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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 2004A 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. (a) Bonds maturing in the years 2006 through 2012 are <br /> payable on their respective stated maturity dates without option of prior payment, but Bonds <br /> maturing in 2013 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, 2012 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 /> (d) At least thirty days prior to the date set for redemption of any Bond, the City <br /> shall cause notice of the call for redemption to be mailed to the Registrar and to the registered <br /> owner 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 <br /> of the Registrar. Official notice of redemption having been given as aforesaid, the Bonds or <br /> portions thereof so to be redeemed shall, on the redemption date, become due and payable at the <br /> redemption price therein specified and from and after such date (unless the City shall default in <br /> the payment of the redemption price) such Bonds or portions thereof shall cease to bear interest. <br /> Bonds in a denomination larger than $5,000 may be redeemed in part in any <br /> integral multiple of$5,000. The owner of any Bond redeemed in part shall receive without <br /> charge, upon surrender of such Bond to the Registrar, one or more new Bonds in authorized <br /> denominations equal in principal amount to be unredeemed portion of the Bond so surrendered. <br /> 3.06. Preparation and Delivery. The Bonds shall be prepared under the direction <br /> of the City Manager and shall be executed on behalf of the City by the signatures of the Mayor <br /> and the City Manager; provided that said signatures may be printed, engraved, or lithographed <br /> facsimiles thereof. In case any officer whose signature, or a facsimile of whose signature, shall <br /> appear on the Bonds shall cease to be such officer before the delivery of any Bond, such <br /> signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if <br /> such officer had remained in office until delivery. Notwithstanding such execution, no Bond <br /> shall be valid or obligatory for any purpose or entitled to any security or benefit under this <br /> Resolution unless and until a certificate of authentication on such Bond has been duly executed <br /> by the manual signature of an authorized representative of the Registrar. Certificates of <br /> authentication on different Bonds need not be signed by the same representative. The executed <br /> -9- <br />