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<br />Notice of redemption shall be given in accordance with the preceding paragraph. <br />2.05. Appointment of Initial Registrar. The City hereby appoints Bond Trust Services <br />Corporation, Roseville, Minnesota, as the initial bond registrar, transfer agent and paying agent <br />(the Registrar). The Mayor and the City Manager are authorized to execute and deliver, on <br />behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar <br />with another corporation, if the resulting corporation is a bank or trust company organized under <br />the laws of the United States or one of the states of the United States and authorized by law to <br />conduct such business, such corporation shall be authorized to act as successor Registrar. The <br />City agrees to pay the reasonable and customary charges of the Registrar for the services <br />performed. The City reserves the right to remove the Registrar, effective upon not less than <br />thirty (30) days’ written notice and upon the appointment and acceptance of a successor <br />Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its <br />possession to the successor Registrar and shall deliver the Bond Register to the successor <br />Registrar. <br /> <br />2.06. Registration. The effect of registration and the rights and duties of the City and the <br />Registrar with respect thereto shall be as follows: <br /> <br />(a) Register. 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 /> <br />(b) Transfer of Bonds. Upon surrender to the Registrar for transfer of any Bond <br />duly 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 />shall 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 <br />the transferor. The Registrar may, however, close the books for registration of any <br />transfer after the fifteenth day of the month preceding each interest payment date and <br />until such interest payment date. <br /> <br />(c) Exchange of Bonds. Whenever any Bonds are surrendered by the registered <br />owner for exchange the Registrar shall authenticate and deliver one or more new Bonds <br />of a like aggregate principal amount, interest rate and maturity, as requested by the <br />registered owner or the owner's attorney duly authorized in writing. <br /> <br />(d) Cancellation. All Bonds surrendered for payment, transfer or exchange shall <br />be promptly cancelled by the Registrar and thereafter disposed of as directed by the City. <br /> <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