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books for registration of any transfer after the fifteenth day of the month preceding each <br /> interest payment date and 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 <br /> be 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 <br /> in whose name any Bond is at any time registered in the bond register as the absolute <br /> owner of such Bond, whether such Bond shall be overdue or not, for the purpose of <br /> receiving payment of, or on account of, the principal of and interest on such Bond and for <br /> all other purposes, and all such payments so made to any such registered owner or upon <br /> the owner's order shall be valid and effectual to satisfy and discharge the liability of the <br /> City 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 <br /> (except for an exchange upon a partial redemption of a Bond), the Registrar may impose <br /> a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or <br /> other 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 <br /> become mutilated or be lost, stolen or destroyed, the Registrar shall deliver a new Bond <br /> of like amount, number, interest rate, maturity date and tenor in exchange and <br /> substitution for and upon cancellation of any such mutilated Bond or in lieu of and in <br /> substitution for any such Bond lost, stolen or destroyed, upon the payment of the <br /> reasonable expenses and charges of the Registrar in connection therewith; and, in the case <br /> of a Bond lost, stolen or destroyed, upon receipt by the Registrar of evidence satisfactory <br /> to it that such Bond was lost, stolen or destroyed, and of the ownership thereof, and upon <br /> receipt by the Registrar of an appropriate bond or indemnity in form, substance and <br /> amount satisfactory to it, in which both the City and the Registrar shall be named as <br /> obligees. All Bonds so surrendered to the Registrar shall be cancelled by it and evidence <br /> of such cancellation shall be given to the City. If the mutilated, lost, stolen or destroyed <br /> Bond has already matured or been called for redemption in accordance with its terms, it <br /> shall not be necessary to issue a new Bond prior to payment. <br /> -9- <br />