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(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 Re i_g stray. The City hereby appoints Wells Fargo
<br /> Bank,National Association in Minneapolis, Minnesota, as the initial Registrar. The Mayor and
<br /> City Manager are authorized to execute and deliver, on behalf of the City, a contract with Wells
<br /> • Fargo Bank,National Association, as Registrar. Upon merger or consolidation of the Registrar
<br /> with another corporation, if the resulting corporation is a bank or trust company authorized by
<br /> law to conduct such business, such corporation shall be authorized to act as successor Registrar.
<br /> The City agrees to pay the reasonable and customary charges of the Registrar for the services
<br /> performed. The City reserves the right to remove any Registrar upon thirty (30) days' notice and
<br /> upon the appointment of a successor Registrar, in which event the predecessor Registrar shall
<br /> deliver all cash and Bonds in its possession to the successor Registrar. On or before each
<br /> principal or interest due date, without further order of this Council, the Finance Director shall
<br /> transmit to the Registrar from the 2004B Improvement Bond Fund described in Section 4 hereof,
<br /> moneys sufficient for the payment of all principal and interest then due.
<br /> 3.05. Redemption. The Bonds are each subject to redemption, at the option of
<br /> the City and in whole or in part, and if in part, in$5,000 principal amounts selected by the
<br /> Registrar by lot, on February 1, 2005 and on any date thereafter, at a redemption price equal to
<br /> the principal amount thereof to be redeemed plus accrued interest to the date of redemption.
<br /> At least thirty days prior to the date set for redemption of any Bond, the City shall
<br /> cause notice of the call for redemption to be mailed to the Registrar and to the registered owner
<br /> of each Bond to be redeemed, but no defect in or failure to give such mailed notice of
<br /> redemption shall affect the validity of proceedings for the redemption of any Bond not affected
<br /> by such defect or failure. The notice of redemption shall specify the redemption date,
<br /> redemption price, the numbers, interest rates and CUSIP numbers of the Bonds to be redeemed
<br /> • and the place at which the Bonds are to be surrendered for payment, which is the principal office
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