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<br />. <br /> <br />. <br /> <br />All Bonds surrendered upon any exchange or transfer provided for in this Resolution <br />shall be promptly canceled by the Bond Registrar and thereafter disposed of as directed by the <br />City. <br /> <br />All Bonds delivered in exchange for or upon transfer of Bonds shall be valid obligations <br />of the City evidencing the same debt, and entitled to the same benefits under this Resolution, as <br />the Bonds surrendered for such exchange or transfer. <br /> <br />Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or <br />be accompanied by a written instrument of transfer, in form satisfactory to the Bond Registrar, <br />duly executed by the registered owner thereof or his, her or its attorney duly authorized in <br />writing. <br /> <br />The Bond Registrar may require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or exchange of any Bond and any <br />legal or unusual costs regarding transfers and lost Bonds. <br /> <br />Transfers shall also be subject to reasonable regulations of the City contained in any <br />agreement with, or notice to, the Bond Registrar, including regulations which permit the Bond <br />Registrar to close its transfer books between record dates and payment dates. <br /> <br />12. Right5 Upon Transfer or Exchange. Each Bond delivered upon transfer of or in <br />exchange for or in lieu of any other Bond shall carryall the rights to interest accrued and unpaid, <br />and to accrue, which were carried by such other Bond. <br /> <br />13. Interest Payment: Record Date. Interest on any Bond shall be paid on each <br />Interest Payment Date by check or draft mailed to the person in whose name the Bond is <br />registered on the registration books of the City maintained by the Bond Registrar and at the <br />address appearing thereon at the close of business on the fifteenth (15th) day of the calendar <br />month preceding such Interest Payment Date (the "Regular Record Date"). Any such interest not <br />so timely paid shall cease to be payable to the person who is the registered owner thereof as of <br />the Regular Record Date, and shall be payable to the person who is the registered owner thereof <br />at the close of business on a date (the "Special Record Date") fixed by the Bond Registrar <br />whenever money becomes available for payment of the defaulted interest. Notice of the Special <br />Record Date shall be given by the Bond Registrar to the registered owners not less than ten (10) <br />days prior to the Special Record Date. <br /> <br />14. Treatment of Registered Owner. The City and Bond Registrar may treat the <br />person in whose name any Bond is registered as the owner of such Bond for the purpose of <br />receiving payment of principal of and premium, if any, and interest (subject to the payment <br />provisions in paragraph 13 above) on, such Bond and for all other purposes whatsoever whether <br />or not such Bond shall be overdue, and neither the City nor the Bond Registrar shall be affected <br />by notice to the contrary. <br /> <br />15. Delivery: Application of Proceeds. The Bonds shall be delivered by the City to <br />the Purchaser upon receipt of the purchase price, and the Purchaser shall not be obliged to see to <br />. the proper application thereof. <br /> <br />1448297vl <br /> <br />16 <br />