cancellation of such mutilated
<br />Note or in lieu of and in substitution for such Note lost, stolen, or destroyed, upon the payment
<br />of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case
<br />the Note lost, stolen, or destroyed, upon filing with the Registrar of evidence satisfactory to it
<br />that such Note was lost, stolen, or destroyed, and of the ownership thereof, and upon furnishing
<br />to the Registrar of an appropriate bond or indemnity in form, substance, and amount satisfactory
<br />to it, in which both the Authority and the Registrar shall be named as obligees. The Note so
<br />surrendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be
<br />given to the Authority. If the mutilated, lost, stolen, or destroyed Note has already matured or
<br />been called for redemption in accordance with its terms, it shall not be necessary to issue a new
<br />Note prior to payment.
<br />3.04. Preparation and Delivery. The Note shall be prepared under the direction of the
<br />Authority's Executive Director and shall be executed on behalf of the Authority by the signatures
<br />of its President and Executive Director. In case any officer whose signature shall appear on the
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