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2.03. Re i stration. The City will appoint, and will maintain, a bond registrar, transfer <br />agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights <br />and duties of the City and the Registrar with respect thereto are as follows: <br />(a) Register. The Registrar must keep at its principal corporate trust <br />office a bond register in which the Registrar provides for the registration of ownership of <br />Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, <br />transferred or exchanged. <br />(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly <br />endorsed by the registered owner thereof or accompanied by a written instrument of <br />transfer, in form satisfactory to the Registrar, duly executed by the registered owner <br />thereof or by an attorney duly authorized by the registered owner in writing, the Registrar <br />will authenticate and deliver, in the name of the designated transferee or transferees, one <br />or more new Bonds of a like aggregate principal amount and maturity, as requested by the <br />transferor. The Registrar may, however, close the books for registration of any transfer <br />after the fifteenth day of the month preceding each interest payment date and until that <br />interest payment date. <br />(c) Exchange of Bonds. When Bonds are surrendered by the <br />registered owner for exchange the Registrar will authenticate and deliver one or more <br />new Bonds of a like aggregate principal amount and maturity as requested by the <br />registered owner or the owner's attorney in writing. <br />(d) Cancellation. Bonds surrendered upon transfer or exchange will be <br />promptly cancelled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Im ro er or Unauthorized Transfer. When a Bond is presented to <br />the Registrar for transfer, the Registrar may refuse to transfer the Bond until the Registrar <br />is satisfied that the endorsement on the Bond or separate instrument of transfer is valid <br />and genuine and that the requested transfer is legally authorized. The Registrar will incur <br />no liability for the refusal, in good faith, to make transfers which it, in its judgment, <br />deems improper or unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the <br />person in whose name a Bond is registered in the bond register as the absolute owner of <br />the Bond, whether the Bond is overdue or not, for the purpose of receiving payment of, or <br />on account of, the principal of and interest on the Bond and for all other purposes, and <br />payments so made to a registered owner or upon the owner's order will be valid and <br />effectual to satisfy and discharge the liability upon the Bond to the extent of the sum or <br />sums so paid. <br />D30- 212553vl <br />LA515 -2 <br />