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3.03. Registration. The City shall appoint, and shall maintain, a bond registrar, <br /> transfer agent and paying agent(the"Registrar"). The effect of registration and the rights and <br /> duties of the City and the Registrar with respect thereto shall be as follows: <br /> (a) Re ister. The Registrar shall keep at its principal office a bond register in <br /> which the Registrar shall provide for the registration of ownership of Bonds and the <br /> registration of transfers and exchanges of Bonds entitled to be registered, transferred or <br /> exchanged. <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 /> (c) Exchange of Bonds. Whenever any Bond is 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 /> (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 /> -7- <br />