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• (d) Cancellation. All Bonds surrendered upon any transfer or exchange shall be <br /> promptly cancelled 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 /> its 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 owner <br /> of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving <br /> payment of, or on account of,the principal of and interest on such Bond and for all other <br /> purposes, and all such payments so made to any such registered owner or upon the <br /> owner's order shall be valid and effectual to satisfy and discharge the liability of the City <br /> upon such Bond to the extent of 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 /> • (h) Mutilated Lost, Stolen or Destroyed Bonds. In case any Bond shall become <br /> mutilated or be lost, stolen or destroyed,the Registrar shall deliver a new Bond of like <br /> amount, number, interest rate, maturity date and tenor in exchange and substitution for <br /> and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any <br /> such Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and <br /> charges of the Registrar in connection therewith; and, in the case of a Bond lost, stolen or <br /> destroyed, upon receipt by the Registrar of evidence satisfactory to it that such Bond was <br /> lost, stolen or destroyed, and of the ownership thereof, and upon receipt by the Registrar <br /> of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in <br /> which both the City and the Registrar shall be named as obligees. All Bonds so <br /> surrendered to the Registrar shall be cancelled by it and evidence of such cancellation <br /> shall be given to the City. If the mutilated, lost, stolen or destroyed Bond has already <br /> matured or been called for redemption in accordance with its terms, it shall not be <br /> necessary to issue a new Bond prior to payment. <br /> (i) Authenticating Agent. The Registrar is hereby designated authenticating <br /> agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, <br /> Subdivision 1. <br /> 3.04. Appointment of Initial Registrar. The City hereby appoints Firstar Bank, <br /> N.A. in St. Paul, Minnesota, as the initial Registrar. The Mayor and City Manager are authorized <br /> • to execute and deliver, on behalf of the City, a contract with Firstar Bank,N.A., as Registrar. <br /> Upon merger or consolidation of the Registrar with another corporation, if the resulting <br /> -8- <br />