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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, maturity date and tenor in exchange and substitution fot and upon <br /> cancellation of any such mutilated Bond or in lieu of and in substitution for any such <br /> Bond lost, stolen or destroyed, upon the payment of the reasonable expenses and charges <br /> of the Registrar in connection therewith; and, in the case of a Bond lost, stolen or <br /> destroyed, upon filing with the Registrar of evidence satisfactory to it that such Bond was <br /> lost, stolen or destroyed, and of the ownership thereof, and upon furnishing to the <br /> Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory <br /> to it, in 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 /> • 3.04. Appointment of Initial Registrar. The City hereby appoints Wells Fargo <br /> Bank Minnesota, National Association in Minneapolis, Minnesota, as the initial Registrar. The <br /> Mayor and City Manager are authorized to execute and deliver, on behalf of the City, a contract <br /> with Wells Fargo Bank Minnesota, National Association, as Registrar. Upon merger or <br /> consolidation of the Registrar with another corporation, if the resulting corporation is a bank or <br /> trust company authorized by law to conduct such business, such corporation shall be authorized <br /> to act as successor Registrar. The City agrees to pay the reasonable and customary charges of <br /> the Registrar for the services performed. The City reserves the right to remove any Registrar <br /> upon thirty(30) days' notice and upon the appointment of a successor Registrar, in which event <br /> the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor <br /> Registrar. On or before each principal or interest due date, without further order of this Council, <br /> the Finance Director shall transmit to the Registrar from the 2003 Refunding Bond Fund <br /> described in Section 5 hereof, moneys sufficient for the payment of all principal and interest then <br /> due. <br /> 3.05. Redemption. (a) Bonds maturing in the years 2005 through 2008 are <br /> payable on their respective stated maturity dates without option of prior payment, but Bonds <br /> maturing in 2009 and later years are each subject to redemption, at the option of the City and in <br /> whole or in part, and if in part, in the maturities selected by the City and, within any maturity, in <br /> $5,000 principal amounts selected by the Registrar by lot, on February 1, 2008 and on any date <br /> thereafter, at a redemption price equal to the principal amount thereof to be redeemed plus <br /> accrued interest to the date of redemption. <br /> • -8- <br />