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(a) Re ig stet. The Registrar shall keep at its principal office a register (the Bond <br />Register) in which the Registrar shall provide for the registration of ownership of Bonds <br />and the registration of transfers and exchanges of Bonds entitled to be registered, <br />transferred or exchanged. The term Holder or Bondholder as used herein shall mean the <br />person (whether a natural person, corporation, association, partnership, trust, <br />governmental unit, or other legal entity) in whose name a Bond is registered in the Bond <br />Register. <br />(b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by <br />the Holder thereof or accompanied by a written instrument of transfer, in form <br />satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly <br />authorized by the Holder in writing, the Registrar shall authenticate and deliver, in the <br />name of the designated transferee or transferees, one or more new Bonds of a like <br />aggregate principal amount and maturity, as requested by the transferor. The Registrar <br />may, however, close the books for registration of any transfer after the fifteenth day of <br />the month preceding each Interest Payment Date and until such Interest Payment Date. <br />(c) Exchange of Bonds. At the option of the Holder of any Bond in a <br />denomination greater than $5,000, such Bond may be exchanged for other Bonds of <br />authorized denominations, of the same maturity and a like aggregate principal amount, <br />upon surrender of the Bond to be exchanged at the office of the Registrar. Whenever any <br />Bond is so surrendered for exchange the City shall execute and the Registrar shall <br />authenticate and deliver the Bonds which the Bondholder making the exchange is entitled <br />to receive. <br />(d) Cancellation. All Bonds surrendered for payment, transfer or exchange shall <br />be promptly canceled by the Registrar and thereafter disposed of as directed by the City. <br />(e) Improper or Unauthorized Transfer. When any Bond is presented to the <br />Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that <br />the endorsement on such Bond or separate instrument of transfer is valid and genuine and <br />that the requested transfer is legally authorized. The Registrar shall incur no liability for <br />the refusal, in good faith, to make transfers which it, in its judgment, deems improper or <br />unauthorized. <br />(f) Persons Deemed Owners. The City and the Registrar may treat the person in <br />whose name any Bond is at any time registered in the Bond. Register as the absolute <br />owner of the Bond, whether the Bond shall be overdue or not, for the purpose of <br />receiving payment of or on account of the principal of and interest on the Bond and for <br />all other purposes; and all payments made to or upon the order of such Holder shall be <br />valid and effectual to satisfy and discharge the liability upon such Bond to the extent of <br />the sum or sums so paid. <br />(g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except <br />for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge <br />upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other <br />governmental charge .required to be paid with respect to such transfer or exchange. <br />4 <br />