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registration of transfers and exchanges of Bonds entitled to be registered, transferred or <br />exchanged. <br />(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, inform satisfactory <br />to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized <br />by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the <br />designated transferee or transferees, one or more new Bonds of a like aggregate principal <br />amount and maturity, as requested by the transferor. The Registrar may, however, close the <br />books for registration of any transfer after the fifteenth day of the month preceding each interest <br />payment date and until that interest payment date. <br />(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 <br />for 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 transferis legally authorized. The Registrarwillincur noliabilityfortherefusal, ingood <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 <br />whose name a Bond is registered in the bond register as the absolute owner of the Bond, <br />whether the Bond is overdue or not, for the purpose of receiving payment of, or on account of, <br />the principal of and interest on the Bond and for all other purposes, and payments so made to a <br />registered owner or upon the owner's order will be valid and effectual to satisfy and discharge <br />the liability upon the Bond to 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 <br />or 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 <br />in lieu of and in substitution for any Bond destroyed, stolen or lost, upon the payment of the <br />reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a <br />Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that <br />the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishingto the <br />Registrar an appropriate bond or indemnity in form, substance and amount satisfactoryto it and <br />as provided by law, in which both the City and the Registrar must be named as obligees. Bonds <br />so surrendered to the Registrar will be cancelled by the Registrar and evidence of such <br />cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has <br />4931-4985-5651.3 4 <br />